One person Company means a company which is wholly managed and controlled by a single person. The management of OPC comprises of only one person which consists of 100% of shares in that company.

OPC can be registered only as a Private Limited Company. Thus all the legal provisions which are applicable on Private Limited Company are also applicable on OPC.

Board Meeting

As per the provisions of Sec 173 of the Companies Act, 2013 atleast one meeting of Board of Director shall be conducted in every 6 months, and the gap between two meeting is not less than 90 days.

AGM

Meaning of AGM for the One Person Company means Resolution passed for the ordinary Business entered into the Minute Book. In case of One Person Company, there is no need to hold AGM because there is only one Member.

Appointment of Auditor

Under Section 139 of Company Act 2013 Auditor Appointment is compulsory for One Person Company. Auditor shall verify books of account and issue Statutory audit report. Provision relating to rotation of auditor is not applicable to OPC.

Auditor shall be appointed for 5 years. The company shall inform the auditor concerned of his or its appointment and also file a notice of such appointment with the Registrar within 15 days of the meeting in which the auditor is appointed.

Statutory Audit

It is compulsory for all OPC is required to get its books of accounts audited by Chartered Accountant firm

MGT 7– Annual Return

OPC will file its ROC Annual Return within 60 days of entry of ordinary resolution in Minute Book or AGM

AOC 4- Filing of Annual accounts

It is requisite for the company to file its Balance sheet together with Statement of Profit and Loss Account, Auditor report and Director Report within 180 days from the financial year closure.