What are the mandatory compliance for one person company?

Co Act 2013 394 views 3 replies

Ritam Biswas

1 Points Joined May 2018

Hi All,

I recently got my OPC (one person company) registered through a registration service provider in Bangalore. The OPC is incorporated on 17th May 2018. However, I now I am confusion regarding the post registration/incorporation compliance. The problem is different service providers are giving conflicting opinions. Some are saying "maintaining statutory register" is not mandatory, while other are saying "GST registration and filings" is not mandatory, while some are saying "professional tax" is not mandatory. Since I do not have expertise in compnaies act and laws and taxation, this all is very confusing for me. Could some experts from here please help me get a very clear picture of what the mandatory compliance are for an one person company (private company) registered here in Bangalore, Karnataka. If it is of any help - the company has a single director (who is also the only shareholder). I am not expecting turnover of more than 10 lacs in this FY.

Looking forward to suggestions and help please.

Regards,

Ritam Biswas

Bangalore

Replies (3)

Jatin Bajaj

2930 Points Joined April 2016

For One Person Company following post Incorporation Compliances are mandatory.,

1. Open the Current bank account with the Company.

2. Subscribe the shares to the subscribers within 60 days of incorporation of money and after opening of current bank account transfer the amount of allotment to the Company's current bank account.

3. If the SUPPLY is over 20 lakhs, then mandatory to obtain GST and if supply is from one state to another then irrespective of turnover mandatory to obtain GST No.

4. Obtain share certificates within 60 days of incorporation

5. Hold the first board meeting within 30 days of incorporation of the Company and appoint the stat auditor of the Company who shall hold the office till the conclusion of agm

6. The OPC Company shall hold minimum 2 Board meetings in a year and one board meeting within one month from half of calender year and time gap between 2 board meeting shall not be less than 90 days.

7. prepare statutory registers like register of member. director, transfer, charges etc.

8. Apply for trademark registeration (optional)

9. Apply for MSME Registeration (optional)

10. The Balance sheet must be filed to ROC within 6 months from the closure of financial year.

11. Balance sheet must be signed by single Director and auditor of the Company

12. Every Company shall file Annual return within 60 days of AGM in form MGT 7

13. Annual return shall be signed by Director of Company.

14. Every Company in each year shall hold Annual General Meetinng. First AGM shall be held within 9 months from closure of financial year . As your Company is incorporated on 17th May 2018, so financial year shall close on 31st March 2019. Fist AGM should be held maximum by 31st December.

15. At first AGM , auditor shall be appointed for the period of 5 years who shall hold the office till sixth AGM.

Law Aspire

755 Points Joined August 2009

what is to be done, if not able to conduct AGM within the time limit, What are the consequences,

Is there any way that later on filing can be done with Adjourned AGM

Jatin Bajaj

2930 Points Joined April 2016

For One Person Company it is not madatory to conduct the AGM as there is only one shareholder.

If due to some genuine reason, AGM could not been held within the time limit, Company has to apply for the extension of AGM to ROC and ROC may grant the extension of AGM for maximum period of 3 months.