Annual Compliance Filing for OPC in Chennai

Annual Compliance Filing for OPC in Chennai

One Person Company (OPC) is a unique concept under the Companies Act, 2013, tailored for individual entrepreneurs who wish to enjoy the benefits of a corporate structure with limited liability and a separate legal entity, without needing business partners. OPCs are particularly very popular in Chennai due to the city’s vibrant startup ecosystem, supportive infrastructure, and growing digital economy.

However, forming an OPC is just the beginning. Annual compliance filing for OPC is a mandatory requirement under the Companies Act. It involves submitting various important documents, financial statements, and returns to the official Ministry of Corporate Affairs (MCA) within prescribed timelines. Failing to comply with the filing can result in heavy penalties and legal complications.

Annual Compliances for One Person Company in Chennai

Here is a breakdown of the key annual compliances that every OPC in Chennai must adhere to:

1. Appointment of Auditor

• Time Frame: Within 30 days of incorporation
• Form Required: ADT-1
• Purpose: Every OPC must appoint a Chartered Accountant (CA) as its statutory auditor to audit the books of accounts.

2. Maintenance of Books of Accounts

• Requirement: Must be maintained as per the double-entry accounting system.
• Location: Principal place of business or electronically.
• Documents: Ledgers, journal, invoices, balance sheet, profit & loss statement.

3. Statutory Audit

• Who does it: The appointed auditor.
• Purpose: To ensure financial statements are accurate and comply with the law.

4. Filing of Financial Statements

• Form Required: AOC-4
• Due Date: Within 180 days from the end of the financial year (typically by 27th September).
• Includes: Balance sheet, P&L account, auditor's report, director’s report.

5. Filing of Annual Return

• Form Required: MGT-7A (specific for OPCs and small companies)
• Due Date: Within the time period 60 days from the date of the Annual General Meeting (AGM) or 60 days from 30th September if AGM is not required.
• Includes: Details of shareholding, directorship, and company changes.

6. Income Tax Return (ITR)

• Form Required: ITR-6 (if not claiming exemption under Section 11)
• Due Date: 31st October of the assessment year.
• Requirement: Mandatory for every OPC.

7. Director’s Report

• Even though OPCs have only one director, they are still required to prepare a Director’s Report under Section 134 of the Companies Act.

Due Dates for OPC Annual Compliance Filing

To simplify your compliance calendar, here are the important due dates for OPC annual filings:

Note: Due dates may vary based on changes made by the MCA or the Income Tax Department annually...!

Importance of Annual Compliance for OPC in Chennai

1. Legal Standing and Goodwill: The process of regular compliance establishes your OPC as a trustworthy and responsible business entity. It enhances the level of credibility with stakeholders, banks, investors, and other relevant people engaged with the company, which is particularly essential in Chennai’s competitive market.
2. Avoiding Penalties and Legal Action: Non-compliance can lead to hefty fines and the disqualification of directors. Staying compliant saves your business from legal entanglements.
3. Ease in Availing Loans or Funding: Compliant companies are more likely to get approvals from banks and NBFCs, as they are seen as lower risk. Chennai’s finance institutions often require updated financial statements and MCA filings.
4. Enables Seamless Business Operations: Filing reports and statements on time ensures that your business runs smoothly. You can even convert your OPC into a private limited company later on, but only if you have properly managed the compliance procedure.
5. Transparency in Operations: Annual compliance usually enforces the factors of discipline and transparency, which is essential for growth and long-term sustainability.

Penalty for Non-Compliance

Non-compliance attracts serious consequences. Here are the penalties associated with non-filing of key OPC compliances:

Key Point: The Registrar of Companies (RoC), Chennai, is stringent about enforcement, and delays in compliance are quickly flagged. Even minor defaults may appear on public MCA records.

Why Choose Us for OPC Annual Compliance in Chennai?

Annual compliance filing is not just about ticking boxes—it’s about ensuring your business remains safe, credible, and future-ready. At our firm, we specialize in helping One Person Companies (OPCs) in Chennai fulfil all statutory requirements with accuracy, efficiency, and peace of mind. Here’s why partnering with us can be one of the smartest decisions you make for your business:

• Timely Reminders & Compliance Calendar Management: We proactively manage your compliance schedule and send you reminders well in advance of every due date. Our intelligent system ensures you never miss a deadline. From tax filings to ROC submissions, we keep you updated with changes in MCA regulations and ensure that your company stays 100% compliant.
• One-on-One Dedicated Support: Each client is assigned a dedicated compliance manager who acts as your single point of contact. Whether you need help understanding a notice, revising a filing, or planning your financial year strategy, our support team is just a call or WhatsApp message away.
• Quick Turnaround Time: We pride ourselves on swift service. Once documentation is complete, most filings are processed within 24-48 hours. You won’t have to wait endlessly or follow up multiple times—we deliver fast and efficiently.
• Legal Assistance and Representation: Received a notice from the RoC or the Income Tax Department? Don’t worry—we offer full representation services for our clients. We draft responses, attend hearings (if required), and ensure smooth closure of issues without stress on your part.
• Confidentiality and Data Security: We take your privacy seriously. Your financial data and business documents are stored securely with encryption and strict access controls. We sign NDAs and offer complete data protection assurance to all clients.

Annual compliance is not just a legal formality—it is a foundational aspect of running a successful OPC in Chennai. As the city's business environment becomes increasingly digitized, modernized, and regulation-driven, staying compliant is essential to avoid penalties, maintain reputation, and achieve business growth.

By adhering to the filing calendar, maintaining accurate financial records, and seeking professional help, OPCs can operate smoothly and scale confidently. Whether you’re a solo tech founder, independent consultant, or creative entrepreneur in Chennai, let our experts take care of your OPC annual compliance needs while you focus on your core business.