Unlike Pvt Ltd Company, One Person Company registration has lesser compliances. However, the same should be followed in a proper way for maintaining its legal standing and not to face any issues later on. Non-compliances can also result in hefty penalties and fines, therefore it's better to have a proper compliance plan while setting up an OPC.
While registering an One Person Company, the subscriber must appoint a Nominee to be the member of the Company in the event of his death or incapability to contract at the time of incorporation of the Company. The nominee appointed must be a citizen of India and Resident of India and must not have been disqualified under the Act.
Once the OPC is incorporated, it can open bank accounts by filing Form 20A within 180 days of its incorporation. It is a mandatory requirement as it demonstrates that the Company has started its business activities within the required timeline.
Every year, an OPC must file its annual return and audited financial statements with the Ministry of Corporate Affairs. The return discloses various details such as compliance certificate, address of the registered office, register of members, and other information in respect of shares and debentures, management of the Company, etc.
Apart from that, an OPC must conduct at least 2 board meetings each financial year with no more than 120 days gap between them. Besides, the directors of an OPC must declare their interest in any other entity.
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