OPC Compliance Requirements

The One Person Company was acquainted in the Companies Act with ensure a sole business visionary could begin and deal with a lawful element with constrained obligation. It was conveyed into reality to help every one of those endeavors with a turnover not as much as Rs. 2 crore. There are sure consistence prerequisites for an OPC which we will take a gander at here. 

Corporate Stationery 

After the enlistment, it is fitting for one to buy the accompanying stationery: 

Name Board: All organizations, including an OPC, are required to put the name of the organization outside their place/area of work. 

Organization Rubber Stamp: The elastic stamp is required for the execution of different authoritative archives identified with managing an account capacities and board resolutions. A round elastic stamp and a straight elastic stamp bearing the name of the organization and its chief can be obtained. 

Letterhead: The name of the organization and address must be imprinted on all reports that go out from the OPC including solicitations, notification, booklets, and all other authority archives of the OPC. 

OPC PAN Application 

The initial step to be trailed the OPC gets consolidated is to get the PAN number enrolled for the firm. The letter is to be properly marked by the chief of the firm and submitted at the NSDL office. Alongside the PAN application, present a self bore witness to duplicate of the fuse authentication also. The PAN will be enrolled in 21 days, beginning from the date of receipt of the application for the same. 

Opening of Bank Account 

The procedure is genuinely basic on account of an OPC. Since it is perceived by the Companies Act and is a corporate element, no extra tax documents and enlistments are required. As indicated by the Reserve Bank of India's KYC directions, the accompanying archives are required for opening a financial balance: 

1. Self authenticated duplicates of the OPC joining testaments 

2. Reminder of relationship of OPC 

3. Articles of relationship of OPC 

4. A determination to open a ledger for the sake of the OPC 

5. A duplicate of the PAN distribution letter 

6. ID confirmation of the executive 

7. Phone charge 

Note that every one of the reports said above are to act naturally authenticated with the OPC seal and the chief's mark. 

Reviewer's Appointment 

Inside 30 days of joining of the organization, it needs to select an examiner (a sanctioned bookkeeper) for inspecting the monetary reports and articulations of the OPC 

Yearly Meeting 

Dissimilar to every other organization, an OPC require not have a general meeting yearly. Since the top managerial staff has only one individual, a determination go by that one executive is worthy and can be gone into the minutes. This marked determination by the sole chief is viewed as the general meeting of the firm. Arrangements identified with the majority for gatherings of Board don't have any significant bearing to an OPC. 

Monetary Documents Required 

All organizations, including OPCs, are required to present the accompanying records with the recorder of organizations (ROC): 

1. Accounting report toward the finish of the monetary year; 

2. Records of benefits and misfortunes; 

3. Income articulation of the money related year; 

4. Records of any adjustment in value; 

5. Any record that needs an illustrative note. 

If there should be an occurrence of a little organization, lethargic organization or an OPC, the requirement for an income articulation isn't compulsory.