Post Incorporation Compliances of OPC

As per 2(62) of companies act, 2013 one person company is a company that has only one person as its member.

There are certain mandatory compliance for OPC to be followed after its incorporation.

Following are the must do post-incorporation compliances companies act 2013 for OPC-

1. OBTAIN PAN CARD

PAN card must be obtained in the name of OPC after its incorporation and getting itself register with Income tax department is a mandatory compliance for OPC.

2. OPENING A COMPANY BANK ACCOUNT

After incorporation of OPC, 2^nd post-incorporation compliances companies act 2013 to open a bank account in the name of the company for company’s transaction. The documents required at the time of opening current account are- copy of company PAN card, board resolution, MOA, AOA and proof of registered office.

3. DEPOSIT SHARE CAPITAL MONEY INTO BANK ACCOUNT

It is mandatory compliance for OPC that Shareholder must deposit the capital into company’s bank account within 60 days of the incorporation of the OPC.

4. DISCLOSURE OF INTEREST BY DIRECTORS

Every director must disclose his/her interest in any other company/LLP/firm in its first board meeting as post-incorporation compliances companies act 2013.

5. GST registration

It is a mandatory compliance for OPC to take GST registration, if the current supply of goods or services exceeds Rs. 20 lakh.

6. BOARD MEETING OF DIRECTORS

The first board meeting of directors shall be conducted within 30 days of incorporation of OPC. In case the OPC has single director, board meeting is not required and he is allowed to pass resolution itself and enter them in the minutes book of a company and this will be considered as post-incorporation compliances companies act 2013.

7. APPOINTMENT OF AUDITOR

Director of the company shall appoint first auditor of the company within 30 days of its incorporation who shall follow mandatory compliance for OPC and should hold office till the conclusion of first AGM of the company.

Thus, these are the post-incorporation compliances companies act 2013 to be followed by one person company.

POST COMPLIANCE AFTER INCORPORATION OF LLP

Following are the post compliance after incorporation of LLP-

1. After incorporation of LLP, partners are required to execute an LLP agreement and copy of which has to be filed with ROC in LLP form 3 within 30 days of incorporation of LLP.

2. 2^nd post compliance after incorporation of LLP is that, Every LLP shall apply for PAN in the name of LLP after its incorporation.

3. Current account in the name of LLP shall be opened in any bank in India for all the transactions in the name of LLP as its post compliance after incorporation of LLP

4. As a post compliance after incorporation of LLP, Every LLP whose capital contribution exceeds Rs. 25 lakhs or annual turnover exceeds Rs. 40 lakhs should appoint Chartered Accountant in practice as an auditor of the LLP to get its accounts audited.

5. Every LLP must obtain a Tax deduction and collection account number (TAN) from income tax department to enable TDS remittance.

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