What Are the Compliance Required for OPC Private Limited Company

What Are the Compliance Required for OPC Private Limited Company


One Person Company (OPC) is a type of private limited company with just one member, which can also be the sole director. OPC registration is a great option for entrepreneurs who wish to experience the several benefits offered by a Pvt Ltd Company like better financing opportunities, a tax efficient structure, and more, without compromising on their personal assets or losing control of the business.

However, just like a regular Private Limited Company, OPCs must comply with certain compliance requirements on an annual basis to maintain their status and avoid penalties. In this article, we present all the mandatory compliances that an One Person Company must mandatorily comply with.

Annual Return

An OPC must file an annual return in MCA Form AOC-4 within 180 days from the end of its financial year. This return discloses important information and documents such as a compliance certificate, address of the registered office, register of members, details of shares and debentures, information regarding management, and debt details of the OPC.

The OPC must also maintain other secretarial records, including copies of its annual returns, resolutions passed by the board, agreements, contracts, and more. Maintaining these records helps ensure transparency, accountability, and compliance with legal obligations.

In addition, the OPC must also submit its Income Tax Return (ITR) based on its income in ITR Form ITR-6. This return is compulsory for all companies irrespective of their income and losses. If the Company fails to file its ITR, it may face hefty penalties and fines from the ROC.

 

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