1. Annual Financial Statements
Submission Deadline: Within 120 days after the end of the fiscal year.
Details: The financial statements must be audited by an independent certified public accountant (CPA), except for OPCs with total assets or total liabilities of less than PHP 600,000, which may submit unaudited financial statements.
2. Appointment of Officers (instead of GIS)
Submission Deadline: Within 15 days from the issuance of the Certificate of Incorporation and annually thereafter on or before January 30.
Details: The AOO must include basic information about the OPC, such as the single stockholder's details, the nominee, and alternate nominee.
3. Regular Reportorial Requirements
Submission of Annual Report: As required by the Securities and Exchange Commission (SEC). This report typically includes the GIS, financial statements, and other documents that the SEC may require.
4. Tax Compliance
Annual Income Tax Return (BIR Form 1702)
Submission Deadline: On or before the 15th day of the fourth month following the close of the taxable year.
Quarterly Income Tax Return (BIR Form 1702Q)
Submission Deadline: Within 60 days after the end of each quarter.
Monthly and Quarterly VAT Returns (if applicable)
BIR Form 2550M: Monthly VAT declaration.
BIR Form 2550Q: Quarterly VAT return.
Monthly Percentage Tax Returns (BIR Form 2551M) (if applicable)
Submission Deadline: On or before the 20th day of the month following the end of the taxable month.
Withholding Tax Returns
Monthly Remittance Return of Income Taxes Withheld on Compensation (BIR Form 1601-C)
Submission Deadline: On or before the 10th day of the following month.
Quarterly Remittance Return of Creditable Income Taxes Withheld (Expanded) (BIR Form 1601-EQ)
Submission Deadline: On or before the 30th day of the month following the end of the quarter.
5. Other SEC Requirements
Sworn Statement of Assets and Liabilities
Submission Deadline: As required by the SEC, typically upon filing of financial statements.
Affidavit of Non-Operation: If the OPC has no operations, an affidavit of non-operation must be submitted.
6. Other Compliance Requirements
Books of Accounts: The OPC must maintain and register its books of accounts with the Bureau of Internal Revenue (BIR).
Business Permits: The OPC must ensure all local business permits are renewed annually.
The One Person Corporation (OPC) simplifies business operations for single proprietors while ensuring a degree of transparency and regulatory compliance through its reportorial requirements. By adhering to these requirements, an OPC can maintain good standing with regulatory bodies such as the SEC and BIR, and avoid potential penalties or issues. It is crucial for OPC owners to stay informed about these obligations and deadlines, and to consider professional assistance, such as hiring an accountant, to ensure all requirements are met accurately and timely.
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