OPC Annual Filing: Key Deadlines

The One Person Company (OPC) is a distinctive business structure that offers individuals the advantages of limited liability while preserving full control. This article presents an extensive guide on the annual filing obligations for OPCs under the Companies Act of 2013.

Comprehending OPC Annual Filing:
According to Section 2(62) of the Companies Act, 2013, an “One Person Company” is defined as a company with only one individual as a member. An OPC functions as a private company with a sole member who enjoys limited liability and can simultaneously act as both a shareholder and director.

• This innovative business structure enables a single person to establish and run a company as a distinct legal entity.
• It was introduced to empower entrepreneurs with the benefits of limited liability while affording them complete control and ownership over their enterprises.
• OPCs, similar to other companies, must adhere to annual filing and reporting requirements, encompassing the submission of financial statements and tax returns.
• Nonetheless, OPCs have fewer compliance obligations compared to private limited or public limited companies.

Forms for OPC Annual Filing:
The annual filing process for an OPC involves the utilization of the following forms:
1. Form AOC-4
2. Form MGT-7A

Form AOC-4:
1. This form encompasses the financial statement, including the balance sheet, profit and loss account, and other pertinent financial data, for the OPC.
2. It must be filed within 180 days from the conclusion of the financial year.
3. The due date for submitting Form AOC-4 is the 27th of September each year.
4. Failure to file on time incurs an additional fee of Rs. 100 per day.
5. Attachments include:
a) Financial statement
b) Abridged director’s report (as per Rule 8A of Companies (Accounts) Amendment Rules, 2018).

Form MGT-7A:
1. This form comprises the abridged annual return for the OPC.
2. It should be filed within 60 days from the date of the Annual General Meeting (AGM) or, if no AGM is held, within the AGM’s due date (refer to notes for further clarification).
3. The due date for submitting Form MGT-7A is the 26th of November each year.
4. Late submissions incur an additional fee of Rs. 100 per day.
5. Attachments include:
a) List of directors
b) List of shareholders

As OPCs typically have only one member, they are exempt from holding an AGM. However, if an OPC voluntarily chooses to conduct an AGM, it must do so before the return’s due date, i.e., the 27th of September.

Due date of AGM:

• To understand this concept, we must consider both Section 122 and Section 92 of the Companies Act.
• Section 122 stipulates that the OPC can record the member’s decision in the minutes book, sign it, and date it.
• This date is then considered the meeting date for all purposes under the Companies Act.
• Section 92 states that every company must submit a copy of the annual return within sixty days from the AGM’s date or, if no AGM is held, within sixty days from when the AGM should have occurred.
• Therefore, the OPC should file its annual return within sixty days of entering the member’s decision into the minutes book and having it signed by the member.
• Nevertheless, the AGM’s due date cannot be later than the financial statements’ filing deadline.

In Conclusion:
Annual filing for One Person Companies (OPCs) is necessary to follow the law. Even though OPCs have some exceptions, it’s crucial to know how to file, when to do it, and the details involved. Doing this helps maintain limited liability and makes the company more open and well-run.