Broad array of services included in Annual ROC compliance for a company
Compliance with rules and regulations forms a very important aspect of functioning for any company. Being compliant builds investor confidence as well as creates a positive image for the customers. At the same time, it keeps the directors and the company away from controversies, notices, penalties and what not. ROC compliance elaborated as a Registrar of Company’s compliance is an integral part of the overall compliance for a company. Availing specialized annual ROC compliance services can help address the following compliance mandates-
Under the rules and regulations, the directors have several disclosure requirements from time to time with respect to their interest in other companies/partnerships. The directors might have to compile some reports regarding the annual general meetings, decision making, etc. These reports or disclosure forms have a rigid timeline and might have severe consequences during failures. It is difficult for the board of directors to make important decisions, manage businesses and still comply with these rules and regulations. Therefore, including the director’s compliance in the annual ROC compliance service makes a lot of sense.
· Board and Annual Reports
As the director, there are instances where board reports might be required to file as part of annual ROC filing for the company. Especially after the statutory meetings or major decision-making meetings. Annual reports include different financial and non-financial statements that must be filed at the Registrar’s office, which should ideally be audited as well depending on the threshold. Balance sheets, profit and loss accounts, capital structure, debt, GST forms, TDS forms, etc., are part of the annual reports that could be filed with Registrar of companies.
· Registrar’s record update
Every company irrespective of threshold or transaction or business must make a statutory business continuity filing with the ROC. This signifies the business is in continuity and has not liquidated. The Registrar’s office might require more statutory information based on business dynamics, transactions, etc. These statutory registrar’s register update is done in a timely manner under the comprehensive annual return filing for firm compliance service.
· Form AOC4, MGT-7 and more
The annual return filing for the firm includes AOC4 and MGT-7 pre-dominantly. There may be more based on transactions in the given year. Such annual filings shall be done and documented in a timely manner with the appropriate authorities or using e-file.
Every company needs to send out some notices, could be to the investors for annual general meetings, or creditors for clearing dues or to government authorities with requests or notifications. Appropriate language and message clarity are very essential for the best outcome. This service also forms complimentary in the annual ROC compliance, which saves a lot of time for the board members.
How does everything work?
How do service providers execute all these services and how does everything work eventually? Let’s find out-
· Fill in a questionnaire appropriately which has general questions about your company, kind of transactions it is into and might get into in the future
· Submit all the documents for verification and compliance determination. Provide for more documents on request (if required)
· Filing of all forms and completion of all compliance requisite based on documents submitted
· Provide for e-receipts or confirmation for documentation purposes
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