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Registrar of company

In India ROC is authority for the governance of compliance related with corporate sector which regulated through ministry of corporate affairs department. ROC has immense power for the direct and supervise the compliance of corporate and provide transparency between the investor and corporate sector. ROC regulate companies and LLP and investor and protection related to activity of corporate sector and provide the remedy towards the genuine oppression of business management.

For one of the regulated sector of private limited the ROC is made the following rules and regulation including compliance of the corporate sector.

Annual compliances of private limited company

As per companies Act 2013 after lawfully incorporation of private limited company, company required to follows the other regulatory annual and situational compliance.

Type of company

Private Company

Public Company

One Person Company

Government Company

Section 8 Company

All above companies required to comply with the provision and compliance mandate under companies act 2013.

As per provision of companies act 2013 it regulates the following for director and other managerial personal required to appoint in board meeting or shareholder meeting-

- Appointment of director& key managerial person

- Qualification, remuneration and resignation of director & manager

ROC compliance is mandatory for companies irrespective of their capital structure, turnover etc.

List of mandatory compliance by companies incorporated under ROC-

1. Commencement of business (INC-22)- company after incorporation required to file commencement form within 180 days of incorporation. For companies having paid up share capital required to obtain business commencement certificate before establish business or exercise borrowing power. In case the individual fails to obtain this certificate, there is a penalty of ₹ 50,000 for the company and ₹ 1000 per day for the director for each day of default.

2. Auditor Appointment (ADT-1)- As per companies Act 2013 company after incorporation require to appoint auditor within 30 days. Failure of this will cause impose of penalty of ₹ 300 per month and addition to this company not allowed to commence business.

3. MCA Form AOC-4 – All the private companies required to file annual form AOC-4 within 30 days from the date of annual general meeting. Failure to file AOC-4 will attract a penalty of ₹ 200 per day of default or delay.

4. MCA Form MGT-7 – It is necessary to file annual form MGT-7 right after AOC-4 within 30 days. Failure to this will attract penalty of ₹200 per day.

5. DIN E-KYC- All the directors of the company must be filed for the DIN eKYC or DIR-3 eKYC. In DIR-3 eKYC, the Director must provide a unique personal mobile number and a personal email address. There's a penalty of Rs. 5000 in case of failure to file DIN eKYC.

6. Held AGM- For company it is mandatory to hold an annual general meeting once in every year. Companies are required to keep their AGM within six months from closing the Financial year.

7. Director Report- Preparation of the Directors report will be done with all the information required under Section 134.

8. Income Tax Return- Income tax returns need to be filed on or before 30th September for every Financial year.

There are other compliances also to be comply by the corporate person in order to compliance with regulatory requirement to be fulfilled.

Thus, the above list of compliances must be duly fulfilled failing on which the company will have to pay a stipulated fine for the period during which it was non-compliant. Also, an additional fee has to be paid for the delayed filing of the required forms. Therefore, it would be best if the companies have a stringent check on the ROC compliances.

It might be overwhelming for a business owner to keep a tab on this endless list of compliances and perform them on a regular basis. It would therefore be workable to reach out to the proficient experts here at SV Associates to accomplish the compliance list explained herewith. This would enable the business owner to give undivided attention to the business, while the compliance formalities are handled seamlessly by our expert team at SV Associate.

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