OPC Annual Compliance- An Overview
Running a One Person Company (OPC) offers numerous benefits, from limited liability to complete control, making it a popular choice for solo entrepreneurs. However, like any business structure, OPCs are subject to certain legal obligations, including annual compliance requirements. Staying on top of these requirements is essential to maintain the legality and credibility of your OPC.
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- Appointing of Auditors: The company must appoint an auditor who will be responsible for auditing the financial statements. The auditor must be a member of the Institute of Chartered Accountants of India (ICAI).
- Preparing Director’s Report: Section 134 of the Companies Act, 2013 says that Form AOC-4 is needed to file the Director’s Report. The purpose of preparing a Director’s Report is to give shareholders a preview of the financial position of the company and the scope of its business. The signed ‘minutes of meetings’ is required to be maintained at the Registered Office.
- Filing of Financial Statements: The financial statements must be filed with the MCA (Form AOC-4) within 180 days from the end of the financial year. The statements must accurately reflect the company’s financial performance for the year.
- Filing of Annual Return: The annual return must be filed with the MCA (Form MGT-7/7A) within 180 days from the end of the financial year. It must contain accurate information about the company’s shareholders, directors etc.
- Filing of Income Tax Returns: The company must file its income tax returns with the Income Tax Department by September 30th of each financial year.
- DIR- 3 KYC: All the directors must file form DIR-3 KYC with the MCA within 30th September each year, otherwise their DIN will be deactivated.
In conclusion, annual compliance is an important aspect of running a One Person Company. By staying informed about the latest regulations and laws and taking the necessary steps to remain compliant, companies can avoid fines, penalties, and legal action. It’s also a good idea to seek professional advice from a chartered accountant or a legal expert to ensure that your company is in compliance with all relevant laws and regulations.
One Person Company (OPC) Annual Compliance @ Rs.4,999/-
It's also a good idea to seek professional advice from a chartered accountant or a legal expert to ensure that your company is in compliance with all relevant laws and regulations.
What will you get?
Auditor Appointment
Financial Statement
Audit Report
Board Report
DIR-3 KYC
AOC-4 Filing
MGT-7 Filing
Income Tax Filing
Bonus You Will get
Dedicated Manager
Consultation with CA
Printed Annual Report
Documents Required for OPC Annual Compliance
Incorporation Documents
Bank Statement
Bills and Vouchers
Accounts if Available
DSC of Director
Nominee Details
Select Packages
Benefits of OPC Annual Compliance
Legal Adherence
OPC compliance ensures adherence to the law and regulatory standards, reducing the risk of legal issues and penalties.
Credibility and Trust
Compliant OPCs build credibility and trust among stakeholders, attracting potential partners, customers, and investors.
Efficient Operations
Maintaining accurate records and filing necessary documents enhances operational efficiency and facilitates financial analysis.
Smooth Governance
Regular board meetings and nominee director appointments ensure effective governance and decision-making.
Business Continuity
Compliant practices, such as appointing a nominee director, ensure seamless business continuation during unexpected events.
Strategic Flexibility
Conversion to a private limited company enables OPCs to adapt to evolving business needs and growth.
How we work?
Step 1: Consultation with Expert
Step 2: Preparing the Documents
Step 3: Filing Returns
Step 1: Consultation with Expert
Our expert will call you after your contact form submission, then after consultation you will submit all the required documents to us for further processing.
Step 2: Preparing the Documents
After your documents submission we will prepare the financial statements and draft all the resolution, board report etc.
Step 3: Filing Returns
After getting audited financials we will file the required forms with MCA and Income tax dept.
Are you still confused?
Our team of experts can help you out finding the best solution for you. Contact us today!
Frequently Asked Questions
An OPC is required to file its annual returns, including financial statements, balance sheets, and profit and loss accounts, with the Registrar of Companies (RoC). This ensures transparency in financial reporting.
Yes, even though an OPC can have only one director, it must conduct at least one board meeting every six months. This practice promotes regular decision-making and governance.
A nominee director in an OPC is appointed to ensure business continuity in case the sole director becomes incapacitated. The nominee director takes over the management of the company to prevent disruptions.
If the paid-up share capital of an OPC exceeds the prescribed limit or its average annual turnover crosses a specific threshold, it is mandatory to convert the OPC into a private limited company to align with changing financial growth.
OPCs are required to comply with GST regulations if their turnover crosses the prescribed limit. GST registration and compliance become mandatory based on the turnover threshold set by the authorities.
Why us?
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One Stop Solution
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