A company which has been incorporated in India must ensure compliance with the Companies Act,2013
In India, company registration compliance refers to the legal obligations and requirements that companies must fulfill after registering with the Registrar of Companies (RoC) under the Companies Act, 2013. These compliance requirements are in place to ensure transparency, accountability, and good corporate governance.
Here are some key compliance requirements for companies in India:
Annual General Meeting (AGM): Every company is required to hold an AGM within six months from the end of its financial year. During the AGM, various matters such as the approval of financial statements, appointment of auditors, and declaration of dividends are discussed.
Financial Statements: All companies, except for small companies and one-person companies, are required to prepare and file financial statements with the RoC. These statements include the balance sheet, profit and loss account, cash flow statement, and notes to accounts.
Board Meetings: Companies must conduct board meetings at regular intervals, with a minimum of four meetings in a calendar year. The intervals between board meetings should not exceed 120 days.
Filing of Annual Returns: Every company needs to file an annual return with the RoC within 60 days of holding the AGM. The annual return contains details about the company's shareholders, directors, and changes in shareholdings during the financial year.
Statutory Registers: Companies are required to maintain various statutory registers, including registers of members, directors, and charges. These registers should be updated regularly and made available for inspection.
Appointment of Auditors: All companies must appoint auditors who will audit the company's financial statements. The first auditor must be appointed within 30 days of company incorporation, and subsequent auditors are appointed at AGMs.
Tax Compliance: Companies need to comply with various tax-related obligations, such as filing income tax returns, paying taxes, and maintaining appropriate tax records.
Compliance with Other Laws: Companies must adhere to other applicable laws, such as the Goods and Services Tax (GST) Act, labor laws, environmental regulations, and any sector-specific laws.
Statutory Compliances: Companies need to fulfill other statutory compliances related to changes in the company's structure, such as alteration of the memorandum and articles of association, appointment/resignation of directors, changes in share capital, etc.
Compliance Certifications: Certain companies, based on their size and nature of operations, may be required to obtain compliance certifications such as a secretarial audit report, cost audit report, or internal audit report.
It's important to note that compliance requirements may vary based on the type and size of the company. Non-compliance with these requirements can result in penalties, fines, or even legal consequences. Therefore, it is advisable for companies to engage professionals, such as company secretaries or chartered accountants, to ensure proper compliance with all applicable laws and regulations.
Post Incorporation Compliances for a Foreign Subsidiary Company in India Today, we are in an ever changing world with new nicks-trends each day, and to survive here you need to be Pacey with the norms, and we guarantee you this. There are various ...
Introduction Bengaluru is one of the fastest-growing cities in India. It is an IT hub since it provides various advantages to companies. One of the primary benefits of a company registered in Bangalore is the availability of a highly skilled ...
company is generally referred to as a group of people who contribute money or money’s worth to a common pool of resources and work towards a common objective. The company registered under the Companies Act 2013 acquires the status of an artificial ...
To register a company in India, you need to complete various forms and submit them to the appropriate authorities. The specific forms required may vary based on the type of company you wish to register and its structure. The MCA website facilitates ...
Company registration consultants Company registration consultants are professionals or firms that specialize in providing guidance, assistance, and services related to the process of registering a company. They possess knowledge and expertise in ...