What is Company Compliance?

Company Compliance is a state where an organization takes the effort to abide by the government set rules in terms of filing paperwork for running the business. The better the cooperation with thn rules will mean a better company Compliance record. This will help the company in getting better results and engagement.

How do I file a ROC compliance?

While filing for a ROC Compliance form one has to submit forms such as MGT-7 and AOC-4 declaring the Balance sheet showing profit and loss by the company officials as well as to be submitted within 60 day from the annual meeting.

What kind of forms do we need to fill after company incorporation?

The Various forms that need to be duly filled while applying for the ROC Compliance after incorporation are that of Balance-Sheet (Form 23AC)and Profit & Loss Account (Form 23ACA)that needs to be filed by all Companies. Annual Return (Form 20B) filed by Companies that have share capital. They also need to fill Annual Return (Form 21A)which are filed by companies that do not have share capital and finally Compliance Certificate (Form 66) which are filed by Companies that have a paid up capital of around Rs.10 lakh to around Rs. 5 crore.

Emergence of Corporate Compliance Calendar in the rise of Company Registrations

By Online Legal India Published On 18 Oct 2021 Updated On 14 Dec 2022 Category Compliance

No matter what a company makes in its turnover, there are certain rules and regulations one needs to follow. These rules need to be followed by each and every entity in order to function. Under the Companies Act,2013 every Indian company has to adhere to a certain set of rules and regulations in order to carry on business. Each of these rules and regulations are to be followed by a set of dates. Before each of these dates a certain element has to meet to comply with the rules throughout the year. These are done to help in the Online registration of companies in India.

How is the Corporate Compliance Calendar important?

The purpose of the Corporate Compliance Calendar is to help businesses adhere to the set of rules by the government. Not adhering to these rules a company has to face certain consequences which are based on the seriousness of the offence. The Corporate Compliance Calendar is made so that a company can keep track of the upcoming steps. These are the steps needed to be taken to function properly without any interruption. It also helps keep track of the registration of the companies online in India and the services it offers. It also looks at the process of how to register a startup company in India.

How is the Corporate Compliance Calendar made?

There are various factors that go into formulating a corporate compliance calendar. It needs to incorporate the various dates that companies need to keep in mind. These are in terms of paying taxes and filing for tax returns, filling of certain forms, registration of companies Online,etc. These calendars are made to comply with the rules set by the government.

What are the elements of the Corporate Compliance Calendar?

There are multiple elements that go into making a corporate compliance calendar and the purpose it fulfills for each individual. The various forms that need to be filled by a company with the ROC under the Companies Act, 2013. Few sch forms are :

MSME 1: Companies that acquire their products from smaller businesses and make payments exceeding 45 days are required to fill this form. They also need to submit the return to MCA every 6 months. The date for April- September is October 31st and October- March is April 31st.
DPT-3: This is filled by all the various companies other than that of Government companies. It is filled by Private Limited Companies, Section 8 companies and OPC
E Form Active (INC-22A): This is required by all companies to be filled and is done to promote transparency of functioning of companies. It also helps prevent the formation of shell companies.
DIN-3: This is required to be filed by the existing directors and the person who wants to become a director. This is done so as to keep track of the directors while filing for returns. It also helps provide transparency in the registration of companies online.
AOC-4: This is a form that needs to be submitted in regards to the financial statement of the company. This is submitted to the MCA within 30 days of the general meeting of the company. It has to be certified by a practicing Chartered Accountant or the Company Secretary.
MGT-7: This form is used for the filing of the annual return of OPC and small companies. It is an electronic form provided by the MCA to track the financial returns as provided by the companies annually.

How is the Corporate Compliance Calendar helpful?

The corporate Compliance Calendar helps track the progress of filing various forms and correct the process of how to register a startup online in India. It also helps understand the process of Section 8 company registration. It helps an organization track the legal process of registration and thereby comply with the rules of the government. As it is not a one day process it is arranged throughout the year. It is done in such a way that enough time is spent doing each process correctly. It is this thorough process that makes online company registration in India easier.

Conclusion

Corporate Compliance Calendar has been an elevation in terms of registering a startup company in India. It has not only allowed the people to track their company status but also help them follow the correct process rather than running around cluelessly. It has helped the people to register their companies online along with filling the correct information. It has also helped filing for the taxes in a timely manner.