MCA compliance
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Overview
Regulatory compliance, also known as corporate compliance, refers to an
organisation's adherence to all applicable rules and regulations governing its
industry and operations. These regulations may be imposed by local, state, or
federal authorities.
MCA compliance is essential for any organisation to function smoothly. Key
benefits include:
1. Staying
Updated: Helps businesses keep up with an ever-evolving regulatory
landscape. At Fastzeal, we assist you in navigating these changes efficiently.
2. Protecting
Business Reputation and Resources: Noncompliance can lead to
significant reputational damage and a loss of customer trust. Worse, it could
result in the revocation of business licences, hindering organisational goals.
3. Enhancing
Efficiency: Many compliance regulations require businesses to maintain
organised records, streamline processes, and regularly update operational
activities. These contribute to improved efficiency and cost reduction over
time.
Different
Forms Required for MCA Compliance
The
following table provides a detailed overview of the MCA compliance forms, their
purpose, applicability, and due dates.
Forms for Companies
|
S.No |
Form Name |
Purpose |
Due Date |
|
1 |
DIR-3
KYC/WEB KYC |
Every
individual with a DIN must file this form. |
Within
6 months from the end of the financial year. |
|
2 |
DPT-3 |
Annual
return for deposits and exempted deposits. |
Within
3 months from the end of the financial year. |
|
3 |
BEN-1 |
Declaration
of substantial beneficial ownership. |
As per
Section 90 and Rule 4 of Companies (Significant Beneficial Owners) Rules,
2018. |
|
4 |
ADT-1 |
Appointment
of an auditor. |
Within
15 days after the AGM. |
|
5 |
AOC-4/AOC-4CFS |
Filing
of annual accounts. |
Within
30 days after the AGM. |
|
6 |
MGT-7/MGT-7A |
Filing
of annual returns. |
Within
60 days after the AGM. |
Compliance for Limited Liability Partnerships (LLP)
LLPs combine the features of both partnerships and companies, offering
flexibility with limited liability. They are governed under the Limited
Liability Partnership Act, 2008, and the Limited Liability Rules, 2009.
|
Form Name |
Purpose |
Due Date |
Penalty |
|
DIR-3 KYC |
Annual filing for individuals with DIN. |
Within 30 days after availability. |
INR 5,000 |
|
Form-11 |
Annual return filing. |
Within 60 days from the financial year-end. |
INR 100 per day of delay. |
|
Form-8 |
Statement of Account and Solvency. |
30th October each financial year. |
INR 100 per day of delay. |
Compliance for Private Limited Companies
A Private Limited Company is a privately held entity that restricts share
transferability and prohibits public subscription to shares. It must adhere to
specific compliance requirements.
|
Form Name |
Purpose |
Due Date |
|
DPT-3 |
Declaration of outstanding loans and money receipts. |
By 30th June annually. |
|
INC-20A |
Declaration of business commencement. |
Within 180 days of incorporation. |
|
INC-22 |
Change of registered office. |
Within 15 days of the change. |
|
MSME-I |
Reporting outstanding dues to MSMEs. |
First-time: Within 30 days of availability; Half-yearly:
Within 45 days from half-year end. |
|
ADT-1 |
Appointment of an auditor. |
Within 30 days of company incorporation. |
|
MGT-7 |
Annual return filing. |
Within 60 days of the AGM. |
|
AOC-4 |
Financial statement filing. |
Within 30 days of the AGM. |
Compliance for Public Limited Companies
A Public Limited Company (PLC) offers shares to the public and must adhere
to stringent regulations, ensuring transparency and accountability.
|
Form Name |
Purpose |
Due Date |
|
INC-20A |
Business commencement declaration. |
Within 180 days of incorporation. |
|
Board Meetings |
Conducting minimum meetings. |
At least one per half-year with a 90-day gap. |
|
MGT-8 |
Certification of annual return by a company secretary. |
Annually. |
|
DIR-3 KYC |
Annual compliance for DIN holders. |
By 30th April of the following financial year. |
|
ADT-1 |
Appointment of an auditor. |
Within 30 days of incorporation. |
|
MGT-7 |
Annual return filing. |
Within 60 days of the AGM. |
|
AOC-4 |
Financial statement filing. |
Within 30 days of the AGM. |
Compliance for Section 8 Companies
Section 8 companies, which focus on charitable objectives, must adhere to
the same compliance requirements as other corporate entities.
|
Form Name |
Purpose |
Due Date |
|
MGT-7 |
Annual return filing. |
Within 60 days of the AGM. |
|
AOC-4 |
Financial statement filing. |
Within 30 days of the AGM. |
Compliance for One Person Companies (OPC)
An OPC is a single-member company offering the advantages of limited
liability.
|
Form Name |
Purpose |
Due Date |
|
INC-20A |
Business commencement declaration. |
Within 180 days of incorporation. |
|
Board Meetings |
Conducting minimum meetings. |
At least one per half-year with a 90-day gap. |
|
MBP-1 |
Disclosure of interest by directors. |
First board meeting or upon change. |
|
DIR-8 |
Interest disclosure by directors. |
First board meeting of the financial year. |
|
DPT-3 |
Annual loan and money receipt declaration. |
By 30th June annually. |
|
ADT-1 |
Appointment of an auditor. |
Within 30 days of incorporation. |
|
MGT-7 |
Annual return filing. |
Within 60 days of the AGM. |
|
AOC-4 |
Financial statement filing. |
Within 30 days of the AGM. |
Fastzeal Support
Fastzeal streamlines compliance, ensuring a hassle-free and cost-effective
process. Our services include:
1. Full
regulatory compliance management.
2. Simplified
audit handling.
3. Continuous
monitoring for compliance efficiency.
Frequently Asked Questions:
When the Statutory Auditor is appointed or removed, Form ADT-1 is submitted.
MGT-9 is attached to the company's director report, an extract of MGT -7.
From the moment a firm is incorporated, it must have audited financial accounts. The company must file only audited financial statements.
From the date of incorporation, a company must follow all the compliances. The auditor is to be appointed within 30 days. Additionally, there is income tax filing and annual return filing that is to be done every year.
The annual general meeting (AGM) aims to facilitate communication between the management and the shareholders. Meetings are required by the Companies Act of 2013 to discuss annual results and nominate auditors.
The following paperwork must be submitted to the ROC (Registrars of Companies) by firms incorporated under the Companies Act of 2013: the balance sheet in form 23AC, which all firms must provide, and the profit and loss account in form 23ACA, which all companies must submit.
The ROC (Registrars of Companies) must receive the annual accounts and reports from Private Limited Companies, including information about the shareholders and directors.
Every state in India has an office of the Ministry of Corporate Affairs. The company, however, is free to register its office in any state and operate its business in any state.
All private limited corporations are expected to file annual returns within 60 days of the annual general meeting.
