Chartered Accountant · ICAI M.No. 153926 · FRN 136869W
Lighter, but still real
An OPC enjoys some relaxations — it need not hold an AGM, and needs only a minimum of board meetings — but it is still a company. So it requires a statutory audit from year one, regardless of turnover, like any company.
The annual filings
An OPC files AOC-4 (financial statements) and the OPC annual return MGT-7A with the ROC, the sole director completes DIR-3 KYC, and the company files its income-tax return (and tax audit if applicable). It maintains statutory registers and minutes as well. Confirm the current OPC forms and due dates.
A worked example
Example: a solo founder running an OPC still appoints an auditor, files AOC-4 and MGT-7A each year and an ITR — but skips the AGM a Pvt Ltd must hold. If the OPC grows past the turnover/capital thresholds, it must convert to a Private Limited company. Treating ‘one person’ as ‘no compliance’ is the common, costly mistake. Our team can run the OPC’s compliance.