What Are the Compliance Required for OPC Private Limited Company

What Are the Compliance Required for OPC Private Limited Company


In this article, we will discuss What Are the Compliance Required for OPC Private Limited Company. The One Person Company is a revolutionary concept introduced in the Companies Act, 2013 which allows a single person to incorporate a business. This type of entity has unique features that make it different from other types of entities such as sole proprietorship, partnership firms and other private limited companies.

It has the ability to raise funds through loans and grants from financial institutions and banks. However, it has to comply with several statutory provisions including those pertaining to annual return filing and statutory auditing. Failure to comply with these requirements can lead to heavy penalties and fines. Therefore, it is vital for One Person Company to ensure that they are aware of these requirements and follow them regularly.

The Registrar of Companies (RoC) has prescribed some mandatory compliances for OPCs which must be fulfilled. These include filing of the financial statements such as balance sheet and P&L account, appointment of auditor for 5 years in Form ADT-1, DIN KYC of directors, annual return filing etc.

In addition to this, OPCs must also maintain various registers such as director's report, director shareholding register and related party transaction register. Moreover, OPCs must keep secretarial records such as copies of resolutions, contracts and agreements. It is important for OPCs to be in compliance with these statutory provisions to avoid any penalties and to maintain a good reputation in the market.

 

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