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 form of a legal entity that can be established and controlled by a single member. This is a separate legal entity that can enter into contracts with other parties, and its liability is restricted to the extent of the amount invested by the member. As a result, it is a very common way for a single person to conduct business in India.

Like any other business, a one-person company must comply with mandatory annual and event-based compliances. These include filing of annual returns, financial statements, appointment of an auditor, and circulation of documents to members and maintenance of mandatory statutory registers.

One of the most important compliances for one-person companies is filing their annual returns. This can be done through MCA Form MGT-7 within a 60-day period of holding their Annual General Meeting (AGM). Non-filing of the annual return levies a penalty of Rs 100 per day from the due date.

OPCs are also obligated to file their financial statements – balance sheet and profit and loss statement – along with the Director Report by filing MCA Form AOC-4. This requirement demonstrates transparency and accountability and helps in bringing in investor confidence.

In addition to this, OPCs are obligated to maintain mandatory statutory registers and a minute's book. These records are important for maintaining good governance and adherence to regulatory guidelines. They must be compiled in an organized manner and be easily accessible to members. Additionally, directors are obligated to submit Form MBP-1 annually, which discloses their interest in other entities.

 

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