Easily Maintain OPC Compliance

One Person Companies (OPC) are required to maintain compliance under Income Tax, Companies Act and various other regulations. IndiaFilings offers an easy process for maintaining OPC compliance from Rs.19899/-

Easily Maintain OPC Compliance

From Rs.19899 /- all inclusive fees
EMI: Rs.1777 for 12 months*

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One Person Company Compliance

One Person Company (OPC) is mandatorily required to maintain compliance as per Income Tax Act and Companies Act. Hence, maintaining compliance for a One Person Company mainly includes filing of income tax return with the Income Tax Department and annual return with the Ministry of Corporate Affairs. In addition to the basic compliance, one person companies may also be required to comply with TDS regulations, GST regulations, VAT / CST regulations, Service Tax regulations, ESI regulations and others. The compliance requirement for a one person company would vary based on the industry, state of incorporation, number of employees and sales turnover.

IndiaFilings is the largest business services platform in India, offering a variety of services like one person company compliance, company registration, trademark registration, GST registration, income tax filing and more. IndiaFilings can help you maintain compliance of your One Person Company. Get a free consultation for OPC compliance maintenance through IndiaFilings by scheduling an appointment with an IndiaFilings Advisor.

Reasons to Major Compliances for a One Person Company

Income Tax & Annual Return

Income tax filing and annual return filing must be completed by all One Person Company before 30th September of each financial year.

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GST Filing

Under the GST regime proposed to be rolled out in 2017, one person companies having GST registration would be required to file monthly, quarterly and annual GST returns.

TDS Filing

Quarterly TDS returns must be filed by one person companies that have TAN and are required to deduct tax at source as per TDS rules.

ESI Return

ESI return must be filed by all one person companies having ESI registration. ESI registration is required once the one person company employs over 10 employees.

Service Tax or VAT

In case a one person company has service tax or VAT registration, it must file the respective returns. Service tax returns are due half-yearly while VAT return due date changes from state to state.

Identity and Address Proof

Identity and address proof will be required for all directors and shareholders of the company to be incorporated. In case of Indian nationals, PAN is mandatory. For foreign nationals, apostilled or notarised copy of passport must be submitted mandatorily. All documents submitted must be valid. Residence proof documents like bank statement or electricity bill must be less than 2 months old.

Registered Office Proof

All companies must have a registered office in India. To prove access to the registered office, a recent copy of the electricity bill or property tax receipt or water bill must be submitted. Along with the utility bill, rental agreement or sale deed and a letter from the landlord with his/her consent to use the office as a registered office of a company must be submitted.

Documents Required for Proprietorship Registration
How many people are required to start a Proprietorship?
Only one person is required to start a Proprietorship and a Proprietorship can have only one promoter.
What are the requirements to be a Proprietor?
The Proprietor must be an Indian citizen and a Resident of India. Non-Resident Indians and Persons of Indian Origin can only invest in a Proprietorship with prior approval of the Government of India.
What are the documents required to start a Proprietorship?
PAN Card for the Proprietor along with identity and address proof is sufficient to start a Proprietorship and obtain other registration, as applicable or required.
What is the capital required to start a Proprietorship?
There is no limit on the minimum capital for starting a Proprietorship. Therefore, a Proprietorship can be started with any amount of minimum capital.
How will IndiaFilings help me start a Proprietorship?
An IndiaFilings Associate will understand your business requirements and help you start a Proprietorship by obtaining the relevant registrations. IndiaFilings will help obtain the necessary registrations to help the Proprietor open a bank account in the name of the business, thereby proving an identity for the business.
How to open a bank account for a Proprietorship?
To open a bank account for a Proprietorship, Reserve Bank of India mandates that the proprietor provide two forms of registration for the Proprietorship along with the PAN Card, identity proof and address proof of the Proprietor. The two forms of registration can be any two of the following: service tax registration, MSME registration, VAT/TIN/CST registration, shop & establishment Act registration, Professional license, Chartered Accountant certificate or others as provided in the RBI Know Your Customer norms.
Will my Proprietorship firm have a separate legal identity?
No, the Proprietorship firm and the Proprietor are one and the same. The PAN Card of the Proprietor will be the PAN Card of the Proprietorship business.Therefore, there will be no separate legal identity for the business. The assets and liabilities of the Proprietorship business and the Proprietor will also be one and the same.
Will my Proprietorship firm have a Certificate or Registration?
Proprietorship firms do not have a Certificate of Incorporation or Certificate of Registration. The identity and legitimacy of a Proprietorship firm is established by registering with the relevant or applicable Government authorities.
How to register the name of a Proprietorship?
There is no registry or regulation for the registering the name of a Proprietorship. Therefore, proprietorship firms can adopt any name that do not infringe on registered trademarks. Since there are no registry or regulation for registering the name of a Proprietorship, the only way to ensure exclusive use of the business name is to obtain a trademark registration of the business name.
How can I transfer my Proprietorship?
A business operated by proprietorship firm cannot be transferred to another person, unlike a Limited Liability Partnership or a Private Limited Company. Only the assets in the Proprietorship can be transferred to another person through sale. Intangible assets like Government approvals, registrations, etc., cannot be transferred to another person.
Can other people invest in a Proprietorship?
Proprietorship firms are business entity that are owned, managed and controlled by one person. So Proprietorship firms cannot issue shares or have investors.
What are the annual compliance requirements for a Proprietorship?
Proprietorship will have to file their annual tax return with the Income Tax Department. Other tax filings like service tax filing or VAT/CST filign may be necessary from time to time, based on the business activity performed. However, annual report or accounts need not be filed with the Ministry or Corporate Affairs, which is required for Limited Liability Partnerships and Companies.
Is audit required for a Proprietorship?
It is not necessary for Proprietorships to prepare audited financial statements each year. However, a tax audit may be necessary based on turnover and other criterion.
Can I later convert my Proprietorship into a Company or LLP?
Yes, there are procedures for converting your Proprietorship business into a Company or a LLP at a later date. However, the procedures to convert a proprietorship business into a Company or LLP are cumbersome, expensive and time-consuming. Therefore, it is wise for many entrepreneurs to consider and start a LLP or Company instead of a Proprietorship.
SIMPLE & TRANSPARENT PRICING

Basic

Rs.19899/-
all inclusive fees
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Annual return filing, income tax return filing, secretarial services and compliance management for a company with a turnover of less than Rs.10 lakhs per annum.

From Rs.19899 /- all inclusive fees
EMI: Rs.1777 for 12 months*

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From Rs.29899 /- all inclusive fees
EMI: Rs.2670 for 12 months*

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Premium

Rs.39899/-
all inclusive fees
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Annual return filing, income tax return filing, secretarial services and compliance management for a company with a turnover of less than Rs.100 lakhs per annum.

From Rs.39899 /- all inclusive fees
EMI: Rs.3562 for 12 months*

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How we help with one person company compliance

IndiaFilings.com can help file the mandatory annual return for your Company and maintain annual compliance with the Ministry of Corporate Affairs.

Free Consultation

Got questions? Request a call from an IndiaFilings Business Advisor.

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Annual Return Preparation

An IndiaFilings Compliance Expert will prepare the Annual Return for your Company based on the financials and performance during the previous financial year.

Annual Return Verification

Once the Annual Return is prepared in the requisite format, the Client's Finance Team can verify the prepared annual return and affix the digital signature.

Filing

Once the Annual Return is prepared and verified, the Annual Return can be filed with the Ministry of Corporate Affairs along with the necessary attachments.

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