One Person Company is kind of business registration which is suitable for single promoter business. It is preferred by the entrepreneurs who want to enter the corporate business structure without losing their ownership on firm.
Benefits of OPC Registration
- Unique Legal Entity
- Limited Liability Protection
- Power to own assets
- Complete ownership to one person
- Easy Share Transfer
- Continual Existence
Annual Compliance of OPC
A OPC has low compliances which are required to fulfill in order to maintain its legal status.
Here are some important Annual Compliance of OPC
- OPC PAN Application : An OPC is required to apply for NSDL PAN card for the tax benefits and transactions.
- Bank Account on OPC name: An OPC is required to have an account on its name.
- Auditor appointment : A registered company is required to have an auditor within 30 days of incorporation
- Proper financial statements : An opc is required to maintain proper financial documents such as payslips, account statements and more.
A One Person Company is required to fulfill above listed compliance to maintain its legal structure. Thus, you must consult a leading business consultant for management of Annual Compliance of OPC.
GSB Taxation | Annual Compliance of OPC