About OPC Compliance
One Person Company is well fit for the persons who believe in lesser hardship in compliance and lesser intervention of other person or director in his/her business. Still, whatever is the current turnover and business status, annual compliance for a company is must to all. Continuously failure to file the regular compliance may lead to the elimination of the company from the ROC register. As compared to a private limited company an OPC has lesser compliances like less board meetings, No annual general meeting and certain other exemptions in compliances.
Company Compliance with TRUSTLINK
Company compliance is time bound. Each and every compliance has a definite dead line, beyond which a company attract penalties that to be borne by the promoters. So it becomes necessary to keep regular checks on the regular deadlines. We, in TRUSTLINK keep our client updated on each upcoming compliance with early reminders that makes it easy for promoters to go with their preparations for every compliance without having last time embarrassment.
Compliance for newly incorporated OPC
A newly incorporated One Person Company has some on time compliance to start the business journey of a company
- Appoint of first Auditor (ADT-1): A newly incorporated OPC must appoint its first auditor within 30 days of its incorporation for statutory audit of books of accounts of the company for the financial year. The appoint of auditor should be intimated to the ROC through ADT-1 from with necessary documents. The first Auditor should hold the office till the conclusion of the first general meeting.
- Commencement of business (INC20A): Any company that incorporate after 2nd November 2018 having a share capital shall not commence any business activity without this one timing filling. As per company law, a declaration to be filled by the person within 180 days from date of corporation INC20A form with the ROC that every subscriber to the MOA subscriber to the MOA has paid the agreed upon shares to be taken by him on the date of making such declaration.
Annual Compliance for a one person company
Following compliances are mandatory for a One Person Company
- MBP 1: Form MBP-1 is one to be filled by the directors in one person company compliance to disclose their interest in other companies yearly on the first board meeting of every year or the instance of change in the director of the OC.
- DIR-8: Form DIR-8 is required to be filled by every director in one person company compliance at the time of his/her appointment ascertaining that he /she is no disqualified from functioning as a director of a company.
- DIR-3 KYC: In n one person company compliance, directors owning DIN with active status are required to file DIR-3 KYC annually as per the Companies Rules, 2014.
- MGT-7: All one person companies are required to file their annual returns within a time span of 60 days of holding the annual general meeting. This can be done by filling MCA form-7.Failureto file annual returns levy a penalty of Rs 100 per day from the due date of non- filling.
- AOC-4: In one person company compliance , an OPC is required to file its financial statements, i,e ; profit and Loss Account and Balance Sheet along with director report by filling Form AOC-4 within 60 days of holding the Annual General Meeting.
- Filling of income tax return (IRT): In one person Company compliance, ITR filling is required to be done on or before 30th September of the current financial year. In case the annual turnover of an OPC is more than 1 crore, a tax audit will be statutory. The ITR in such a situation will be filed in form VI.
- No such requirement to hold AGM as OPC is exempted from holding Annual General Meeting.
- Unlike other companies, there are no requirements of filing Annual Return within 60 days of AGM as the provisions of AGM does not apply to OPC.
Benefits for annual compliance
Regularity in the compliance is increases the business credibility of a company. More the compliance status of a company is shown in the MCA portal. Proper compliance records attract more customer and helps in obtaining government tender and business loan.
Every investors give importance to financial records and compliance status of a company before investing. So to attract more investors, it is important to file annual reports regularly.
Non-adherence to regular compliance attracts huge penalties that may disrupt the company profitability. Failure to file the annual compliance can also reduce the status of the company business.
Documents required for annual compliance
The following documents are required for processing and filings of Annual Compliance forms with ROC:
- PAN Card of the OPC
- Certificate of Incorporation
- MOA and AOA of the OPC
- Audited of financial statement
- Audit report and Boar report
- OPC bank account.
- Digital Signature Certificate of Director
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