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OPC Annual Compliance
Seamless & Timely Annual Compliance for your One Person Company
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 a must to all. Continuously failure to file the regular compliance may lead to the elimination of the company from the ROC register.
Exemptions compared to Private Limited Companies
- Less board meetings required.
- No annual general meeting (AGM).
- Certain other exemptions in compliances under the Companies Act.
Company Compliance with TRUSTLINK
Company compliance is time bound. Each and every compliance has a definite deadline, beyond which a company attract penalties that to be borne by the promoters. So it becomes necessary to keep regular checks on the deadlines.
We, in TRUSTLINK:
- Keep clients updated on upcoming compliance.
- Provide early reminders.
- Help promoters prepare in advance.
- Avoid last time embarrassment and penalties.
Compliance for Newly Incorporated OPC
A newly incorporated One Person Company has some one-time compliance to start the business journey seamlessly:
Appoint of First Auditor (ADT-1)
- Must appoint within 30 days of incorporation.
- For statutory audit of accounts.
- Filed with ROC via ADT-1.
- Auditor holds office till the first general meeting.
Commencement of Business (INC20A)
- Mandatory for companies incorporated after 2nd November 2018 with share capital.
- Must be filed within 180 days.
- Declaration that subscriber has paid for shares.
Annual Compliance for a One Person Company
Following compliances are mandatory for an OPC every financial year:
Click on the folders to read the notes
MBP-1
Disclosure of director’s interest in other companies. Must be filed annually in the first board meeting of the financial year.
DIR-8
Declaration that the director is not disqualified from acting as a director in any company.
DIR-3 KYC
Mandatory annual KYC compliance for all directors holding a valid Director Identification Number (DIN).
MGT-7
Annual return to be filed within 60 days. A heavy penalty of ₹100 per day is applicable for any delay in filing.
AOC-4
Filing of Financial statements including P&L, Balance Sheet, and Director Report. Must be filed within 60 days.
Income Tax Return
Must be filed before 30th September in Form VI. An audit is strictly required if the company turnover exceeds ₹1 crore.
No AGM Requirement
A massive benefit of the OPC structure is the exemption from Annual General Meetings. Standard AGM-based filing rules do not apply.
Benefits for Annual Compliance
Boosts Credibility & Status
Increases business credibility as compliance status is visible on the public MCA portal. Maintains company active status and profitability.
Business Opportunities
Helps significantly in acquiring new corporate customers, winning Government tenders, and securing business bank loans.
Attracts Investors & Avoids Fines
Clear compliance records attract potential investors and protect the company and its promoter from heavy late penalties and ROC strike-offs.
Documents Required for Annual Compliance
Keep the following documents handy for smooth yearly filing:
- PAN Card of OPC
- Certificate of Incorporation
- MOA and AOA of OPC
- Audited Financial Statement
- Audit Report & Board Report
- OPC Bank Account details
- DSC of Director
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