Annual compliances of a one person company
A one person company files its financial statements and a short annual return, and it does not hold an annual general meeting. Company Suggestion prepares AOC-4 and MGT-7A.
Which annual filings does an OPC make?
The year has four MCA duties.
- Financial statements adopted by the member and filed in AOC-4 within 180 days of the year end.
- Form MGT-7A within 60 days from the date those statements are deemed adopted.
- Form ADT-1 when the auditor is appointed.
- DIR-3 KYC Web for the director, by 30 June of every third consecutive financial year.
The one person company page covers the member and the nominee. A company with two or more shareholders uses the private limited company calendar.
How do board meetings work with one director?
The meeting rule depends on the number of directors.
- More than one director: one board meeting in each half of the calendar year, and at least 90 days between them.
- One director: section 122 treats a written and signed decision as compliance with the board-meeting provisions.
Which papers does the filing need?
The filing uses four papers.
- The financial statements, signed by the director
- The board report and, when an audit applies, the auditor’s report
- The member’s adoption of the statements
- The director’s DIN details for DIR-3 KYC
What is the yearly order of work?
Company Suggestion closes the year in four steps.
- The books are closed and the director signs the financial statements.
- The member adopts them. There is no annual general meeting.
- AOC-4 is filed within 180 days of the year end.
- MGT-7A is filed within 60 days of that deemed adoption. DIR-3 KYC Web is filed by 30 June of every third consecutive financial year.
Frequently asked questions
4 questions cover the rules that decide this registration.
Does a one person company hold an AGM?
No. Section 96 does not require an annual general meeting for a one person company.
When is AOC-4 due for an OPC?
Within 180 days from the close of the financial year. For a year ending 31 March, that is 27 September.
Which annual return does an OPC file?
MGT-7A, within 60 days from the date the financial statements are deemed adopted.
How many board meetings does an OPC hold?
If there is more than one director, one meeting in each half of the calendar year, with a gap of at least 90 days. A sole director records decisions in writing under section 122.