COMPANY COMPLIANCE AND OTHER RELATED MATTERS
All companies registered in India like private limited company, one person company, limited company, and section 8 company must file MCA annual return and income tax return each year. Before filing annual return, the company must conduct an Annual General Meeting at the end of each financial year. For newly incorporated Companies, the Annual General Meeting should be held within 18 months from date of incorporation or 9 months from the date of closing of financial year, whichever is earlier. Subsequent Annual General Meetings should be held within 6 months from the end of that financial year. In India, normally the financial year starts on April 1st and end on 31st March. So a Company’s annual return would be due on or before September 30th.
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- Incorporation of Private Limited Company, Limited Liability Partnership, One Person Company and Sec 8 Companies.
- Filing of certificate of commencement withing 180 days of incorporation.
- Appointment of first and subsequent auditors within the requisite time frame.
- Annual Filings of form AOC-4, AOC-4 (CFS) and MGT-7.
- DIR-3 KYC and ACTIVE compliance for directors and companies respectively.
- Filing of Charge related documents.
- Preparing regular minute of meeting, registers for the corporate compliance, filing of general forms and preparing documents such as share transfer certificate.
- Closure of company and filing of STK-2 along with relevant documents or obtaining dormant status for non active companies.
- Change of name, change of address, appointment or removal of directors and alteration of MOA or AOA.
Company Fresh Start Settlement Scheme (CFSS) 2020 and LLP Settlement Scheme, 2020
Ministry of Corporate Affairs (MCA) that has come up with a brand new scheme named Companies Fresh Start Scheme, 2020 (CFSS) in the favor of businesses in India.
Apart from that, MCA has given relaxations to the LLPs by introducing some statutory changes in LLP Settlement Scheme, 2020. The main purpose of changes in the scheme is to give additional time and financial relief (in terms of compliance) to a certain extent to all the generous companies.
Starting a business in India is not a cake walk. Though the government has worked upon in easing the business and providing opportunities for doing business under Make in India campaign, still a business under various domains require various registrations, licences, compliance and reporting.