Lesser compliances and improved legal stability <\/h3>\n\n\n\n
One Person Company is ideally suited to those entrepreneurs who wish\nto commence their business journey with limited administrative personals. Apart\nfrom ensuring minimal compliance, the OPC business form offers negligible hassle\non liability and legal stability. <\/p>\n\n\n\n
Inclusion of the Nominee<\/h3>\n\n\n\n
Even though OPC revolves around the concept of a single owner, it\noffers the liberty of including a nominee via a legal contract. <\/p>\n\n\n\n
Fewer Compliances<\/h3>\n\n\n\n
When contrasted with a business<\/strong><\/em>[1]<\/strong><\/em><\/a><\/sup> model like a Private Company, OPC encounters fewer compliances, be it a matter of conducting board meetings or holding an AGM. <\/p>\n\n\n\n Read our article<\/b>:Government Relaxes Provisions for OPC in Budget 2021 <\/a><\/mark><\/p>\n\n\n\n INC-20A is an imperative of One Person Company Compliance and it is\nsupposed to the filed by the company incorporated on or after 02\/Nov\/2018 with\nMCA. It is a mandatory form and commonly regarded as Declaration of\nCommencement of Business. After securing the certificate of incorporation, the\ndirector of the company is mandated to file declaration certificate of\ncommencement of business<\/p>\n\n\n\n MBP- 1 refers to an attachment to Spice Form (INC 32) which is\nused in the event of incorporation of a new company. Such forms have to be\nplace in the first board meeting of the financial year. <\/p>\n\n\n\n FORM DIR-8 serves as a intimation form that manifest director\u2019s qualification and disqualification status along with the experience of holding the same position in preceding companies for last 3 years.<\/p>\n\n\n\n Form AOC 4 refers to a legal form that is used to file the company\u2019s financial statements for each financial year with ROC.<\/p>\n\n\n\n In respect of submitting of Annual Return of OPC, there is no such requirement of filing Annual Return within sixty days period of AGM as the norms of AGM doesn’t apply to such companies. <\/p>\n\n\n\n One Person Company (OPC) is mandated to function in accordance with norms cited under the Companies Act and IT Act. Therefore, adhering to an OPC’s compliance also includes filing of IT return<\/strong><\/a> and annual return with the MCA. Apart from meeting fundamental compliances, these companies may also be required to adhere to GST<\/strong><\/a> norms, TDS regulations, VAT\/CST norms, ESI regulations, and Service Tax regulations. The compliance requirement for OPC would differ industry-wise, state of incorporation, sales turnover, & the number of employees. <\/p>\n\n\n\n OPC incorporation is somewhat easier as compared to other company forms, such as a private or public limited company. Also, such companies take a minimal toll when it comes to complying with underlying compliances. Let us know if you have some regarding the One Person Company Compliance checklist. <\/p>\n\n\n\nTable for One Person Company Compliance Checklists<\/h2>\n\n\n
![\"Mandatory](\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/08\/Mandatory-Form-Filing-for-OPC.png\")
<\/figure><\/div>\n\n\n\n Sl. No.\n <\/td> \n Particulars\n <\/td> \n Status\n <\/td><\/tr> \n 1.\n <\/td> \n Form INC-20A*\n <\/td> \n Form regarding starting of Business\n within 180 days of incorporation\n <\/td><\/tr> \n 2.\n <\/td> \n Stamp duty on Share Certificates\n <\/td> \n Payment pertaining to stamp duty\n is to be submitted within 30 days from the issuance of share certificates\n <\/td><\/tr> \n 3.\n <\/td> \n Board Meeting\n <\/td> \n OPC must hold two board meetings in\n each half of calendar year. The gap between such meetings should be not be\n less than 90 days. \n <\/td><\/tr> \n 4.\n <\/td> \n Annual General Meeting\n <\/td> \n The provision regarding the AGM\n has been waived off for the OPC \n <\/td><\/tr> \n 5.\n <\/td> \n MBP-1*\n <\/td> \n Disclosure of Interest is needed\n to be provided in the first board meeting or where ever there is any\n alteration by every Company\u2019s Director. \n <\/td><\/tr> \n 6.\n <\/td> \n DIR-8*\n <\/td> \n Declaration in form DIR-8\n prompting authority that director is not disqualified\n <\/td><\/tr> \n 7.\n <\/td> \n Statutory Registers, Minutes Books\n and Records\n <\/td> \n A legal compulsion for ensuring\n proper Maintenance of statutory registers, secretarial records, and minutes\n Book\n <\/td><\/tr> \n 8.\n <\/td> \n Form AOC-4* (Financial Statements)\n <\/td> \n 180 days from completion of\n financial year i.e. 31st March\n <\/td><\/tr> \n 9.\n <\/td> \n Form MGT-7 * (Annual Return)\n <\/td> \n 180 days from completion of\n financial year i.e. 31st March\n <\/td><\/tr> \n 10.\n <\/td> \n IT return of Company\n <\/td> \n 30th of Sep of each financial\n year\n <\/td><\/tr> \n 11.\n <\/td> \n DIR-KYC (Directors KYC)\n <\/td> \n 30th of Sep. of subsequent\n financial year\n <\/td><\/tr> \n 12.\n <\/td> \n ADT-1 (Auditor\u2019s Appointment)\n <\/td> \n Form ADT- 1 to prompt ROC about\n the appointment of an auditor post completion of the AGM\n \n <\/td><\/tr> \n 13.\n <\/td> \n E-Form MSME-I (Half Yearly Return)\n <\/td> \n Must be filed by OPC which has\n outstanding payments dues to MSME for more than 45 days by taking the\n following timeline into account: \n \n For April to Sep. by\n 31st October\n For Oct. to March by\n 30th April\n <\/td><\/tr> \n 14.\n <\/td> \n E-Form DPT-3 (Return of Deposits)\n <\/td> \n DPT 3 refers to a return of\n deposits that OPCs must submit to reveal detail about\n deposits &\/or outstanding receipt of loan or money other than\n deposits.\n \n <\/td><\/tr><\/tbody><\/table>\n\n\n\n INC-20A<\/h3>\n\n\n\n
MBP- 1<\/h3>\n\n\n\n
FORM DIR-8<\/h3>\n\n\n\n
AOC 4<\/h3>\n\n\n\n
Conclusion <\/h2>\n\n\n\n