About OPC Compliance (One Person Company)

OPC (One Person Company) unlike the varied types of companies is a business structure that also needs to be registered under the Company’s Act 2013.  The good thing about it is the single-person ownership. As the name signifies OPC refers to a company owned and managed by a single individual. He or she has the hundred percent control over a business.  OPC has many advantages and limited liability is one of them. As an owner of the company, you are required to go for OPC Compliance without fail.   

What is OPC compliance?

Unlike every legal entity, One Person Company (OPC) does demand compliance to be mandatorily maintained also according to the Indian Income Tax Act and Companies Act.  The compliance for an OPC company is limited. 

The OPC annual compliance majorly needs income tax return filing with the Income Tax Department along with the annual return filed with the Indian Ministry of Corporate Affairs.

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More About the OPC Compliance 

Abiding by legal compliance is necessary for all the companies registered under different company acts in the country. OPC compliance after incorporation is not a duty but a big responsibility. As a good entrepreneur, you should try to gather all the information about the legal bindings that include income tax return filing and others. If you do not have the relevant information or you are not comfortable with the processes, you can seek assistance from our professionals at Valcus Private Limited. 

Our experienced professional can help you with OPC annual compliance along with the arrangement of the essential documents. Remember, there is a predefined document that you need to keep ready well in advance. Do not make it a habit to rush for the varied documents at the last moment. The income tax department in the country wants you to file your tax return before the last date to avoid any kind of inconvenience. Do not forget that late ITR filing attracts fines.     

OPC compliance after incorporation

There are many entrepreneurs looking to hire a consultant who can take care of the different document requirements. For the OPC seeking help related to OPC compliance after incorporation, Valcus Pvt Ltd. can be the right choice. Yes, you have read it correctly. There is a need to learn about OPC compliance requirements.

What corporate stationery should you buy?

Corporate stationeries have its importance. There are varied types of stationery items needed from time to time. One person company annual compliance is necessary and has its own importance. Experts in the market advise you to buy the items essential for OPC compliance matter use. 

Below are a few for your information:
  1. Company Letterhead – a letterhead is crucial stationery used for multiple purposes. A letterhead should have the OPC company name and registered office address clearly printed on it. Not only the letterhead but notices, invoices, and other documents used for official purposes should have the registered office address and OPC company name printed on them. Failing to do so can result in negative results.
  2. Name Board – also the law requires you to get painted or affixed the name of your one person company and the registered address on the name board used outside an office or other places of business operations.    
  3. Rubber Stamp – there are different legal communications taking place from time to time between the OPC and other business associates which require an official stamp and signature of the authorized person. For the same, you are required to have a straight rubber stamp having the company’s name and designation of the person authorized to sign. Also, a round rubber stamp bearing name of the OPC is mandatory. The company rubber stamps are commonly used on bank account forms, cheques, and other legal documents.   

Note: It is important for an OPC that the words ‘One Person Company’ be mentioned below the company’s name in the brackets wherever the brand name is printed, fasten or imprinted.

What are the different documents required for OPC annual filing?

There is a limitless significance of OPC annual compliance. There are varied documents necessary for the OPC annual filing.

Below are the documents for the OPC annual filing:

  • The Balance Sheet of the Company
  • Profit & Loss Account 
  • OPC Compliance Certificate
  • Registered Office Address
  • Register of Member
  • Shares and Debentures details
  • Debt details
  • Information about the Management of the Company
OPC Private Limited Company in Delhi
About ROC compliance for one person company

Unlike other necessary compliances, a ROC Annual Return filing is vital for an OPC. It is to be done within 60 days. A penalty of Rs. 100 per day is levied in the condition of non-fulfilment of ROC Annual Return. It is determined from the first of April to the 31st of March in the MGT-7 form. 

OPC (One Person Company) is thus a business structure suitable for a single entrepreneur. It can help you give your ideas shape and achieve endless success in a business. To file your one-person company annual filing, you can choose Valcus anytime.  

Frequently Asked Questions

OPC (One Person Company) as per Section 2(62) of the Companies Act, 2013 is a company which has only one person as a member/owner.

For every OPC, there is a need to comply with the defined rules and regulations related to GST, PF, ESI, TDS, and more.

An OPC needs you to comply with the necessary legal compliances. These include annual filing of Income tax returns, financial statements, Form DIR-3 KYC for KYC of directors, annual statements, and.

Attaching a Board of Directors report along with Financial Statements is mandatory for every company according to Section 134(3) of the Companies Act, 2013.

Applying for GST is vital for OPC Companies engaged in supplying different goods or rendering services through varied e-commerce platforms.

At Valcus, there are professionals from different industries and services. You can save time by choosing us for the OPC annual compliance.