What Are the Compliance Required for OPC Private Limited Company

What Are the Compliance Required for OPC Private Limited Company




A One Person Company (OPC) is a legal entity that is registered with the Ministry of Corporate Affairs (MCA). OPCs enjoy certain tax benefits as they are not required to pay taxes on the profits it makes. However, like any other company, OPCs need to comply with the terms and conditions laid down by the Companies Act of 2013 in order to maintain its active status. Failure to do so can result in hefty penalties and fines.

To fulfil annual compliances, an One Person Company must regularly file returns with the MCA, prepare and circulate financial statements for approval, keep statutory registers updated and maintain secretarial records.

Directors of an OPC need to complete DIR-3 KYC in order to verify their identity and update their personal details with the MCA. Similarly, OPCs are required to maintain a director shareholding register, and related party transaction register.

OPCs are required to submit their annual return in Form AOC-4 within 180 days of the end of the financial year, which is typically March 31. This filing includes the submission of financial statements such as balance sheet and P & L account. This demonstrates that the Company is committed to transparency and accountability. It also helps stakeholders make informed decisions based on the Company's performance and finances. Keeping up with annual compliances enables OPCs to avoid hefty penalties and fines.

 

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