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Annual Compliance for One Person Company

Author: Caadvocate Cs
by Caadvocate Cs
Posted: Jan 19, 2021

For all those entrepreneurs who want all the control over the business for themselves should go for One Person Company. As per the Companies Act 2013, Section 2(68) as well as 3(1)(c) deals with the One Person Company. It is a type of a Private Company. Furthermore, as per Rule 3 of the Companies (Incorporation) Rules 2014, only a natural person who is also a citizen of India and resides as well in India:

  1. Is eligible for incorporating a One Person Company.
  2. Is allowed to be the nominee for the only member of the One Person Company.

For a person to fall under the category of resident of India, he needs to have stayed in the country for a period of minimum one hundred and eighty - two days in the immediately preceding calendar year.

The mandatory annual compliance for the One Person Company are as follows:

Section and Rules

Form

Particular

164(2), 143(3)(g)

DIR - 8

Every Director needs to disclose the non-disqualification for each financial year.

184(1)

MBP - 1

In case the Directors are interested in any other entity then they need to disclose the same in the first meeting of the Board of Directors

In case a change occurs in the interest of directors, a fresh MBP 1 form has to be filed.

Rule 12A

DIR - 3

All the Directors will have file the form on or before September 30 for each financial year.

Section 405

MSME - 1

The Companies will have to file the form once every half year for the pending payments to the MSME vendors.

April to Sep: 30th October

October to March: 30th April

Section 73,Rule 16

DPT - 3

This form has to filed for all the return of deposits as well as the particulars that are not considered deposits as on March 31. This needs to be filed on or before June 30.

Section 139

ADT - 1

Within a period of 15 days from the Annual General Meeting, form ADT - 1 will be filed to appoint auditors for a term of five years.

Section 92

MGT - 7

Within 180 days from the end of the financial year, the One Person Company will have to file their annual return.

Section 137

AOC - 4

Within 180 days from the end of the financial year, the One Person Company will have to file their Balance Sheet as well as the Profit and Loss Account along with the Directors Report and Auditor Report.

Other important compliances

1. Board Meeting:

As per Section 173 of the Companies Act, a minimum of one Board Meeting has to be held in the half of the calendar year. It is also important that between two board meeting, a gap of 90 days should be there.

2. Statutory Register:

As per section 88 and other relevant provisions, there are three registers that have to be maintained by the Company mandatorily:

  • Director Register
  • Director Shareholding Register
  • Related Party Transaction Register

3. Director’s Report:

All the information mentioned under Rule 8A of the Section 134 will be used in order to prepare the Director’s Report.

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Author: Caadvocate Cs

Caadvocate Cs

Member since: Nov 04, 2020
Published articles: 2

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