What is One Person Company (OPC) Annual Compliance
As per Company Law, every One-Person Company needs to file annual Compliance. The return needs to be signed by the Company Secretary. In absence of a Company Secretary, the director of the company can sign the return. A one-person company (OPC) is exempt from holding the annual general meeting (AGM) and making a rotation of the auditors. OPC (One Person Company) Annual Compliance consists of below activities.
1. Filing of the Annual Return: – It Contains the Statement of Disclosure of Shareholders and Directors,
2. Filing the Financial Statements: – It Contains all the monetary and finance related audited accounts of the OPC, financial statements filing has to be filed with the concerned ROC, on or before 30th October every year.
3. Filing Income Tax Returns: – Income tax return filing for OPC has to be completed on or before 30th September every year. If in case annual turnover of the OPC exceeds Rs 1Crore, then tax audit is mandatory.
Decision
Is Annual compliance must for a One-Person company or good to have activity?
It’s mandatory for all One-Person companies (OPC’s) to file annual compliance and other tax-related returns. Failing which will lead to heavy penalties or your One-person company in defaulter list of ROC.
Next step is to understand various implications.
Three Easy Steps for One Person Company (OPC) Compliance
1. Connect to Kaushikii team
2. Provide necessary documents required for Compliance & other filing activities.
3. Our Compliance expert will help your One-Person company to complete all annual and other mandatory Compliance.
Benefits of One Person Company (OPC) Annual Compliance
• Avoid financial penalties
• Build trust & brand loyalty
• Better visibility of operations
• Avoid any legal implications
• Avoid getting your company in the Defaulter list
Kaushikii Procedure for One Person Company (OPC) Annual Compliance
Step 1: – Kaushikii receives your request for One Person Company Compliance
Step 2: – We will assign a dedicated resource who is professionally skilled in company Compliance, who will help you to maintain the compliance for your One-Person Company. You can get in touch with the assigned resource at any point of time for consultation and assistance regarding Compliance throughout your journey with Kaushikii.
Step 3: – Our resource will help your Company to maintain accounts and prepare the financial statement for each year.
Step 4: – Our resource will collect all the required documents/information and will complete all below mentioned Compliance activities for your Company.
1. Filing of the Annual Return:
2. Filing the Financial Statements:
3. Filing Income Tax Returns:
Step 5: – Our resource will collect all the required documents/information and file your Company income tax return with ROC (Registrar of Companies) along with the mandatory documents after getting final confirmation from your finance team if required.
Step 6: – Our resource will help in accounts audit for your Company.
Step 7: – Our resource will draft minutes of meetings, notices and will also maintain the statutory register.
Step 8: – Above 7 steps completes your One-Person Company Compliance under Companies Act 2013.