A One Person Company (OPC) is an excellent choice for solo entrepreneurs who want to enjoy the benefits of a private limited company with fewer compliances; however, some mandatory Annual Compliances Are Required for OPCs in Jaipur under the Companies Act, 2013. If you’ve registered your OPC in Jaipur, it’s essential to follow these rules to avoid penalties and maintain your company’s good standing.
Key Annual Compliance Requirements for OPC in Jaipur
- Annual Return (Form MGT-7A)
- OPCs must file their annual return with the Registrar of Companies (ROC) in Form MGT-7A within 60 days from the date of the Annual General Meeting (AGM). Even though OPCs are not required to hold an AGM, this return is still mandatory.
- Financial Statements (Form AOC-4)
- OPCs must file their financial statements, like balance sheet, profit and loss account, and other reports, with the ROC in Form AOC-4 within 180 days from the end of the financial year.
- Income Tax Return (ITR)
- Filing of income tax return is compulsory for all companies, including OPCs. The due date is generally 31st October for companies that require an audit.
- Statutory Audit
- Even though an OPC has only one member, it must get its accounts audited by a Chartered Accountant.
- DIR-3 KYC for Director
- The sole director of the OPC must file DIR-3 KYC annually to update their KYC details with the Ministry of Corporate Affairs (MCA).
- Form MBP-1 and DIR-8
- The director is required to submit disclosures of interest and non-disqualification annually.
Why It’s Important
- Avoid penalties and late fees.
- Ensure the company remains active and compliant.
- Maintain financial transparency.
- Build trust with banks and investors.
Final Words
Staying compliant is simple if you plan. If you're running an OPC in Jaipur, make sure to meet these annual compliance requirements to run your business smoothly. You can also take help from professional service providers to file your returns on time and stay updated with changing laws.
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