One-Person Companies (OPCs) have distinct compliance requirements due to their single-member structure. This article simplifies the annual filing process for OPCs, highlighting key forms such as AOC-4 (Financial Statement), MGT-7A (Abridge Annual Return), and discussing the need for holding an Annual General Meeting (AGM). The article emphasizes the deadlines for each filing, clarifies attachment requirements, and addresses potential impacts of extended AGM dates on AOC-4 filing deadlines. This guide ensures OPCs navigate their annual filings with ease.
OPCs enjoy distinct compliance advantages due to their single-member nature. The article focuses on the Annual Filing obligations that OPCs need to fulfill with the Registrar of Companies (ROC). It highlights significant forms that must be filed annually, including MSME-1 (Half Yearly), DPT-3 (Yearly), and DIR-3 KYC (Yearly). However, the central focus remains on the three core filings: AOC-4 (Financial Statement), MGT-7A (Abridge Annual Return), and the Annual General Meeting.
I. ANNUAL GENERAL MEETING:
There is always dilemma that, whether OPC is required to hold Annual General Meeting or not?
LEGAL PROVISION:
Any business which is required to be transacted at an annual general meeting or other general meeting of a company by means of an ordinary or special resolution, it shall be sufficient if, in case of One Person Company, the resolution is communicated by the member to the company and entered in the minutes-book.
IMPACT OF PROVISION:
- As OPC having only one member, therefore OPC is not required to hold any General Meeting (EGM/ AGM).
- OPC have to maintain minutes of Annual General Meeting as per (Section 122).
- Due date of AGM of OPC is 27th
- OPC just have to take note the resolution to be passed in General Meeting Like:
– Adoption of Annual Accounts
– Adoption of Directors Report
– Appointment of Auditor. Etc.
II. AOC- 4 (FINANCIAL STATEMENT):
- It is required to file within 180 days from the end of Financial Year.
- Due Date of AOC-4 is 27th September 2022.
- If AOC-4 filed after 27 September, there is additional fees of Rs. 100 per day.
- Attachment to AOC-4
– Financial Statement
– Abridge Directors Report (As per rule 8A)
III. MGT- 7A (ABRIDGE ANNUAL RETURN):
- It is required to file within 60 days from the Date of AGM
- AGM can be held maximum Upto 27 September 2022.
- Due Date of MGT-7 is 26th November 2022.
- If MGT-7 filed after 26 November, there is additional fees of Rs. 100 per day.
- Attachment to MGT-7A
– List of Director
– List of Shareholder
If Date of AGM is extended by MCA, whether Due Date of AOC-4 of OPC shall be extend or not?
As OPC is not required to hold any AGM. Therefore, one can opine that, even if the date of AGM extended by the MCA, It will not impact the Due Date of AOC-4. Due Date of AOC-4 shall be 27 September.
Conclusion: Navigating the annual filing process for One-Person Companies becomes simpler with this comprehensive guide. By understanding the essentials of AOC-4, MGT-7A, and AGM requirements, OPCs can ensure compliance with ease. This guide serves as an invaluable resource for OPCs looking to fulfill their annual filing obligations and maintain a strong legal standing.
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Author – CS Divesh Goyal, GOYAL DIVESH & ASSOCIATES Company Secretary in Practice from Delhi and can be contacted at csdiveshgoyal@gmail.com).
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