What Are the Compliance Required for OPC Private Limited Company

What Are the Compliance Required for OPC Private Limited Company




OPC is a revolutionary concept introduced by the new Companies Act of 2013. Whereas earlier, two directors and shareholders were required to incorporate a company, an OPC can be incorporated with only one member. OPC provides a separate legal entity status which is beneficial for entrepreneurs who want to minimize their personal liabilities and enjoy tax benefits. However, it is important to note that despite being a separate entity, an OPC is still subject to various laws and compliances which are applicable to any other business.

To ensure the smooth functioning of a One Person Company, it is advisable to follow the mandatory annual compliances which are applicable to all businesses. By adhering to these compliances, you will be able to avoid penalties that may arise due to non-compliance. Additionally, regular compliances will also help in maintaining the active status of your company.

Annual Return Filing

Every OPC is required to file its annual return within sixty days of holding its AGM by submitting MCA Form MGT-7. The annual return includes the details of profit and loss account, balance sheet and director's report.

Other Compliances

The OPC is also required to maintain the mandatory registers such as - Directors' Register, Shareholders' Register and Transaction Register. The OPC is also required to conduct at least 4 Board Meetings in a year with not more than 120 days gap between each meeting. The Company is also required to appoint an Auditor for 5 (Five) years by filing form ADT-1 within 15days of AGM.

 

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