One Person Company Compliance
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One Person Company (OPC) Compliance - An Overview
According to Section 2 (62) of the Companies Act, 2013, a company with only one person as its member falls into the category of One Person Company. An OPC compliance requirement is similar to that of a private limited company. As we all know, a one-person company enjoys the status of a separate legal entity. Thus, the extent of the liability of the directors is limited to the extent of the amount invested by them.
It must be noted that one person company can only be incorporated as a private limited company. Thus, all the provisions applicable to private companies are applicable to one person company compliance too.
In this article, you will learn about one person company compliance and the annual returns to be filed after the incorporation of an OPC.
Annual Filings for One Person Company Compliance
Other Annual Compliance for One Person Company
Note: If there is only one director in an OPC, this requirement shall not be met.
Event-based One Person Company Compliance
The event-based OPC compliance includes all compliances that are liable to be followed on the occasion of an occurrence of the concerned event. Event-based hassle-free compliances are aforementioned to maintain legal comprehensiveness and avoid disputes in the course of the business. They are:
- · Appointment or Resignation of a Director;
- · Appointment of Managing a Director;
- · Change in the statutory auditors;
- · Transfer of Shares;
- · Increase of Authorized Capital;
- · Change of Name of Company;
- · Change in Registered Office Address (Through Form INC-22)
- · Registration/Modification of Charge
- · Appointment of Auditor
- Statutory Audit of Accounts
- Filing of Annual Return (Form MGT-7)
- Filing of Financial Statements (Form AOC-4) Board Meetings
- Annual General Meeting
- Preparation of Directors’ Report
- ITR and Audit requirement
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We will stand by you and help you grow and manage your business while we take care of your tax compliances. You can always get in touch with our certified professionals at any point in time for deliberation and assistance concerning compliances throughout your journey with Taxzona. For more questions and queries, feel free to contact us:
Yes, it is. at the time of incorporation, with his prior consent in the Form INC-3.
- One Person Company Compliance cannot issue or allot shares to anyone except its member.
- One Person Company Compliance cannot carry on NBFC related activities.
- One Person Company Compliance cannot acquire/invest in securities in its own name in other body corporate however member can invest in the shares of other body corporate.
A Minor, Foreign citizen, Indian Non resident, a person incapacitate to contract are restricted from Forming One Person Company Compliance.