Company Compliance
Company Compliance
Company compliance involves adhering to legal and regulatory requirements to ensure operational legality and credibility. It includes registering under the Companies Act, obtaining PAN, TAN, and GST registrations, and preparing annual financial statements. Companies must file annual returns and financial documents with the Registrar of Companies (ROC), hold board meetings, obtain compliance certificates, and conduct audits as required. Compliance extends to sector-specific regulations and ensures adherence to SEBI (for listed companies), FEMA (for foreign exchange), and other regulatory frameworks. Proper compliance helps companies avoid penalties, maintain trust with stakeholders, and operate effectively within the law.
Non-Registrar compliance
Non-registrar compliance refers to adhering to legal and regulatory requirements beyond those directly monitored by the Registrar of Companies (ROC). This includes compliance with:
- Tax Laws: Meeting obligations under income tax, GST, and other tax regulations.
- Labour Laws: Adhering to laws related to employee rights, wages, and working conditions.
- Environmental Laws: Following regulations on pollution control, waste management, and sustainable practices.
- Consumer Protection Laws: Ensuring products and services meet consumer safety and quality standards.
Compliance for Private Limited Company
Compliance for a Private Limited Company in India is crucial to maintain legal standing and operational integrity. Key compliance requirements include:
Incorporation: Registering under the Companies Act, obtaining a Certificate of Incorporation, and Memorandum and Articles of Association.
Tax Registrations: Obtaining PAN, TAN for tax deductions, and GST registration if applicable.
Financial Statements: Annual preparation of financial statements including balance sheet, profit and loss account, and cash flow statement.
Annual Filings: Filing annual returns, financial statements, and other required documents with the Registrar of Companies (ROC).
Board Meetings: Holding regular board meetings and maintaining minutes as per statutory requirements.
Compliance Certificates: Obtaining compliance certificates like the Certificate of Commencement of Business, if applicable.
Audit: Conducting regular audits including internal audits and tax audits.
Regulatory Filings: Complying with SEBI regulations (for listed companies), FEMA regulations (for foreign exchange), and industry-specific regulations.
Adhering to these requirements ensures legal protection, transparency, and credibility for the company.
Incorporation: Registering under the Companies Act, obtaining a Certificate of Incorporation, and Memorandum and Articles of Association.
Tax Registrations: Obtaining PAN, TAN for tax deductions, and GST registration if applicable.
Financial Statements: Annual preparation of financial statements including balance sheet, profit and loss account, and cash flow statement.
Annual Filings: Filing annual returns, financial statements, and other required documents with the Registrar of Companies (ROC).
Board Meetings: Holding regular board meetings and maintaining minutes as per statutory requirements.
Compliance Certificates: Obtaining compliance certificates like the Certificate of Commencement of Business, if applicable.
Audit: Conducting regular audits including internal audits and tax audits.
Regulatory Filings: Complying with SEBI regulations (for listed companies), FEMA regulations (for foreign exchange), and industry-specific regulations.
Adhering to these requirements ensures legal protection, transparency, and credibility for the company.
Company Compliance FAQ's
Key registrations include obtaining a Certificate of Incorporation under the Companies Act, PAN, TAN for tax purposes, and GST registration if applicable.
Annual compliance includes holding Annual General Meetings (AGM), preparing financial statements (balance sheet, profit and loss account), filing annual returns with the Registrar of Companies (ROC), and conducting audits.
Board meetings should be held at least once every quarter, with a maximum gap of 120 days between two consecutive meetings.
Yes, every company is required to conduct an annual audit of its financial statements by a qualified auditor.