OPC Compliance

OPC Compliance

OPC Compliance (One Person Company)

A One Person Company (OPC), as defined under Section 2(62) of the Companies Act 2013, is a company owned and managed by a single individual holding 100% of the shares. In India, OPCs are registered as Private Limited Companies, meaning all legal provisions for Private Limited Companies apply to OPCs as well.

Key Compliance Requirements for OPCs:

📄 Annual Filings – Submitting necessary reports and financial statements.

💼 Regulatory Compliance – Following all government rules and regulations.

📝 Financial Reporting – Maintaining accurate financial records.



    Importance of OPC Annual Compliances

    Managing a One Person Company (OPC) comes with specific legal obligations that many new business owners might overlook. Failing to meet these compliance requirements can result in:

    ⚠️ Hefty Penalties – Non-compliance can lead to substantial fines.
    🔍 Scrutiny & Investigation – The company and its director(s) may face legal scrutiny.
    🚫 Operational Hindrances – Non-compliance can delay or restrict business operations.

    ✅ Why Compliance Matters:
    • Ensures smooth functioning from the time of incorporation.
    • Prevents legal issues by adhering to government regulations.
    • Builds trust by providing accurate financial information to shareholders and investors.

    Mandatory Compliance for OPC Annual Filing

    Conducting Annual General Meeting (AGM)
    • Must be conducted within 6 months from the end of the financial year.
    • Required even if there’s only one director.
    • Submit balance sheets, profit & loss statements, and cash flow statements.
    • File with the Registrar of Companies (ROC) within 30 days of the AGM.
    • Deadline for filing: July 31st of each financial year.
    • File with the Ministry of Corporate Affairs (MCA) within 60 days of the AGM.
    • A qualified Chartered Accountant must audit financial statements.
    • Keep updated registers for members, directors, and minutes of board meetings.

    Documents Required for Annual Compliance of One Person Company (OPC)

    Receipts & Invoices
    • Purchase and sales receipts
    • Invoices for expenses incurred throughout the financial year
    • Submit balance sheets, profit & loss statements, and cash flow statements.
    • File with the Registrar of Companies (ROC) within 30 days of the AGM.
    • Details of filed GST returns
    • TDS challans deposited
    • TDS returns filed
    • Balance sheet
    • Profit & loss account
    • Complete financial statements
    • Report outlining the company’s financial performance and future outlook
    • Information about the sole member or shareholder
    • Personal and professional details of the director