One Person Company Annual Compliance


As per Section 2(62) of the Indian Companies Act, 2013, OPC is a company that has only one person as to its member or shareholder. Neusource Startup Minds offers several packages for One Person Company Compliance. Contact us to know more about our services.

Nature of OPC:

OPC can only be enrolled as a private company, which means that all prerequisites and required stipulations that are relevant to a private company will be applicable to an OPC.

Who can Incorporate OPC?

OPC can be subsumed by a natural person who is resident of India. Nonetheless, one person cannot manifest more than one OPC.

Members and Directors in an OPC:

The least and the highest estimate of members in an OPC can be only one, an individual being a bondholder of OPC is regarded as the First Director of the OPC until the director is duly appointed by the member.

Nominee in an OPC:

An OPC must have only one person as a nominee.

Board Meetings and AGM:

OPC is considered to have adhered to Section 173 if at least one meeting of the BOD has been carried out in each half of a calendar year and the difference between two meetings is not less than 90 days.
Section 173 and 174, i.e., a quorum of the meeting of BOD will not pertain to an OPC in which there is only one director on its Board. Further, an OPC is not obligated to hold an AGM.
One Person Company Compliance points to the entering into the record of varying documents on an annual basis. OPC can be established by one person only, who can operate as a director as well as a bondholder. There were no requirements of forming a One Person Company in the Old Companies Act, 1956, but with the initiation of the New Companies Act, 2013, the OPCs are abruptly becoming pre-eminent in whole India for colluding business or rendering services in various budgetary verticals by peculiar and innovative administrators and white-collar executives.

The OPC Annual Compliance in India is More Concise and Comprise the Following Main Compliances:

·         Record of Annual Return Statements in Form MGT-7
·         Accounting Statements in Form AOC-4
·         Tabulations of Income Tax Returns in Form ITR-6
·         Event-based Annual Compliances
·         Annual Compliances under distinct legal authorizations

Documents Required for Smooth Compliance Process:

For a uniform and stable OPC Compliance procedure, you are required to produce the below-mentioned records and reports:-

·         MGT-7 Filing

1.      Corporate Identification Number or Permanent Account Number
2.      Table of main business activities
3.      Particulars of shares and shareholding
4.      Register of debentures and loans
5.      Details of other securities held by the company

·         AOC-4 Filing

1.      Balance Sheet
2.      Profit and Loss Account
3.      Director’s Report
4.      Auditor’s Report
5.      Notice of Annual General Meeting

·         ITR-6 Filing

1.      Sale and Purchase Invoice
2.      Expense Invoice
3.      PAN Card of the company
4.      Copy of TDS challans or deposits
5.      Copy of VAT or Service Tax Returns
6.      Bank Statement for the year
7.      Credit Card Statement

Who Needs to do it?

Every One Person Company needs to cohere to it. The return is required to be signed and acknowledged by the Company Secretary. If not present, then, the Director of the company can also sign the return.
Location: India

Comments

  1. Anonymous7 July 2022 at 02:09

    After reading this information, I got more knowledge on annual roc compliance for private limited companies in Singapore. Keep sharing this blog with the users.

    ReplyDelete

Post a Comment

Popular posts from this blog

Annual Compliances for Proprietorship Firm

Image
Sole Proprietorships of India have only the smallest legal acquiesced, which are much lesser than those applicable to the private or public limited corporations. It is essentially owing to the fact that a sole proprietorship has no disparate certified entity distinct from its owner or proprietary, and this form of industry existence does not make use of the benefits of limited liability. The annual revenue of the possessor is measured the annual earnings of the sole proprietorship firm. Henceforth, like other business or service entities that are listed and enrolled under the MCA, i.e., the Ministry of Corporate Affairs, the sole proprietorship firms are not required to record an annual statement or budgetary declarations with the MCA. The main and important statutory compliances to be executed by these proprietorship firms are consequently tax-related recurring and year-long compliances. Nonetheless, some more recurrent or annual compliances may also be required for the goal
Read more

Top Benefits of Outsourcing Accounting and Bookkeeping Services

Image
Other companies are growing. Everything is the same in yours: the software, the economy, the education, the knowledge. Still, other firms and moving faster in the growth sector and also your clients are getting snatched away by them. These might be some of the concerns you might be facing. There can be multiple reasons why this is happening. One of the major reasons can be Accounting and Bookkeeping Services . Many people are of the assumption that bookkeeping services and accounting services are only about saving costs. But this is not true. Here are the some of the major advantages of outsourcing the Bookkeeping and Accounting Services are as mentioned below: ·         Your firm grows fast and becomes more sustainable and strong The outsourcing bookkeeping and accounting are entertained for the biggest reason and that is to assist you in maximizing the return on the competencies. Also, you can use this valuable time in making your company grow. You can focus on the m
Read more

Compliances Involved in Proprietorship Firms, Partnership Firms and LLPs

Image
Sole Proprietorships of India have only the minimum legal acquiesced, which are much lesser than those relevant to the private or public limited corporations. It is essentially owing to the fact that a sole proprietorship has no disparate authorized entity distinct from its owner or proprietary, and this form of business existence does not make use of the benefits of limited liability. The annual revenue of the possessor is considered the annual earnings of the Sole Proprietorship Firm . Henceforth, like other business or service entities that are listed and enrolled under the MCA, i.e., the Ministry of Corporate Affairs, the sole proprietorship firms are not obligated to record an annual statement or budgetary declarations with the MCA. The main and significant statutory compliances to be executed by these proprietorship firms are consequently tax-related recurring and year-long compliances. Nonetheless, some more recurrent or annual compliances may also be needed for the goa
Read more