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Annual Compliance of one person company
All about Annual
Compliance of One person Company
The term Compliance refers to act of adherence to the law of the land. In business terms, it is
done in adherence to the
laws, regulations, guidelines and specification that are relevant for the life
cycle of a business entity. A One Person Company alone Entrepreneur to
operate a corporate entity with limited liability protection; an OPC does have
a few limitations. For instance, every One Person Company (OPC) must nominate a
nominee Director in the MOA and AOA of the company - who will become the owner
of the OPC. Only a natural person who is an Indian citizen and resident in
India shall be eligible to act as a member and nominee of an OPC. A person can be member in only one OPC.
For the above purpose, the term "resident in India" means a
person who has stayed in India for a period of not less than one hundred and
eighty two days during the immediately preceding one financial year.
Auditor’s Appointment
Within 30 days of incorporation of the company, it needs to appoint an
auditor (a chartered accountant) for auditing the financial documents and
statements of the OPC
Meetings of Board
Atleast 1 meeting of the board of directors to be conducted in each half
of a calendar year.
Holding of Annual
General Meeting
Every company shall call and hold Annual General Meeting within 6 month
from the end of financial year and in case of first AGM it can be held
within 9 month from the end of financial year.