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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.
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 registration
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 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.
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.
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.
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.
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.
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.
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.