COMPANY COMPLIANCE & ANNUAL FILING
The compliances are a very important and mandatory part of every company and they should be completed on time, every company has to follow its compliances as per the entity of the company. Annual ROC Filings Are Compulsory Even If The Turnover Of The Company Is Zero. If any company fails to complete the compliances then the government will impose a penalty on the company along with its directors and officer in charge.
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Start-Up
- Special Package only for the Startups.
- Having Nil Transactions.
- ROC Compliance Included
- Government Fees Extra on Actual
Micro
- Up to 50 entries per Month For Accounting
- Or
- Up to 30 lacs turnover For Audit and ROC Annual Return, whichever is lower
- ROC Compliance Included
- Government Fees Extra on Actual
Medium
- Up to 100 entries per Month For Accounting
- Or
- Up to 50 lacs turnover For Audit and ROC Annual Return, whichever is lower
- ROC Compliance Included
- Government Fees Extra on Actual
Large
- Up to 300 entries per Month For Accounting
- Or
- Up to 100 lacs turnover For Audit and ROC Annual Return, whichever is lower
- ROC Compliance Included
- Government Fees Extra on Actual
Note:- For Tax Audit & Other compliances contact us for customized packages.
WHAT IS COMPANY COMPLIANCE & ANNUAL FILING
The compliances are a very important part of the company, it is as important as running the business. Compliance means the activities which are mandatory to do for the company either one time or every year as per the government rule. All companies have to do these compliances to get the status of an active company if any company fails to do these compliances the registrar will strike off the name of that company from its register or database along with that a huge penalty may be imposed on the company as well as directors and other officers of the company. There is certain compliance that every type of company has to do, the type of company includes Private Limited Company, Public Limited Company, One Person Company, Section-8 Company.
Compliances like the appointment of an auditor, conducting meetings, opening a bank account, filing of income tax return, annual return, TDS filing, GST return filing, director KYC, etc. All these compliances are mandatory to do for all the companies. Normally all the compliances have to be done after the end of the financial year but some compliances have to be done on a monthly or quarterly basis. A financial year starts with 1st April and ends with 31st March in between this period company run its function and once it is closed the company has to file all the details about the functions of the company to the registrar like the number of meetings held, type of meetings concluded, the financial statement, director’s report, etc.
RegisterExperts will help you in complying with all these compliances before the given specified date without any penalty. We will not only update you regarding all the new notification and compliances which you have to do on time but also do all the filing on behalf of you so that you can operate your business without any worries about penalties.
MANDATORY COMPANY COMPLIANCE & ANNUAL FILING
Submission of Form INC-20A
After registration of the company it is necessary to open the bank account of the company and deposit the paid-up capital into the account and submit the bank statement to the registrar in form INC-20A within 180 days from the date of registrationAppointment of Auditor
The company has to appoint the auditor within 30 days from the date of registration in the board meeting and if the board of directors fails to appoint an auditor the members of the company can appoint an auditor in the general meetingConducting the board meeting
The company has to conduct its first board meeting within 30 days from the date of registration and overall the company has to conclude 4 board meetings during the year and the gap between two board meetings shall not be less than 90 days and more than 120 days.Preparation of Minutes of the Meeting
After conducting all the meetings the directors have to maintain the minutes of the meetings. The minute is a kind of document which is used to keep all the records of the meetings.Issue of Share Certificate
Once the amount of paid-up capital is deposited by the subscriber of the memorandum into the bank account of the company, then the company shall have to issue a share certificate in respect of the paid-up capital deposited.Conducting Annual General Meeting
Every company has to conduct an Annual General Meeting every year. It should be conducted within 6 months from the end of a financial year, but the gap between the two Annual General Meeting shall not be more than 15 months. In the case of the First Annual General Meeting, the company shall have to conduct it within 9 months from the end of a financial year.Filing of Income Tax Return
Every company has to file its income tax return after the end of the financial year before 30th September every year even if the company is in loss or not conducted any activity.Filing of Annual Return to the ROC
After the conclusion of the Annual General Meeting the company has to file AOC-4 within 30 days from the date of Annual General Meeting and MGT-7 within 60 days from the date of Annual General Meeting along with the balance sheet, profit & loss a/c, cash flow statement and other financial statements, if any and list of shareholders, debenture holders, creditors, a notice of AGM, minutes of the AGM and the copy of the resolution passed in the meeting.Director KYC
All the director of the company has to file the form for their KYC to the registrar. Every director who allotted the DIN before 31st March has to file the DIR-3 KYC form before 30th Septemeber every year. If any director fails to file this KYC form then his DIN will be deactivated and the fine of Rs. 5000 shall be leviable.
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Frequently Asked Questions
Which companies need to do compliances?
All companies need to do compliance whether it is Private Limited, Public Limited, Section-8 company, One Person Company.
A Nidhi Company has to do ROC compliances every half year.
Is annual filing mandatory for loss-making companies?
Yes, Annual filing is mandatory for all companies even if they don’t incur any profit during the year.
What are the consequences of non-compliance?
If any delay occurred in the filing of returns and completion of compliances then normally there is a penalty of Rs. 100 per day. The list of general penalties are:
- For non KYC: Rs. 5000 per director
- For AOC-4: Rs. 100 per day
- For MGT-7 : Rs. 100 per day
- For DPT-3: Rs. 500 per day
- For ADT-1: Rs. 100 per day, etc.
Many other provisions will apply to a company for non-compliance. Therefore, it is always advisable that all company must do their compliances on time to avoid penalty.
Is it necessary to audit the financial statement?
Yes, a financial statement like balance sheet, profit & loss a/c, other statements must get audited with the Chartered Accountant every year and the same must be approved and adopted by the shareholder of the company in its general meeting and it should be submitted to the ROC within the prescribed time.
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