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 company that is owned and managed by one individual. It is a popular form of business registration in India, and it can be used for both commercial and non-commercial purposes. However, there are some statutory requirements that need to be fulfilled by every OPC to remain compliant with the laws of the country.
Annual compliance for opc requires filing of various documents with the registrar of companies (RoC). These include income tax returns, annual statements, and other statutory compliances like appointment of auditors, filing of statutory registers, etc. It is imperative that these statutory compliances are filed in time to avoid penalties and ensure the continued operational eligibility of the One Person Company.
OPCs are subject to the same annual compliances as all other private and public limited companies. Failure to comply with the yearly provisions may result in severe penalties and fines.
While incorporating an OPC, you must appoint a nominee in the event of death of the member. It is also possible for the member to appoint up to 15 directors for administrative purposes without giving them any shares. The decision-making process in OPCs is speedy, and you can easily pass both ordinary and special resolutions through a duly signed minute book.
OPCs are also required to file an annual return and audited financial statements with the ROC irrespective of the turnover. This demonstrates the company's commitment to adhere to statutory regulations. In addition, it allows the RoC to verify the accuracy and completeness of information submitted in the form.
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