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STARTUP ANNUAL PACKAGE (OPC)

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 organization. 

 

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 is 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

 

BOOK-KEEPING

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

Pay-slips

Employee Reimbursements

 

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FAQ - Frequently asked questions

What is a Startup?

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 After Narendra Modi, Prime Minister of India, launched the startup program. Startup India company registration, is now at a boom and has been one of the fastest-growing forms of organization.


After the formation of One Person Company does the OPC have to comply with regulatory compliance even in case of no business or transactions?

Yes. Company will have to file minimum compliance on a regular basis, failing which company will become non-compliant under various laws.


What are the minimum compliance OPC have to undergo?

After the incorporation of one Person Company OPC has to file its ROC compliance, Income Tax Compliance, TDS Compliance and Regular Book-Keeping.


Is Business Commencement certificate is mandatory to obtain?

Yes. Before starting of any business transaction, shareholder needs to deposit his capital contribution in the company's bank account and f ile the statement in form 20A to obtain commencement certificate from MCA.