GSC Full Compliance Guide

Doing business in India is not just about operations and sales. Each of the companies incorporated under Companies Act or LLP Act is required to comply with certain annual compliances, as per the records of Registrar of Companies (ROC). This filing is required to keep a business up to date and in good standing with the state in which it operates, reflecting transparency and no penalties. The Private Limited Companies and the Limited Liability Partnerships in particular need to keep a check on their ROC filings else they can attract penalties in form of late fees or notices from Legal Authorities. At GSC (Grover S & Company), we can assist you in making these filings accurately and promptly, and ensure that the company remains compliant throughout the year.

Being an illustration in the context of Public Limited Co’s and hence differences for private limited ones.

There are few annual ROC filing which a Private Limited Company has to file irrespective of Turnover or Business activity. Even companies that aren’t doing business or have no financial transactions still have to file these figures each year. These filings are intended to keep the MCA database current with financial and operational data. The key annual submissions are company financial statements, an annual return and appointment or withdrawal of directors.

Filing of Financial Statements: Process In which Form AOC-4 should be filed? It includes the company’s balance sheet, profit and loss statement, directors’ report and audit report. The response of AOC-4 is generally one month from the date of AGMistributed auditorium. Firm’s which do not file this form on time are penalized one hundred rupees a day (100/-) for each late day and over the years becomes significant.

One more important filing is the annual return of the company which is filed with form MGT-7 or MGT-7A. This form has information about the company’s shareholding pattern, its directors and principal managers. The time normally provided for filing MGT-7 is upto 60 days from the conclusion of AGM. Keeping this form accurate is very important as it is the statutory profile online with Ministry of Corporate Affairs.

Also, Companies are required to file director’s KYC through DIN (Form DIR-3 KYC) annually for all directors having DIN. Not filing this leads to de-activation of DIN and a penalty arrangement for restoration. At GSC, we also make sure businesses are complying with every MCA deadlines by providing end to end filing support and assistance.

ROC Compliance for Limited Liability Partnerships (LLPs) The following are the filing requirements of a LLP- An Annual return 11 months -from its financial year closing date i.e. within 31st, will be submitted to the ROC in form LLP8.

LLPs have a compliance mechanism that varies slightly with a requirement to file ROC annual filings every year. Statements of account and returns have to be filed by an LLP irrespective of the business. The two most important annual filing are the Statement of Accounts and Solvency and Annual Return.

The filing of Statement of Accounts and Solvency shall be done in e-form LLP-8. This is a way of informing about the financial status of the LLP i.e., its assets, liabilities and it is also stating his ability to discharge his responsibilities. It is usually payable by the end of October, annually. Timely filing of LLP-8 is important to remain transparent and confirm that the LLP is acting as per law.

The second mandatory document is LLP Annual Return which is to be filed in the form of LLP-11. This form covers general information on partners, changes in partnership composition and current compliance. LLP-11 is normally payable by May-end every year. This return needs to be filed by even LLPs that do not have any business activities. We at GSC assist in successful filing of both LLP-8 and LLP-11 maintaining all adherence to statutory due dates.

Why ROC Compliance Is Crucial for Your Business

Most firms down play the significance of ROC filings till the time they get penalty notice or become non-compliant. ROC filings are important because they ensure the compliant existence of the company or LLP; so, if a company or an LLP fails to file annual returns and financial statements for a continuous period, it can even result in company becoming inactive and struck off by the ROC.

Frequent filings also enhance the company’s legitimacy. Investors, banks and suppliers frequently rely on ROC records as a measure of stability & financial strength of a company. Ensuring that your records are updated and accurate helps to build trust and grow business. ROC filings also play a part in the maintaining of corporate governance, by making sure that financial records and management disclosures are made transparent. GSC ensures smooth filing by overseeing document fulfillment, audit needs, financial reporting and punctual filings on your behalf.

Comparison between ROC returns of Companies and LLPs 

Both Private Limited Companies and LLPs have to comply ROC filing; however, the forms, due dates as well as legal entity are not the same. For companies, this is AOC-4 & MGT-7 and for LLPs, it corresponds to LLP-8 &LLP-11. For Companies, an AGM needs to be followed before filing whereas for LLPS there is no such AGM provision. Financial statements are also different as companies use corporate accounting standards and LLPs have a more informal format of reporting. Firms are subject to fines at a rate of 100 rupees per day past the deadline, and in case of LLPs, penalties are moderate – but costly still.

Knowing these differences can help businesses follow the right process, keep accurate records and avoid facing legal trouble. GSC also provides dedicated compliance support to Companies and LLPs, which is developed independently, as the fact of being unemotionally correct in mandatory.

How GSC Keeps Companies In Compliance

ROC compliance in India (Annual ROC filing) can seem cumbersome especially when over worked business owners need to get things done and clearly lack time for maintaining a tab of rules and regulation. GSC offers comprehensive ROC filing service right from arranging documents, preparation of financial statements, assistance for audit, filling of forms and director KYC management to LLP documentation and corporate regulatory advisory. Our gurus monitor deadlines to ensure you stay on top of all your compliance obligations.

With timely filing, precise documentation and regular support from Simplyfilings, we enable businesses stay penalty free and also build strong compliance on MCA portal. Whether you are Private Limited Company or an LLP, GSC makes sure that the process of annual filing is done in a smooth and professional manner.

Conclusion

Not only are the ROC annual filings legal requirement, they are meant for preserving your business’s corporate identity, credibility and financial transparency. Private Limited Companies and LLPs are required to observe that financial statements, annual returns of companies, and compliance related returns must be filed within the stipulated time. With appropriate advice and expertise from GSC, businesses can be confident in addressing all ROC obligations.