As the name suggests, an OPC or One Person Company is a business format where a single person owns the company. There is no more than a single director or more than a single member. Being a single-handled company, an OPC is easy to manage. If you are an entrepreneur who seeks singular success, you can register as an OPC in India.
The definition of a One Person Company is explained in Sub Section 62 of section 3 of the Companies Act, 2013, which states: "One Person Company means a company which features only one Member." Therefore, unlike a Private Limited Company, this single company registration of a single owner doesn't need a minimum of two directors. However, like a private limited company, the online One Person Company Registration in India does provide you with Limited Liability.
OPC Formation can be done as an:
After the online registration of a One Person Company in India, there are the following benefits that can be enjoyed:
Limited Liability: As the business entity is a company, the entrepreneurs have their assets protected from the company's failings.
Separate Legal Entity: An OPC Company is a separate legal entity from the owner.
Fewer Compliances: The number of compliances for a One Person Company is less.
Being compliant with the rules that have been set up by the companies act is important for you if you want to make sure that your standing as a One Person company is a good one. To that end, you need to file some compliance on an annual basis.
If you are not compliant, not only will our company lose legal standing, but it will also be penalized. These penalties are of varying natures. At the same time, you might want to defer the compliances because of the initial relaxed nature of the penalties. As time goes by, and if you are still not compliant, the intensity of the penalties will increase.
If you're a one-person company, you must file the annual compliance required. There are no eligibility criteria other than being a One Person Company.
The documents required for the annual compliance are as follows:
The process of filing the annual compliance for OPC is as follows:
Start collecting the information required to file the One Person Company's annual compliance
Go to the official website of MCA and start filling out the required compliance forms on schedules specified in the ministry guidelines.
Submit the application and wait for the notification that tells you that your compliance has been processed.
We at Registrationwala provide end-to-end solutions for filing annual compliance. Our services include:
Registrationwala.com is a leading legal consultancy firm providing comprehensive services relating to Annual Compliance for OPC.
To start filing your annual compliance, reach out to us now.
Q. Is it mandatory to file Annual Compliance for OPC?
A. Yes, the OPC compliances filing is mandatory for every incorporated One Person Company.
Q. What is the eligibility for the Annual Filing of OPC in India?
A. The eligibility of an OPC annual filing is as follows: If you're a one-person company, you must file the annual compliance required. There are no eligibility criteria other than being a One Person Company.
Q. Where can I find assistance for the Annual Filing of OPC company?
A. To file OPC ROC compliance, the company must check its OPC eligibility. To avail of some assistance in annual compliance filing, you can connect with Registrationwala. We will help in submitting the annual report of OPC company.