Annual compliances of company
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About Annual Compliance
Once you register a Pvt Ltd Company in India, there are some legal rules that you simply must obey annually. These rules are referred to as Annual Compliance and they need companies to submit relevant information about their finances and board meetings. As per the businesses Act, 2013, it’s compulsory for companies to appoint an auditor within 30 days of the company incorporation or within 60 days of the company incorporation date by a method of calling EGM. As per the businesses Act, 2013, if you would like to register a Pvt ltd company in India, you want to also note that you are required to regularly share information regarding accounts, conduct a minimum of 4 board meetings annually, and share the minutes of the meetings, and any transfer details regarding the accounts book.
Advantages of Annual Compliance for Company
Annual Compliance of Company Process flow
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Documents Required For Annual Compliance of Company
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Yes, RoC compliance for personal Limited Companies is necessary for every registered company. regardless of the total turnover or the capital amount, the corporate must comply with the annual compliance requirement. The annual compliance is due after the AGM of the corporate since its first financial year.
Since July 2018, companies failing to follow the statutory compliance for personal Limited will be charged ₹100 for each day of a delay till the exact date of filing. There's no ceiling limit to an additional fee. For continuous failure, penalties aside from the additional Government fee can be charged to both – the company and directors, including imprisonment.
Audited financial statements are necessary for each company since its incorporation. the corporate must file the audited statements only. Also, the non-audit of monetary statements is not an excuse to delay the annual filing.
A company can opt to assign a statutory auditor either for a period of five consecutive years or till the end of the next AGM. Therefore, a meeting of the statutory auditor cannot be regarded as a part of annual compliance.
As per the Business Act, 2013 it's required to submit the signed Director Report for every financial year with MCA by filing an annual return of the company. The Director Report is taken into account as an attachment for the form MGT-7.
Form ADT-1 is required to be filed for the appointment or replacement of the Statutory Auditor.
MGT-9 is an attachment to the company’s director report which is an extract of MGT-7 and addresses the subsequent:
- Registration and other details like CIN, date of incorporation, companies name, and address of a registered office
- Principle commercial activity of the company
- Of holding, subsidiary, and associate companies
- Shareholding pattern
- Indebtedness of the corporate
- Remuneration of managing directors, directors and/or managers, and key managerial personnel.
- Penalties/ Punishment/ Compounding of offense.
Such intimations are often made through filing MGT-7 by the company.
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