What Are the Compliance Required for OPC Private Limited Company

What Are the Compliance Required for OPC Private Limited Company



The One Person Company (OPC) is a revolutionary concept introduced by the new Companies Act of 2013. The OPC allows a single person to incorporate a company. This is possible because it combines the benefits of a proprietorship with those of a public or private limited company. It separates the personal assets of the owner from those of the business and offers protection against liabilities of the company. It also provides perpetual succession and the right to transfer ownership.

However, like any other entity, the One Person Company is bound to comply with mandatory annual compliances. It is essential to carry out these compliances on time to avoid heavy penalties. The mandatory compliances for OPC are income-tax returns filing, financial statement filing, and Form DIR-3 KYC filing of Directors.

Despite the fact that it is a single-member company, the OPC can appoint a nominee in its Memorandum of Association to take over the Company in the event of death or incapacity of the member. The company can change its nominee at any time after giving due intimation to the ROC. Additionally, it is not permitted for NRIs to incorporate OPC's or become nominees in more than one such company.

In addition to the above, OPCs are required to conduct at least two board meetings every year. They must also prepare a cash flow statement and keep a minute book of the board meetings conducted. They are also eligible for tax deductions.

 

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