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Set up a sole OPC Compliance

  • File your business tax returns and maintain compliance seamlessly through IndiaFilings.com. Get a Dedicated Accountant and LEDGERS compliance platform for your business
proprietorship

Register OPC Compliance Firm Online through Compliance Gurukul

You can easily complete OPC Compliance firm registration online through Compliance Gurukul. For a sole OPC Compliance registration, only the PAN & Aadhaar card of the business owner is required. We can help you obtain the following registrations in less than 15 days:

  • OPC Compliance
  • Zero-Balance Business Current Account with Compliance Gurukul Software

Once, you have registered for the OPC Compliance firm registration online on Compliance Gurukul, please follow the steps below and upload the following documents by logging into Compliance Gurukul Software.

  • Step 1: Login to Compliance Gurukul Software using the email address for payment.
  • Step 2: Go to Services Tab & Select OPC Compliance Engagement
  • Step 3: Upload your PAN & Aadhar Card Copy
  • Step 4: An Compliance Gurukul Registration Expert will file the registration application with GST Department and Bank for Current Account.
  • Step 5: Access to Compliance Gurukul Software is for GST invoicing, GST filing and other services.

OPC Compliance

An OPC or One-person Company is a type of company that is owned and managed by a single individual. Section 2(62) of the Companies Act 2013 defines an OPC as a company with only one member. The management of an OPC is also solely controlled by one person who holds 100% of the shares in the company. In India, OPC can only be registered as a Private Limited Company, which means that all the legal provisions applicable to Private Limited Companies also apply to OPCs. This includes the need for OPC compliance with specific annual provisions for OPC annual compliance.

As a One Person Company (OPC) in India, it is essential to comply with the government's annual compliance requirements to ensure that your company remains compliant with all the applicable laws and regulations. At IndiaFilings, we understand the importance of OPC Compliance requirements and are committed to helping One Person Companies meet their annual compliance for OPC requirements. Our team of experts is always available to assist you with any compliance-related queries and provide timely and accurate advice. Contact us today to learn more about our OPC annual services for One Person Companies.

Importance of OPC Annual Compliances

Running a One-Person Company is not a simple task, as many individuals starting a company may not be aware of the mandatory compliance for OPC that need to be fulfilled. Failing to comply with these regulations can lead to hefty penalties and may result in the company and its directors facing scrutiny and further investigation.

It is worth noting that One-Person Companies are required to perform annual OPC compliance requirements from the time of their incorporation, and non-compliance can create various hindrances for the company in the form of penalties and fines. Therefore, it is essential to be aware of and comply with the applicable OPC annual compliance regulations to avoid such situations. Additionally, One-Person Companies must provide accurate financial information to shareholders and investors.

    Benefits of OPC MCA Compliances

    One-Person Company (OPC) compliance has several benefits that include limited liability protection, increased opportunities to get funds from financial sponsors, and continuous existence.

    The following are some of the advantages of performing annual compliance for OPCs:

  • Easy to raise funds from financial investors - Proper OPC annual compliances, including for OPCs, enhance the confidence of financial investors and makes it easy to raise funds from them.
  • Maintains active status - Timely and proper OPC Compliance helps maintain the company's active status.
  • Accurate data collection: Annual compliance for OPCs ensures that the data collected for the OPC annual compliances are accurate and true.
  • Avoids hefty penalties: Non-compliance often results in hefty penalties and fines. Proper annual OPC compliance requirements help in avoiding these penalties.
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Documents Required for the Annual Compliance of One Person Company

The Annual OPC Compliance requires several documents to be submitted, including:

  • Receipts of purchases and sales, along with invoices of expenses incurred during the year
  • Bank statements from April 1st to March 31st for all bank accounts in the name of the company
  • Details of GST returns filed (if applicable)
  • Details of TDS challans deposited and TDS return filed (if applicable)
  • Balance sheet and profit & loss account
  • Financial statements
  • Director's report
  • Details of the member/shareholder
  • Details of directors

    • These documents are necessary for OPC compliance with the legal requirements and regulations of the Companies Act 2013.

Timelines

A sole OPC Compliance can normally be done in India through Compliance Gurukul in max 2 weeks. However, the timelines for registration will vary from case to case, depending on the government and bank processing timelines.

OPC Compliance FAQ's

In India, only a natural person who is an Indian citizen and a resident of India can form an OPC (One Person Company). The person must not be minor or incapacitated to contract under the Indian Contract Act 1872.

A Person Company (OPC) is a company where a single person can be the sole shareholder and director. This means that the company is owned and managed by one individual with limited liability, i.e., his/her personal assets are separate from the companys assets. OPCs were introduced in India under the Companies Act 2013 to provide a legal structure for small businesses and entrepreneurs who want to start a business with limited liability.

An OPC must comply with various legal and regulatory requirements, such as maintaining proper books of accounts, filing annual returns with the Registrar of Companies (ROC), holding an Annual General Meeting (AGM), and appointing an auditor.

There is no minimum capital requirement for an OPC, but it must have authorized capital of at least Rs. 1 lakh.

Annual compliances for an OPC include filing annual returns, financial statements, and tax returns. The OPC is also required to hold an AGM within six months of the close of the financial year.

Yes, an OPC can convert into a Private Limited Company if it meets certain conditions, such as having a paid-up share capital of at least Rs. Fifty lakhs or a turnover of at least Rs. 2 crores.

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