As per Section 2(62) of the Indian Companies Act, 2013, OPC is a company that has only one person as to its member or shareholder. Neusource Startup Minds offers several packages for One Person Company Compliance. Contact us to know more about our services.
Nature of OPC:
OPC can only be enrolled as a private company, which means that all prerequisites and required stipulations that are relevant to a private company will be applicable to an OPC.
Who can Incorporate OPC?
OPC can be subsumed by a natural person who is resident of India. Nonetheless, one person cannot manifest more than one OPC.
Members and Directors in an OPC:
The least and the highest estimate of members in an OPC can be only one, an individual being a bondholder of OPC is regarded as the First Director of the OPC until the director is duly appointed by the member.
Nominee in an OPC:
An OPC must have only one person as a nominee.
Board Meetings and AGM:
OPC is considered to have adhered to Section 173 if at least one meeting of the BOD has been carried out in each half of a calendar year and the difference between two meetings is not less than 90 days.
Section 173 and 174, i.e., a quorum of the meeting of BOD will not pertain to an OPC in which there is only one director on its Board. Further, an OPC is not obligated to hold an AGM.
One Person Company Compliance points to the entering into the record of varying documents on an annual basis. OPC can be established by one person only, who can operate as a director as well as a bondholder. There were no requirements of forming a One Person Company in the Old Companies Act, 1956, but with the initiation of the New Companies Act, 2013, the OPCs are abruptly becoming pre-eminent in whole India for colluding business or rendering services in various budgetary verticals by peculiar and innovative administrators and white-collar executives.
The OPC Annual Compliance in India is More Concise and Comprise the Following Main Compliances:
- Record of Annual Return Statements in Form MGT-7
- Accounting Statements in Form AOC-4
- Tabulations of Income Tax Returns in Form ITR-6
- Event-based Annual Compliances
- Annual Compliances under distinct legal authorizations
Documents Required for Smooth Compliance Process:
For a uniform and stable OPC Compliance procedure, you are required to produce the below-mentioned records and reports:-
- MGT-7 Filing
- Corporate Identification Number or Permanent Account Number
- Table of main business activities
- Particulars of shares and shareholding
- Register of debentures and loans
- Details of other securities held by the company
- AOC-4 Filing
- Balance Sheet
- Profit and Loss Account
- Director’s Report
- Auditor’s Report
- Notice of Annual General Meeting
- ITR-6 Filing
- Sale and Purchase Invoice
- Expense Invoice
- PAN Card of the company
- Copy of TDS challans or deposits
- Copy of VAT or Service Tax Returns
- Bank Statement for the year
- Credit Card Statement
Who Needs to do it?
Every One Person Company needs to cohere to it. The return is required to be signed and acknowledged by the Company Secretary. If not present, then, the Director of the company can also sign the return.