OPC Compliance After Registration: Complete Compliance Checklist

Incorporating an OPC is only the beginning of the company's journey.

Once the company is established, the owner must maintain accounting records, complete applicable statutory filings and monitor tax obligations.

A common mistake is to treat incorporation as a one-time task.

A company is an ongoing legal entity, and compliance must be managed throughout the year.

Maintain Proper Books of Accounts

The OPC should maintain appropriate financial records.

These may include:

• Sales

• Purchases

• Expenses

• Assets

• Liabilities

• Bank transactions

• Receivables

• Payables

Annual ROC Compliance

An OPC is subject to applicable annual filing requirements under the Companies Act.

The exact forms and deadlines depend on the company's circumstances and current rules.

Income Tax Return

The company must comply with applicable income tax filing requirements.

GST Compliance

If the company is registered under GST, applicable GST returns and related compliance must be completed.

TDS Compliance

If the company makes payments covered by TDS provisions, appropriate deduction and reporting requirements may apply.

Maintain Statutory Records

The company should maintain appropriate:

• Corporate records

• Financial statements

• Resolutions

• Registers

• Filing acknowledgements

Director Compliance

The director should ensure that applicable statutory obligations are completed on time.

Registered Office

The registered office details should remain accurate.

Any change should be handled according to applicable MCA procedures.

Nominee Information

The nominee is an important part of an OPC.

If the nominee changes, the company should follow the prescribed process.

MCA's INC-3 instructions describe the procedure relating to nominee changes and the filing of the relevant notice.

Accounting Reconciliation

Bank reconciliation should be performed regularly.

This helps identify errors before annual filing.

Tax Planning

The company should review:

• Revenue

• Expenses

• Tax deductions

• GST

• TDS

• Advance tax

Common Compliance Mistakes

Missing Filing Deadlines

Late filings can result in additional fees and penalties.

Poor Accounting

Incomplete books make statutory filing difficult.

Ignoring GST

GST obligations should be monitored independently.

Not Updating Nominee Information

Changes should be documented and filed appropriately.

Build a Compliance Calendar

Maintain a calendar for:

• ROC filings

• Tax filings

• GST

• TDS

• Accounting

• Statutory records

Final Thoughts

A professionally incorporated OPC should also be professionally maintained.

Taxless.in can support OPC owners with accounting, tax filing, ROC compliance and other ongoing business requirements.