Post Incorporation Compliances of OPC
An OPC or One Person Company is formed with a single member who can also be the director of the company. Apart from this there is only one mandatory appointment that needs to be done as part of the incorporation process. It is appointment of a nominee. A nominee is a person who will look after the business in case of death or incapacity of the member. An OPC has far lesser compliances than a private or public limited company but there are certain mandatory post incorporation compliances of OPC that must be complied with.
Obtain PAN Card
It is essential to obtain a PAN card in the name of the OPC. One Person Company has a separate legal entity and the tax returns will be filed in its name, that is, separate from its member’s. The first thing that must be done post incorporation is to register with Income Tax Department and obtain PAN.
Every business entity needs an account to transact. Post incorporation open a current account in a bank in the name of the OPC. The documents required to open a bank account are Copy of Certificate of Incorporation (COI), Memorandum of Association (MOA), Articles of Association (AOA), board resolution to open a bank account in the concerned bank, proof of registered address like telephone bill, electricity bill, PAN Card copy, TIN number and ID proof of director.
The above mentioned documents must be duly signed by the authorized signatory and Company’s seal.
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Appointment of auditor
According to the provisions of Companies Act, 2013 every company must appoint its first auditor within 30 days of its incorporation. In an OPC director appoints the first auditor.
Hold Board Meeting
Every company is required to mandatorily hold a board meeting within 30 days of its incorporation. But if an OPC has only one director then there is no need to hold a board meeting. He is allowed to pass resolutions and enter them in the Minutes Book. He is also required to send a copy to members of the company.
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