Introduction
Incorporating a One Person Company (OPC) marks the beginning of a formally structured business entity, offering the benefits of limited liability, legal identity, and simplified management for solo entrepreneurs. However, obtaining the Certificate of Incorporation is only the first step. To ensure that the OPC remains compliant, operational, and legally recognized, the promoter must fulfill a series of post-incorporation requirements. These obligations are prescribed under the Companies Act, 2013, and related rules, and are designed to establish regulatory accountability, financial transparency, and organizational governance. Understanding these post-incorporation requirements is essential for maintaining the company’s good standing and avoiding penalties or disruptions in business operations.

1. Opening a Bank Account in the Company’s Name
One of the immediate steps after incorporation is opening a current account in the name of the OPC. This account is essential for conducting all financial transactions of the company, including the receipt of share capital, client payments, and operational expenses. Banks typically require the Certificate of Incorporation, Memorandum and Articles of Association, PAN, and KYC documents of the director and company. It is mandatory to deposit the initial subscribed capital in the bank account within the prescribed time frame and obtain a certificate for the commencement of business.

2. Filing Form INC-20A (Declaration for Commencement of Business)
Every OPC is required to file Form INC-20A within 180 days from the date of incorporation. This form serves as a declaration that the subscribed share capital has been paid and the company is ready to commence business operations. Along with the form, proof of deposit of the capital in the company’s bank account is to be submitted. This filing is mandatory, and failure to comply may result in penalties and the deactivation of the company’s registration.

3. Appointment of Statutory Auditor
An OPC must appoint a Chartered Accountant as its statutory auditor within 30 days from the date of incorporation. The appointment must be documented through a board resolution and filed with the Registrar of Companies, although filing Form ADT-1 is optional for the first auditor. The appointed auditor will be responsible for auditing the company’s financial statements and issuing an audit report, which is a key component of the company’s annual filings and tax submissions.

4. Maintenance of Statutory Registers and Records
Despite its simplified structure, an OPC is still required to maintain certain statutory registers at its registered office. These include the register of members, register of loans and investments, register of contracts, and the minutes of board meetings. Additionally, the company must maintain proper books of accounts by Section 128 of the Companies Act, either manually or electronically. These records should be updated regularly and kept ready for inspection or audit at any time.

5. Application for PAN, TAN, and Other Registrations
Upon incorporation, the OPC automatically receives its PAN and TAN through the SPICe+ form. However, the company must ensure that the PAN card is obtained from the Income Tax Department for tax-related compliance. If the OPC is engaged in the sale of goods or services and meets the turnover threshold, it must register for GST. Additionally, registrations for ESIC, EPFO, Professional Tax, and MSME (Udyam) may be applicable based on the nature of business and employee count.

6. Adherence to Accounting and Audit Requirements
An OPC must begin maintaining its financial records from the day of incorporation. These records include daily transaction logs, invoices, vouchers, bank statements, and ledger books. At the end of the financial year, the accounts must be audited by the statutory auditor, and financial statements—comprising the balance sheet, profit and loss account, and notes to accounts—must be prepared. Though OPCs are exempt from preparing a cash flow statement, all other components are mandatory for accurate financial reporting.

7. Annual Filings with the Registrar of Companies
An OPC is required to file its audited financial statements in Form AOC-4 and the annual return in Form MGT-7A within the prescribed deadlines. AOC-4 must be filed within 180 days from the end of the financial year, while MGT-7A must be filed within 60 days from the same date. These filings are essential for regulatory compliance and serve as a public record of the company’s financial and ownership status. Non-filing can result in hefty penalties and affect the company’s credibility.

Conclusion
Post-incorporation compliance for a one-person company is essential to establish and maintain its legitimacy, legal continuity, and access to financial and regulatory benefits. From opening a bank account and filing the commencement declaration to maintaining proper records and meeting annual filing deadlines, each requirement supports the transparency and structure of the corporate entity. While OPCs benefit from several compliance relaxations, neglecting these basic obligations can lead to penalties, disqualification, or even closure. Therefore, a clear understanding and timely execution of post-incorporation duties are crucial for the long-term stability and success of any OPC in India’s corporate ecosystem.

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