What Is OPC Compliances?

One Person Company (OPC) is a type of company introduced in the Companies Act, 2013 to enable a lone Entrepreneur to start and manage a limited liability entity. OPC was established to support single person Enterprises that are small businesses with a sales turnover of of less than 200 lakhs. So, the compliance requirements for OPC are also limited when compared to a private limited company.

Why We Need to Do Annual Compliance Of OPC?

As every OPC have to intimate ROC regarding the income and expenditure and other details of the company annually. we have to do the compliances and if we fail to do the compliance then the penalty is imposed for the same.

Rietway Consultants OPC Compliance Package

The Services which are included in our package are as Follows:
✅ Preparation of Financial Statements
✅ Annual Report
✅ Director’s Report
✅Director’s KYC
✅ Income Tax Return of Company
✅ Filing of Form Aoc-4 to ROC
✅ Filing of Form MGt-7 to Roc
✅ Filing of Form INC 20 A for Commencement of Business

GST Amendment – Changes to Business Name

In case of any changes to the legal name of a business, the GST registration certificate need not be cancelled. The existing GST registration can be amended to reflect the new business name. Changes to business name can be updated on the GST portal by filing FORM GST REG-14 within 15 days of change of business name.
On filing the application for change in business name, the GST Officer is required to verify the application and approve the amendment to the business name within 15 working days in FORM GST REG-15. On approval, the amendment would take effect from the date of occurrence of the event warranting the amendment.

Documents Required for OPC Compliances

1. Certificate of Incorporation
2. MOA/ AOA of Company
3. Digital Signature of Director
4. Bank Statement of Company

Private Limited Company Compliances Procedure

Step -1 Arrange all Required Documents: The first step is to arrange all the documents and send the same over the email / WhatsApp to us. Once all the Documents are Received, we will Start the Further Process.
Step-2: Preparation of Documents: The Next Step is Preparation of Documents to be Submitted at Department.
Step-3: Finalization of Balance Sheet and ITR: The Next Step is Finalization of Balance Sheet and ITR to be submitted.
Step-4: Preparation of Notices and Board Minutes: The Next Step is Preparation of Notices and Board Minutes.
Step-5: Submission of Forms: The Next Step is Filing of Forms i.e ADT-1. AOC-4. MGT-7 to ROC.

Compliance checklist for one-person company-

SR.No Particulars Status
1. Form INC-20A Form in respect of commencement of Business within 180 days of incorporation
2. Stamp duty on Share Certificates Payment of stamp duty is to be made within 30 days from the issue of share certificates
3. Board Meeting Minimum Two Board Meetings
Atleast one Board Meeting in each half of calendar year and gap between two meetings is not less than 90 days
4. Annual General Meeting No such requirement to hold AGM as OPC is exempted from holding Annual General Meeting
5. FMBP-1 Disclosure of interest is required to be given in the first Board Meeting or where ever there is any change by every Director of Company
6. DIR-8 Declaration in form DIR-8 that director is not disqualified is required to be given in every financial year
7. Statutory Registers, Minutes Books and Records Maintenance of mandatory statutory registers, minutes Book and other secretarial records is required to be done
Atleast one Board Meeting in each half of calendar year and gap between two meetings is not less than 90 days
8. Form AOC-4 (Financial Statements) 180 days from end of financial year i.e. 31st March
9. Form MGT-7 * (Annual Return) 180 days from end of financial year i.e. 31st March
10. Income Tax Return of Company 30th of September of each financial year
11. DIR- 3 KYC (Directors KYC) 30th of September of next financial year
12. ADT-1 (Auditor’s Appointment) Auditor will be appointed for 5 years
13. E-Form MSME-I (Half Yearly Return) Every Company having outstanding payments dues to micro and small enterprises and in case the payment of the same is pending beyond 45 days, then the Company has to furnish details as per the following timeline:
For April to September by 31st October
For October to March by 30th April
14. E-Form DPT-3 (Return of Deposits) All the Company having any outstanding loan/amount as on 31st March of every financial year has to furnish details and bifurcation of such outstanding amount irrespective of the fact whether such amount is falling under the definition of deposit or not by 30th June

FAQ On OPC Annual Compliance

Q1. Is AGM Applicable on OPC?
The provision of holding of Annual General Meeting is not applicable to OPC.

Q2. Is audit compulsory for OPC?
OPC is mandatorily required to get its books of accounts audited from a Chartered Accountant, as by any other limited company. However, provision relating to rotation of auditor is not applicable to OPC.

Q3. Is it mandatory to hold Board Meeting in OPC?
No, by entering the required resolutions in a duly signed minute book, you can fulfill the Complaince.

Q4. Does ADT-1 need to be filed every year?
No, ADT-1 will be for first time appointment. After that every year shareholder will ratify the auditor up to 5 years (or less, as the case may be) subject to ratification.