The Ministry of Corporate Affairs governs One Person Companies (OPCs) registered under the Companies Act, 2013. The Registrar of Companies (ROC) is entrusted with overseeing the adherence to statutory obligations by each OPC. In cases where a company fails to file its compliances within the stipulated time, heavy penalties are imposed. Therefore, timely filing of statutory compliances not only safeguards companies from these penalties but also establishes a positive track record, making them eligible for government benefits and benefits from other Non-Banking Financial Companies (NBFCs).
All one-person companies are obligated to adhere to the following mandatory compliances every year, and failure to do so may result in substantial penalties.
Filing Form 11: Every Limited Liability Partnership (LLP) must disclose the information of all partners by filing Form 11 or the annual return. Form 11 must be submitted to the respective registrar on or before 30th May each year. Failure to file Form 11 within the specified time will result in a fine of Rs. 100 per day for non-filing.
Financial Statements: Every one-person company must prepare an annual report, including information from the Auditor’s Report, Balance Sheet, Profit and Loss Account, etc., and file it with the Registrar of Companies (ROC) using Form AOC-4 before 30th October.
Filing Tax Return: It is mandatory for every one-person company with an annual turnover of more than Rs. 1 Crore to file its income tax return before 30th September each year.
Filing GST Return: Every one-person company is also required to file its GST return before the 15th or 20th day of every month.
Auditor Appointment: Within 30 days of registering the company, every one-person company must appoint an auditor. The statutory audit of the company will be handled by the appointed Auditor. Failure to appoint an auditor within 30 days may result in penalties imposed by the Registrar or even the possibility of the company being struck off.
Company Stationery: Each One Person Company must prepare its company stationery materials such as bill books, invoices, registers, letterheads, official documents, etc., bearing the company’s name and the address of its registered office.
Statutory Registers and Records: To maintain records of various activities within the company, including sales, marketing, purchases, tenders, administration, and board meetings, every one-person company must maintain registers such as the Register of Members, Register of Contracts, Register of Charges, etc.
Current Bank Account: A one-person company must have a current bank account in its name to facilitate inward and outward transactions.
Please note that the specific requirements for compliances may vary based on the applicable laws and regulations in your country. It is essential to seek advice from a qualified professional or company secretary to ensure full compliance with all relevant laws and regulations.
We understand the challenges of managing annual ROC compliances while also driving sales and pursuing expansion opportunities. That’s why we are here to provide expert assistance in timely filing your ROC compliances, enabling you to concentrate on your core business operations. Our comprehensive Annual Maintenance Contract (AMC) packages for ROC compliance are competitively priced and tailored to perfectly meet your requirements.
