Company Compliance

Companies registered under the Companies Act, 2013, must adhere to certain statutory and regulatory compliance requirements to ensure their smooth functioning and legal standing. At Global Taxman, we provide expert assistance to help companies stay compliant with all necessary regulations.

What is Company Compliance?

Company Compliance refers to adhering to the legal and regulatory obligations set by the Ministry of Corporate Affairs (MCA) and other authorities. It includes timely filing of returns, maintaining accurate records, conducting audits, and meeting various statutory requirements.

Key Compliance Requirements for Companies

• Annual General Meeting (AGM): Companies must hold an AGM within the prescribed timeframe each year to review operations and approve financial statements.
• Filing of Financial Statements (Form AOC-4): Companies are required to file their financial statements with the MCA.
• Annual Return Filing (Form MGT-7): Companies must file their annual return to report changes in shareholding, management, and other details.
• Income Tax Return Filing: Companies must file income tax returns within the prescribed due date.
• Board Meetings: Conduct regular board meetings and maintain minutes as per regulatory requirements.
• Maintenance of Statutory Registers: Maintain statutory records, including registers of members, directors, and key management personnel.

Benefits of Staying Compliant

• Legal Protection: Compliance ensures that the company operates within the bounds of the law, avoiding penalties.
• Improved Credibility: A compliant company builds trust among investors, customers, and stakeholders.
• Access to Funding: Proper compliance enhances the company's chances of securing loans or investments.
• Uninterrupted Operations: Compliance minimizes the risk of legal actions or disruptions to business operations.

Step-by-Step Compliance Process

1. Conduct Board Meetings: Schedule regular meetings and prepare resolutions for key decisions.
2. Maintain Statutory Registers: Update statutory records as per legal requirements.
3. File Annual Returns: Submit MGT-7 to the MCA, detailing company activities and changes.
4. File Financial Statements: Submit AOC-4, including audited financial statements.
5. File Tax Returns: Prepare and file income tax returns by the due date.
6. Conduct Audits: Ensure statutory and internal audits are conducted by certified professionals.

Documents Required for Company Compliance

• Memorandum and Articles of Association (MoA and AoA).
• Financial statements, including the balance sheet and profit & loss account.
• Minutes of board and general meetings.
• Income tax filing records.
• Details of shareholding and changes in directors or key personnel.
• GST and other tax-related records (if applicable).

Why Choose Global Taxman?

• Expert Services: Our experienced team ensures timely and accurate compliance filings.
• Comprehensive Support: We provide end-to-end assistance for all statutory and regulatory requirements.
• Transparent Pricing: Affordable and clear pricing for all compliance services.
• Personalized Solutions: Tailored compliance solutions to meet your company's unique needs.

Frequently Asked Questions (FAQs)

• What happens if a company fails to comply with statutory requirements? Non-compliance can result in penalties, fines, and legal actions against the company and its directors.
• Is compliance mandatory for dormant companies? Yes, even dormant companies must file certain statutory returns and maintain records.
• Can compliance filings be done after the due date? Yes, but late filings attract penalties and additional fees.
• Who is responsible for ensuring compliance? The company's board of directors is primarily responsible for statutory compliance.