What Are the Compliance Required for OPC Private Limited Company
OPC or One Person Company is a type of company that is owned and administered by a single director. The company can be incorporated with any capital. The company is subject to annual compliances as per the Companies Act of 2013. Failure to comply with these requirements may attract hefty penalties and fines.
The main purpose of an One Person Company is to offer a tax-efficient structure for entrepreneurs. Moreover, the company can provide ease of doing business by making it easier to raise and transfer funds. In addition to this, the company is exempt from minimum paid up requirement, the provisions of holding AGMs and EGMs do not apply to OPCs and cash flow statement filing is also not compulsory.
However, there are certain provisions that are mandatory to be followed by an OPC. These include appointment of auditor, statutory audit, annual ROC filing, DIN KYC for directors, GST Filing and Income Tax filing. Moreover, an OPC must submit its annual return within 180 days of the closure of the financial year.
For this, the company has to file Form AOC-4 which requires a declaration of directors' interest in other entities along with the balance sheet and P & L account. It is also a requirement to circulate the approved financial statement, directors' report and Auditors' Report to all members of the company with a 21 clear days notice period. In addition, the company must also maintain the statutory registers including the director shareholding register and related party transaction register.
Tel:+917299972500
Comments
Post a Comment