Ministry Of Corporate Affiars dictates that as a part of annual e-Filing, the companies incorporated under the Companies Act 1956 are required to e-file a list of documents with the Registrar of Companies(ROC) agreer.
This filing is a matter of compulsory compliance to be done by all the registerd companies of india.Failure to do so attracts penalities and discontinuance of directorship of the directors for the present and future companies.
The Goverment of India through its MCA Portal has made the process convenient and easy as the charted accountants no longer have to run to offices for completing the compliance.
The Accounts and return of your company should be within the scrutiny of the Register of Companies which is in turn governed by the Ministry of Corporate Affairs. The Companies Act, 2013 under section 129(3) and 137 read with Rule 12 of the Company (Accounts) Rules requires RoC filing within 30 days and 60 days respectively from the conclusion of the Annual General Meeting of your company.
The annual return is mentioned in Section 92 of the Companies Act,2013 read with Rule 11 of the Companies (Management and Administration) Rules, 2014 where filing an annual return every year is compulsory for all the companies registered under the Act.
Conducting an Annual General meeting by the Board of Directors is mandatory as per the Companies Act 2013, it reflects in the ROC Application , hence essential step to be covered before filing ROC.
As a part of Annual Filing, Companies incorporated under the Companies Act 1956 or Companies Act 2013, are required to file the following e-Forms with the Registrar of Companies (ROC):
Form 23AC: For filing Balance Sheet (applicable to all Companies other than select class of Companies)
Form 23ACA:For filing Profit & Loss Account (applicable to all Companies other than select class of Companies)
Form 23AC-XBRL: For filing Balance Sheet in XBRL format (applicable to select class of Companies)
Form 23ACA-XBRL:For filing Profit & Loss Account (applicable to select class of Companies)
Form 20B: For filing Annual Return by Companies having share capital
Form 66: For filing Compliance Certificate by Companies having paid up capital of Rs. 10 lakh - Rs. 2 crore
Form 21 A: For filing Annual Return by Companies not having share capital
Form AOC-4:For filing financial statement and other documents (For FY start on or after 01.04.2014)
Form AOC4- CFS: Form for filing statement containing salient features of consolidated financial statement of a group (For FY start on or after 01.04.2014)
Form AOC4-XBRL: For filing XBRL document in respect of financial statement and other documents (For FY start on or after 01.04.2014)
Form MGT-7:Form for filing Annual Return by Companies having share capital (For FY ending on or after 01.04.2014)
POST INCORPORATION COMPLIANCE FOR PRIVATE LIMITED COMPANY
A private limited company is a great option for business structure for entrepreneurs who wants to acquire credibility, to get the investor and the business over time. The companies act 2013 is an act and leaves no room for mistake.
There are some actions that need to be taken after the incorporation which should be taken post private company incorporation:-
● First Meeting:-
The private company is deemed to hold a meeting with the board of directors within 30 days from the date of incorporation. Directors are permitted to attend the meeting through video conferencing or in-person as given under section-173(1) of the company act 2013.
● Bank Account:-
Every private company requires to have a bank account before approaching the authorities for the company to be incorporated.
● Official Address:-
Within 15 days of incorporation of the private company, the company should have a registered office address as mentioned under section-12(1) of the company act 2013.
Each and every company need to have its NAME affix in all places from where the company carries all its business operation and it should exhibit in the language generally used in that locality, additionally, the company requires a seal with its name inscribed on it and it requires the letterhead with suitable information.
Within 30 days from the time the company has incorporated the boards of directors shall appoint the first auditor as mentioned under section-139(1) of the company act and in case of failure, the member shall within 90 days appoint an auditor at the extraordinary general meeting.
● Interest Disclosure:-
Every director should disclose at 1st board meeting their interest in the company as given under section-184(1) of the company act. In the first meeting held during each financial year, any changes in the disclosure shall be insinuated to the board.
● Statutory Register:-
The statutory register is required to be maintained at the registered office of the company and it should be in a prescribed form failing to which the company will have to bear penalties.
● Share certificate:-
Within 60 days from the date of incorporation, a share certificate shall be issued to the shareholder, and in case an extra share is allotted the period of time should be taken as 60 days from the date of such allotment.
A private company shall maintain proper books/accounts which shall symbolize an accurate and fair view of the state of affairs of the company as it is mentioned under section -128 of the act.
● PAN &TAN:-
A private company needs to prevail a permanent account number(PAN) and also needs to hold a tax account number (TAN) in the name of the company.
There must be an intimation to the RoC definite resolution passed at a meeting between the director and member of the company by form MGT14. Within 30 days of passing such filings should be made or a penalty may be imposed.
● Commencement of the business certificate:-
The company shall obtain the certificate of commencement of business within 180 days. There is a requisite to file disclosure created by the directors of the company, Expressing that each subscriber has paid the amount due on the shares.
In case you have any doubts or clarification related to the compliances which is needed to be made after the incorporation of the company. One can contact us and we will be honored to assist you in your query.
POST INCORPORATION COMPLIANCE FOR PUBLIC LIMITED COMPANY
In a public limited company, there are much more compliances as compared to a private company, the compliances required post-incorporation for the public limited company are detailed below:-
● Bank account:-
For the incorporation of a public limited company, the first step is to open a bank account in the name of the company.
Each public limited company is under the responsibility to issue a prospectus either after incorporation of the company or in the case of an existing company. The regulation with regards to the issue of the prospectus is very strict, as per section-26 of the act the prospectus must include some piece of information.
● First Board Meeting:-
Within 30 days from the date of incorporation of the company, it shall conduct the first board meeting of the company, the company shall as per the provision that is under section-173(1) shall conduct a board of meeting of the company and directors can attend the meeting either through video conferencing or can attend the meeting in person.
● Deposit of share capital:-
The first compliance of the company after incorporation of the company is opening the bank account and once it is opened the succeeding compliance is to deposit the share capital money in the bank account within 60 days from the date of registration of the company.
● Issue of share certificates:-
Within 60 days from the date of incorporation of the company the public limited company shall issue the share certificates to the shareholder of the company and stamp duty must be paid within 30 days from the date of allotment of shares as according to the stamp act applicable on the state.
● Registered Address:-
Within 15 days from the date of incorporation of the company, a company should have a registered office from the date of incorporation of the company as mentioned under section-12 (1) of the act 2013. The address must be used for all the communication that may occur in the future.
● Appointment Of Auditors:-
Within 30 days of the company, the company is expected to appoint its first auditor by its board of directors as mentioned under section-139 of the act 2013, and in case of a board of directors fails to appoint the auditor within the specified time limit that is within 30 days then the company shall have to call EGM of shareholders for the appointed of the auditor, within 90 days the appointment of the auditor through shareholder must be completed.
● Affixing signboard:-
when the public limited company is incorporated, it needs to affix its name at each place where the company is carrying out its business all over india, and it needs to affix name board at office premises.
● Printing Of Letter Heads:-
The following information on all its business letterheads /billheads/letter papers etc as it is mandatory for the company to print under section-12 of the act.
● Disclosure Of Intrest:-
Each director is under certain responsibility to uncover his/her interest in any company /firm/body corporate/association of individual in their respective first board meeting as it is mentioned under section-184(1) of the act 2013.
● Maintenance Of Statutory Registers:-
A public limited company has to maintain statutory registers as it is a mandatory post incorporation compliance.
● Declaration Of Commencement Of Bussiness:-
Within 180 days from the date of incorporation of the company public limited company is needed to file a declaration of commencement of business as it is a post-incorporation requirement for the public limited company
● Books Of Accounts:-
Each public limited company post-incorporation of the company shall maintain proper books of accounts which shall symbolize a fair view of financial disclosure of the company as it is mentioned under section-128 of the act 2013
● Obtain Shop Act Registration:-
Within 30 days after the incorporation of the company, it shall obtain shop act registration, and the basic documents to hold the shop license is MOA, AOA, COI, etc as it is the post-incorporation compliance for the public limited company.
● Obtaining GST Certificate:-
Each business with an annual turnover exceeding Rs 40 lakhs or service providing charges exceeding Rs 20lakhs is required to apply for GST Registration under goods and service tax. A public company can apply GST Registration suo moto.
● Professional Tax Registration:-
For the public limited company, it is mandatory to obtain professional tax registration for the company, directors, and the employee.
● Trade Mark Registration:-
For Each and Every New company, it is very important to Register their Trade name and it is important as well to protect their trademark.