One Person Company (OPC) Compliance and Annual Filing in India

Introduced by the new Indian Companies Act 2013, the One Person Companies (OPCs) are rapidly becoming popular in entire India for doing business or providing services in various economic sectors by individual and innovative entrepreneurs/professionals. The Companies Act of 2013 and various Rules associated with this Act, offer many lavish exemptions and privileges to OPCs in India in respect of registration, business administration & management, and also statutory compliances.

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One Person Company (OPC) Compliance and Annual Filing in India

To encourage unorganized proprietorship business to enter into organized corporate world, the concept of “one person company” (‘OPC’) was recommended by JJ Irani Committee.

An OPC is exempted from stringent legal compliances of :

General Meeting
Only 1 Director is sufficient
Information to be provided in the Directors’ Report has been significantly reduced
Annual Return can be signed by a Director in case of no Company Secretary
The requirement of minimum number of Board Meetings to be convened shall not apply to OPC unless more than 1 Director

However, in case of OPC having more than 1 Director, the OPC shall hold at least 1 Board Meeting in each half of calendar year and the gap between two meetings is not less than ninety days.

Extending the full-range of legal and advisory services to OPCs in India, LEGALDUX CORPORATE SERVICES services also cover the statutory compliances by OPC regardless of the sector of its business or service.