What Are the Compliance Required for OPC Private Limited Company

What Are the Compliance Required for OPC Private Limited Company




One Person Company is a new concept in the business world which has seen a boom since its implementation. This allows entrepreneurs to take risks with less liability and provide protection against the same. As one person company is a legal entity it requires annual compliance filing to comply with the statutory provisions. This article will discuss what are the compliance required for OPC Private Limited Company and how it differs from other kinds of companies.

A One Person Company (OPC) is a private limited company where the liability of its sole member is limited to the amount invested in it. A single person can form the company by subscribing their name in the memorandum of association along with other requirements prescribed under the Companies Act. The memorandum must also mention the name of a nominee who will become the company's sole member in case the original member dies.

Like other private limited companies, OPCs are required to file their financial statements, i.e, Profit and Loss Account and Balance Sheet every year. These can be filed by submitting MCA Form MGT-7 within the stipulated time period of sixty days after holding their Annual General Meeting. Failure to do so leads to a penalty of Rs 100 per day from the due date.

Additionally, the OPCs need to submit Form MBP-1 to disclose their interest in any other entities. They must also declare their taxable income and file GST returns, TDS return, PF return, and ESI return as applicable. Further, the OPCs should maintain a statutory register at their registered office and keep a record of all transactions. They should also purchase stationery that consists of their name, address, and registered number.



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