ANNUAL COMPLIANCES OF COMPANY UNDER COMPANIES ACT 2013

  OTHER EVENT BASED COMPLIANCE

• Opening of Bank Account – Immediately after Incorporation Company needs to open bank account and every subscriber of MoA should deposit their share of contribution as agreed in MoA
• First Auditor Appointment – It should be Within 30 Days From The Date Of Incorporation in Board meeting and Filing of ADT -1 for first Auditor is not mandatory pursuant to section 139(6)
• Commencement of Business – Form INC-20A as a declaration for Commencement of Business within 6 month from incorporation, A company must not enter into any transaction or business activity before approval of INC-20A.
• Share Certificate & Franking – Share certificates shall be delivered within a period of 2 months from the date of Incorporation to First Subscribers for more details please refer below link https://taxbaniya.com/stamp-duty-payment-on-share-certificate-in-maharashtra/

Combined reading of Share Certificate and Commencement of Business, Share Amount should be brought within 2 months from date of Incorporation

• Board Meetings

Minimum 4 board meeting with an interval of maximum 120 days between 2 consecutive board meeting

Further A One Person Company, small company, dormant company and a private company (if such private company is a start-up) shall be deemed to have complied with above provisions if at least one meeting of the Board of Directors has been conducted in each half of a calendar year and the gap between the two meetings is not less than ninety days.

• Annual Closing

Preparation and Audit of Financials

Director Reports

MGT 9

Appointment of Auditors and Filing ADT 1

• Annual General Meeting

First Can be held within 9 months after year end and subsequent within 6 months after year end

• Filing      of            financial               statement (form AOC-4),
• Filing of annual return (form MGT-7),
• DIR KYC of All directors MSME Compliance half yearly
• DPT Form for Loan from directors and Relatives (DPT 3)
• Office Address KYC – Active 22A Maintenance of Minutes and
• Maintenance of Statutory records and registers

• Change in authorized or paid up capital of the Company.
• Allotment of new shares or transfer of shares.
• Giving loans to other Companies. Giving loans to directors.
• Appointment of managing or whole time director and payment of remuneration. Loans to directors.
• Opening or closing of bank accounts or change in signatories of bank account.
• Appointment or change of the statutory auditors of the Company.
• Change in the registered office of the Company (Inc-22)
• Change in the director of the Company (DIR-12).
• Change in the auditor of the Company (ADT-1).
• Change in the object of the Company. Change in the name of Company.

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In an effort to give a fresh start to existing Non-Compliant companies and LLPs, the Government has unveiled schemes for compliance regularization. The scheme will provide complete penalty waiver and prosecution immunity for the Directors & promoters. Hence, we request you to use this golden opportunity to regularize any pending compliance at the earliest.

Once the compliance is regularized, the Directors can continue to maintain compliance or file apply for strike-off.

WHY ANNUAL COMPLIANCES ARE MANDATORY

If compliance is not regularized, prosecution may be initiated by the Registrar against defaulting companies along with additional fees.

Also If Compliance is not done your DIN will be in disqualified status and you will not be able to further incorporate or appointed in any Company / LLP at least for 5 years

So Even if you don’t want to continue the Company but want to keep DIN intact then do compliances and file for Strike off of the Company

APPROXIMATE SAVINGS UNDER THE SCHEME

It will depends on the year from which the Compliances are pending w.e.f 1/7/2018 additional fees for MGT 7 and AOC 4 is RS 100 Per day Per Form fees form and these 2 forms are mandatory each year. e.g.

• Before FY 1617 – Approx additional fees 150000 each year
• FY 1617 – Approx additional fees 150000
• FY 1718 – Approx additional fees 115000
• FY 1819- – Approx additional fees 35000

Thus, we request you to use this wonderful opportunity to regularize all compliance without fail in the time provided and receive prosecution immunity certificate.

Things to Do & Documents Required

To begin the compliance regularization process, we must first understand the nature of transactions that has happened in the company. After that, an Accountant designated for your company will do the following services for each year:

• Drafting of Financial, Director Reports etc
• Income tax filing only For FY 1819 and FY 1920
• Preparation of MCA Forms

To perform the above functions for a year, it takes time and we would require the following details:

• Details of company/promoters
• Bank statements
• Sale and Purchase Invoice and expenses data

You can send the same from the comfort of your home. Once the data is shared, we will start the process for regularizing compliance and get your signature wherever required.

Cost of Compliance

The nature of transactions and size of business would determine the cost of compliance. For small companies with minimal transaction, we are offering a very attractive pricing of Professional fees of RS 12500 per year in additional to the RoC Fees.

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