What Are the Compliance Required for OPC Private Limited Company
What Are the Compliance Required for OPC Private Limited Company
OPC (One Person Company) is a new concept introduced in the Companies Act, 2013. It allows a single person to register a company with just himself as the member of the company.
The main benefit of One Person Company is that it accelerates the decision making and managing of the business. It eliminates the need to take suggestions and permission from other members, which in turn saves time and money. It also gives a sense of ownership to the owner and motivates him to work hard and make his business grow faster.
Apart from this, an OPC can open bank accounts and has a separate TAN and PAN number for taxation purposes. Similarly, it can maintain mandatory registers like Directors' report, Auditors' report and related party transaction register. The company can also hire more employees as it is not restricted to the maximum of 15 employees unlike a Pvt Ltd Company.
However, a key point to note is that even though the registration of an OPC is easy, it is important to keep it in good shape by adhering to all the statutory compliances. Failing to do so can lead to hefty penalties and fines. Therefore, it is important to consult an expert in the field of company law and regulatory compliances. They will ensure that all the ROC filing and other mandatory compliances are met on time.
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