What Are the Compliance Required for OPC Private Limited Company

What Are the Compliance Required for OPC Private Limited Company


Incorporating a One Person Company can be a great way for an Entrepreneur to start a business. However, it is crucial to ensure that the Company follows all the required compliances for maintaining its active status and to avoid hefty penalties and fines.

Annual Compliance refers to the filing of various forms and returns with the authority for every financial year. Some of the most common annual filings that OPC Companies need to make include income tax returns, financial statements, Form DIR-3 KYC for directors' verification, and TDS, GST, PF, and ESI based regulations among others. In addition, One Person Company must also conduct a minimum of 4 board meetings and disclose their interest in other entities in Form MBP-1.

In order to make sure that all the aforementioned filings are completed properly, it is important that you partner with an expert who can provide you with a complete compliance solution. They will submit all the necessary documents, forms, and filings with the MCA on your behalf using their SPICe+ portal.

The expert will also ensure that all the required statutory compliances are followed, including proof of address, TAN, PAN, and FDI Compliances. After all the required paperwork has been verified, you will receive a certification from the expert that all your OPC's compliances have been fulfilled. From there on, you can commence operations and make the necessary investments to grow your business. The best part about an OPC is that the entrepreneur's personal assets are protected from the Company's debts.

 

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