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 business entity that is registered with the Ministry of Corporate Affairs. Similar to a Private Limited Company, OPCs have several annual and event-based compliances that are obligatory for them to follow. Failing to comply with these regulations can attract hefty penalties and fees for the business.

Every year, all One Person Companies need to submit their financial statements like Balance Sheet and Statement of Profit & Loss in the form of AOC-04. This helps in identifying the current position of the company and allows it to make informed decisions about its future.

In addition, all OPCs are obligated to submit their Directors Report and Auditors Report at the time of holding the AGM. These reports disclose the details of the company's performance, finances and directors.

Moreover, all OPCs are mandated to file their Income Tax Returns (ITR) within the stipulated time. The failure to file ITR is considered as a violation of the Act and attracts hefty penalties and fines for the company.

Another mandatory compliance for OPC is filing Form MBP-1, wherein the director of the company has to disclose his/her interest in any other entity. This enables the company to avoid any conflicts of interest and also ensures that the Directors are not disqualified or debarred from acting as a Director in other entities.

Moreover, all OPCs need to maintain statutory registers like the Company Register, Employees' Register and the Statutory Director Shareholding Register. These registers help in maintaining the transparency of the company and are also helpful in avoiding any fraudulent activities.

 

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