Do you know the meaning of compliance? Compliance is the capability to comply with regulations, rules, orders, and requests. It is necessary for the private limited companies that have been incorporated in India to ensure compliance according to the Companies Act, 2013. This act mentioned the appointment, retirement, qualification, and remuneration of the company directors and shareholders. If you want to know about the necessity of ROC compliance, then certainly this page is relevant for you. ROC compliance is the most essential. It is also required for the LLP or company to comply with the annual compliance requirements along with the capital amount.
Companies under Section 8, including private limited and limited liability company, are required to maintain their annual compliance, with income tax returns, every year. After the incorporation of the business registration becomes required to follow the compliances.
It is always advisable for the business to prefer professional help for the timely practice of compliance to escape penalties. It is not that easy for businesses to manage their work and compliance laws altogether. On this page, you will learn about the common compliances that must be ensured by a private limited firm.
It is necessary for a company to have a share capital that is registered in India, not before November 2019. It is also essential to obtain a commencement of business certificate before execution of the borrowing powers or business functioning. The certificate is required to be obtained within 180 days of company incorporation. If any business fails to obtain the certificate then there is the provision of a penalty of RS 50,000 for the company and RS 1000 per day penalty for the director’s.
Preparation of the director report is essential for the registered company and it must contain all the information as per the section 134.
It is the very first requirement for registered Indian companies to appoint the statuary auditor within 30 days of company incorporation. In the failure to appoint the auditor within the specified time then there is the provision of the penalty of RS 300 per month and the company is also now allowed to commence their business in such a scenario.
The private limited companies that are registered are required to file MCA form AOC -4 on or before end November 2024 for the subsequent financial year. If the company fails to file the form then the company will be charged the RS 200 penalty per day.
It is mandatory for the registered private limited companies to file MCA form MGT-7 on or before the 31st December for the subsequent financial year. If the company fails to file the form then it will be charged with a penalty of RS 200 per day.
DIN eKYC or DIR -3 eKYC must be filed by the company directors. In DIR -3 it is essential for the directors to provide a unique personal mobile number and email address. In the failure of filing DIN eKYC company would be charged with the penalty pf RS. 5000.
Holding an annual general meeting is essential for the private limited company. It is also essential for the companies to keep their AGM within six months before the closing of the financial year.
There are other compliances as well that are required to be compiled at the time of the occurrence of any event in the company. These are instances of such events:
It is essential to file various forms with the registrar for all the given events within the specific period. In the event of missing the deadline, an additional charge would be levied. Therefore, it is essential to fulfill such compliance on time.
It is essential for the companies to conduct the four board meetings, the director report, an annual general meeting, and an annual report for each financial year. We have a well-experienced compliance manager who assists in preparing the minutes of the board meeting and creating secretarial reports.
If your company fails to comply with the rules and regulations, then the members will be punished with a penalty for a specific period until the default continues.If there were any delays in the annual filing, the company would be required to pay the additional charges. Therefore, it is advisable for companies to fulfill compliance on time.
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There is no specific time, Officials will check an application thoroughly, and only if it achieves all the respective criteria, an applicant will receive a certificate of recognition. Generally it took 10-15 business days.
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Company filing means the submission of legal forms to the registrar of companies that are referred to as ROC. The common company filings that is required to be filled by the MCA are. Contact us Now Annual return, Incorporation documents, Financial statements, Changes in director, Registered office change, Director identification number
You require compliance for legally file a business that includes the incorporation or registration of your business, license and permit, labor tax and laws and so on.
Yes, an audit report is very much essential for the private limited companies. It is essential for them to file the annual accounts which disclose the shareholder details and director of ROC.
You can file the annual return of the company through the company incorporation act of 1956. The documents like balance sheet and profit and loss account is required for filing the annual return of the company.
You can get the access to the compliances services through Patron Accounting LLP that provides various services including the company incorporation, Annual ROC filing and so on.