Annual Compliances by One Person Company for the Financial Year 2019-20

One person Company is another form of private limited company with one member as its shareholder. There are various benefits available to OPC, like holding separate legal status, getting loan from financial institution is easier as compare to proprietorship or partnership. However, the same is one side of coin, various mandatory compliance by OPC, in addition to other time to time event based compliances, needs to be done during a particular financial year.

Let’s check out the same:

1. Take note of MBP-1

Every Director is required to disclose his/ her interest in other entities in MBP-1at the first meeting of the Board in every financial year or whenever there is any change in his/ her interest disclosure already made, then at the first Board meeting held after such change, disclose his concern or interest in any company or companies or bodies corporate, firms, or other association of individuals which shall include the shareholding.

2. Keep record of DIR-8

Every director shall give declaration in Form DIR-8 with respect to his disqualification, if any, incurred during a particular financial year.

3. Filing of Form INC-22A (ACTIVE Form)

INC-22A also known as E-form ACTIVE has been introduced for the first time under the Companies Act. Presently its one time form to be filed by all the companies incorporated on or before 31^st December, 2017, on or before 25^th April, 2019 without any government charges. In case any company fails to file this form within the above said stipulated time period, then the status of company shall be converted into Non Active and attract a fee of Rs. 10,000/-. Further, the Company will not be able to file basic forms such as INC-22, DIR-12, PAS-3, SH-7 and INC-28.

4. Form MSME-I

With the intent to provide more protective and secure environment to Small and Medium Enterprises, the Government has introduced new rules for filing about the dues pending to small and medium enterprises.If the duesto small and medium are more than 45 days, then such companies shall also quote the reason for delay in payment.Only specified companies i.e. who receives supply of goods and services from Micro and Small enterprise. This form is to be filed by a Company firstly within 30 days of deployment of the Form and there after half yearly on or before 30^th April and 31^st October.

5. Form DPT-3:

To track the record of deposit compliances, Government has come up with new form DPT-3 to be filed by every company for receipt of any money or advances. Every Company(other than Government Company) having any outstanding receipt of money or loan by a company but not considered as deposits, in terms of clause (C) of sub-rule 1 of rule 2 (as elaborated below) from 01.04.2014 to 22.01.2019, on or before 22.04.2019 (vide general circular no. 05/2019 dated 12.04.2019, the period has been extended from 22.01.2019 to 31.03.2019) shall file one time return in Form DPT-3 within 90 days of the publication of the notification. However, the additional fee shall be levied only after expiry of 30 days from the date of deployment of the E-form DPT-3.

6. File AOC-4:

Every one person Company need to prepare financial statement and file the same with the Registrar of Companies. Pursuant to Section 2 (40), financial statement of an One Person Company shall include:

• -Balance Sheet
• -Profit and Loss Account
• -A statement of changes in Equity
• -any explanatory note annexed to, or forming part of the abovementioned documents

These documents shall be laid before the members and adopted by them in the Annual General Meeting. However, having a sole member, exemption with regard to conduct of Annual General Meeting has been given to OPC. Therefore, financial statements duly signed by the Director of the OPC are required to filed within 180 days from the closure of financial year.Hence, the due date for filing is 27^th day of September.

7. File Form MGT-7:

Annual return of an OPC is required to be signed by the Company Secretary wherever appointed or by one director of the Company if there is no Company Secretary. The annual return of a company shall be filed in Form MGT-7with the Registrar of Companies within 60 days from the date on which Annual General Meeting is to be conducted. Since Annual General Meeting is not applicable to an OPC, the form needs to be filed within 60 days from the last day by which form AOC-4 is to be filed. Hence, MGT-7 can be filed by the 26^th day of November of the year.

8. DIR-3KYC:

Every Director who has been allotted DIN on or before the end of the financial year, and whose DIN status is ‘Approved’, would be mandatorily required to file form DIR-3 KYC before 30th April of the immediately next financial year.

Exemption has been provided for conducting of Board and General meetings, still taking note of resolution and maintaining of minutes for smooth running of business and complying of minimum statutory compliances becomes mandatory. Though the list of compliances applicable on One Person Company are very less. Still filing and maintaining of proper compliances become a nightmare. Therefore, to avoid such complexity and hassle free filing, you can contact us at +91 8010233173 and mail at complianceship@gmail.com