A startup registered in India needs to adhere to various annual compliances laid down by the Ministry of Corporate Affairs and file their annual returns with the Registrar of Companies. These compliances are commonly known as ROC annual compliances of a company and are within the set deadlines.
When a startup gets registered in India, these ROC annual compliances become applicable to it, and it must comply with these returns to avoid unnecessary penalties and fines.
The ROC annual compliances are filed periodically by a startup, mostly annually, for each financial year before the lats dates set for each compliance by the MCA.
Many annual compliances are time-bound and filed within 30 days of startup incorporation, such as Appointment of Auditor. Auditor appointment is the first compliance that must be fulfilled by a startup.
Apart from this, another essential timebound annual compliance is holding the Board Meeting every quarter of a financial year. It is pertinent to record the minutes of the meeting for each board meeting and inform the directors with a proper notice about the schedule.
There is also a mandatory requirement of holding an Annual General Meeting every year to discuss the matters relating to finances, declaring the dividend, appointing CS and auditor, etc.
The most critical mandatory ROC annual compliances include filing of the annual returns. The Annual returns of a startup must be filed to provide the MCA with details including Balance Sheet, statement of Profit and Loss Account and Director Report.
The annual returns act as a brief of the startup’s activities and inform the MCA that the startup is functioning in accordance with the guidelines and rules set by the MCA and the Companies Act, 2013.
LetsComply has been assisting startups in India and preparing them with their business registration, functioning, growth and annual compliance filing. You can contact LetsComply CA experts at +91-9717070500 or send an email at email@example.com to file your ROC annual compliances.