Roc Compliance For One Person Company
Sole entrepreneur legal entity with limited liability initiated by Companies Act as One person Company (OPC). It was brought into existence to help all those enterprises with a turnover less than Rs. 2 crore. Though OPC also have certain compliances to follow.
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
Unlike all other companies, an OPC need not have a general meeting annually. Since the board of directors has just one person, a resolution passed by that one director is acceptable and can be entered into the minutes. This signed resolution by the sole director is considered the general meeting of the firm. Provisions related to the quorum for meetings of Board do not apply to an OPC.
Financial Documents Required
All companies, including OPCs, are required to submit the following documents with the registrar of companies (ROC):
1. Balance sheet at the end of the financial year.
2. Accounts of profits and losses.
3. Cash flow statement of the financial year.
4. Records of any change in equity.
5. Any document that needs an explanatory note.