As per Company Law, every One-Person Company needs to file annual Compliance. The return needs to be signed by the Company Secretary. In absence of a Company Secretary, the director of the company can sign the return. A one-person company (OPC) is exempt from holding the annual general meeting (AGM) and making a rotation of the auditors. OPC (One Person Company) Annual Compliance consists of below activities.

• Filing of the Annual Return: - It contains the Statement of Disclosure of Shareholders and Directors
• Filing the Financial Statements: - It contains all the monetary and finance related audited accounts of the OPC. Financial statements filing has to be filed with the concerned ROC, on or before 30th October every year.
• Filing Income Tax Returns: - Income tax return filing for OPC has to be completed on or before 30th September every year. If in case annual turnover of the OPC exceeds Rs. 1 Crore, then tax audit is mandatory.

Decision: Is Annual compliance must for a One-Person company or good to have activity?

It is mandatory for all One-Person companies (OPC’s) to file annual compliance and other tax-related returns. Failing which will lead to heavy penalties or your One-person company in defaulter list of ROC. Next step is to understand the benefits and various implications.

• Avoid financial penalties
• Build trust & brand loyalty
• Better visibility of operations
• Avoid any legal implications
• Avoid getting your company in the Defaulter list

Step 1: - Corpseed receives your request for One Person Company Compliance

Step 2: - We will assign a dedicated resource who is professionally skilled in company Compliance, who will help you to maintain the compliance for your One-Person Company. You can get in touch with the assigned resource at any point of time for consultation and assistance regarding Compliance throughout your journey with Corpseed.

Step 3: - Our resource will help your Company to maintain accounts and prepare the financial statement for each year.

Step 4: - Our resource will collect all the required documents/information and will complete all below mentioned Compliance activities for your Company:

1. Filing of the Annual Return
2. Filing the Financial Statements
3. Filing Income Tax Returns

Step 5: - Our resource will collect all the required documents/information and file your Company income tax return with ROC (Registrar of Companies) along with the mandatory documents after getting final confirmation from your finance team if required.

Step 6: - Our resource will help in accounts audit for your Company.

Step 7: - Our resource will draft minutes of meetings, notices and will also maintain the statutory register.

Step 8: - Above 7 steps complete your One-Person Company Compliance under Companies Act 2013.