ANNUAL COMPLIANCES FOR ONE PERSON Company:
As per Companies Act, 2013 Companies requirements for Companies have been changed in comparison of Companies Act, 1956. For FY on or after 2014-15, Annual Compliances will be as per Companies Act, 2013. New Annual Forms will be prepared with new Requirements.
|S. No.||Section & Rules||Particular of Compliance|
|1.||Receipt of MBP-1||184(1)||FormMBP- 1||Every Director of the Company in First Meeting of the Board of Director in each Financial Year will disclose his interest in other entities.|
|Every Director is required to submit with the Company fresh MBP-1 whenever there is change in his interest from the earlier given MBP-1.|
|2.||Receipt of DIR- 8||164(2)||FormDIR – 8||Every Director of the Company in each Financial Year will file with the Company disclosure of non-disqualification.|
|Meaning of AGM for the OPC means “Resolution passed for the ordinary Business entered into the Minute Book. In case of OPC, there is no need to hold AGM because there is only one Member.|
|3.||E- Forms Filing Requirements||92||E-form:MGT-7||Annual Return: OPC will file its Annual Return within 60 days of entry of ordinary resolution in Minute Book. Annual Return will be for the period 1st April to 31st March.In Case of OPC, there is no need to hold AGM.|
|4.||137||E-form:AOC-4||Financial Statement: The Company is required to file its Balance Sheet along with statement of Profit and Loss Account and Directors’ Report in this form.|
|Attachment:Balance Sheet, Statement of Profit& Loss Account, Directors’ Report, Auditors’ Report and Notice of AGM.|
|5.||Directors’ Report||134||Directors’ Report shall be prepared by mentioning of all the information required for Small Company under Section 134.|
|It should be signed by only One Director.|
|6.||Circulation of Financial Statement & other relevant Dox||136||Company shall send to the Members of the Company approved Financial Statement, Directors’ Report and Auditors’ Report at least 21 clear days before the date of AGM.|
|7.||Board Meetings||173 & SS-I||OPC shall hold a minimum number of two meetings of its Board of Directors every year in such a manner that minimum gap between both the meetings, should be not less than 90 (Ninety) days.|
|8.||Appointment of Auditor||139||E-formADT-1||Auditor will be appointed for the 5 (Five) year and form ADT-1 will be file for 5-year appointment.|
|After that every year in AGM, shareholder will ratify the Auditor but there is no need to file ADT-1.|
|9.||Note:||ü OPC in which there is only one Director Secretarial Standard- 1 will not apply.ü OPC does not require holding AGM so Secretarial Standard II is not applicable on OPC.
ü Section 98 and Section 100 to 111 are not applicable on One Person Company.
ü No need of preparation of Cash Flow Statement, in case of OPC.
|Above mentioned 9 (Nine) Compliances are Mandatory Yearly compliances for the Private Limited Company. Except above 8 (Eight) there may be event-based compliances for the Small Company.|
Financial Statement: Earlier in Companies Act 1956, Companies were required to prepared (Balance Sheet and Statement of Profit & Loss Account) as a part of Annual Report. But now in Companies Act, 2013 there is a requirement to prepare the following as a part of Financial Statements:
a. Balance Sheet and Statement of Profit& Loss Account
b. Cash Flow Statement (Except Small Companies and OPC)
c. Consolidated Financial Statement.