What is a Startup?
Every single moment, a new startup is set up by Young entrepreneurs and this probably has been one of the major surge in India after Narendra Modi, the Prime Minister of India, launched the startup program. Startup Registration in India is now at a boom and has been one of the fastest-growing forms of organisation.
A startup can be defined as a newly set up established business, usually small, started by a few groups of individuals and for the very same reason, a startup business registration is important. A startup is an innovative Creation of an individual or a group of individuals who aims to provide a new product or service that is not being given elsewhere by any other firm. This kind of firm can either create a new product or services or could help in the redevelopment of the old and existing service or product.
What is OPC
The One Person Company or the OPC is a type of firm which allows only one single person to make decisions for his Company. A business venture which costs less and has the is easy to establish is also less risky and is different from the sole proprietorships.
Startup Annual Package (OPC)
When a Startup is running as a One Person Company (OPC), then it has to follow the compliances which have been laid down by the regulatory bodies. It can include the compliances which are ROC Compliance, Income Tax Return, TDS Filing, Book-keeping and Payroll services. In this Startup Registration Annual Package, we have listed the minimum of the compliance which are necessary for an OPC. This package is listed as follows:
- ROC COMPLIANCE
- Auditor Appointment (form ADT-1)
- Business Commencement certificate (INC-20A)
- 2 Board Meeting Minutes
- MSME Return-1 filling (2 No.’s)
- ACTIVE form (Company KYC)
- KYC of directors (up to 3 Directors)
- Preparation of the Director’s Report
- Filing of Annual ROC forms (AOC-4, MGT-7)
- INCOME TAX RETURN
- Balance sheet preparation
- Company's Income Tax Return
- Accounting which is in Tally Accounting Software- It is based on Invoices/bills submitted on a regular basis
- Payroll Services (Up to 10 Employees)
- CTC Structuring & Tax Calculations
- Employee Reimbursements