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A Complete Guide to MCA Compliance

Regulatory compliance, also known as corporate compliance, refers to an organisation's awareness of and adherence to all rules and regulations about its activities and industry. The local, state or federal governments may impose these compliances.

MCA compliance plays a crucial part in any organisation to operate properly. A few particular advantages are:

  • It helps you to keep up with a regulatory environment that is continuously evolving. We at Corpbiz will help you to anticipate these sudden curves in the road more efficiently
  • Protects your business's resources and reputation: Noncompliance can result in severe reputational damages and a loss of customer trust. Even worse, revoking your licence could hinder your opportunity to accomplish business objectives and goals.
  • Improving efficiency:Numerous regulatory compliance rules call for storing organised data, streamlining business procedures, and regular updates on operational activities. Each of these helps to increase your business's efficiency while lowering costs gradually.

What forms are required to be filed with MCA?

The table below contains detailed information on the forms in the MCA compliance chart, including their purpose, applicability, and applicable due dates. 

S.No.

Name of E-Form/Return

Purpose of E-Form/Return

Due Date of Filing

1

DIR-3 KYC/WEB KYC

Any person with a DIN, must file DIR-3 KYC/WEB KYC documents.

This needs to filled 6 months from theclosure of FinancialYear

2

DPT-3

Annual Return of deposit And exempted deposit

3 Months from the closure of financial year

3

BEN-1

Every individual, who subsequently becomes a beneficial owner, or where his beneficial ownership changes must submit a declaration in Form No. BEN-1 to the reporting firm regarding their substantial beneficial ownership or any changes to that

Every Company should make changes with the Registrar as per section 90 and Rule 4 of companies Significant Beneficial owners Rules of 2018.

4

ADT-1

Appointment of auditor

15 days after the AGM has ended. (Note: 15 days from the date of a board meeting in the case of OPC)

5

Form AOC-4 andForm AOC-4CFS (in case of

consolidated

financial

statements)

Filing of annual accounts

30 days after the AGM's conclusion ( Note: in case of OPC, within 180 days from closing of  financial year)

6

MGT-7/MGT7-A

Filing of annual returns

60 days after the AGM's conclusion ( Note: in case of OPC, within 180 days from closing of  financial year)

Compliance for Limited Liability Partnership

LLPs (Limited Liability Partnerships) are a type of Modern Corporation. It is a hybrid form that combines elements of a company and a partnership (i.e. limited liability with flexibility). Limited liability partnerships are founded and governed under the Limited Liability Partnership Act of 2008 and its implementing rules, referred to as the Limited Liability Rules of 2009.

Following is the list of E-Forms to be filled with MCA by LLPs:

Forms

Purpose of E-Form/Return

Due date

Penalty

DIR-3 KYC (It is filled annually)

For every person who has allotted DIN

Within 30 days (After the form is available)

INR Five Thousand

Form-11 (It is filled annually)

Annual Return

Within sixty days of the end of Financial Year)

100 rupees per day up until the day of filing the form.

Form-8 (It is filled annually)

Statement of Account & Solvency

30th October of each financial year

100 rupees per day up until the day of filing the form.

Compliance for Private Limited Company

An organisation that is privately held for small businesses is a Private Limited Company. The Companies Act of 2013 defines a Private Limited Company as an organisation whose Articles of Association restrict the transferability of shares and forbid the public from subscribing to them.

Following E-Forms are required to be filled with MCA by a Private Limited Company:

Name of E-Form/Return

Purpose of E-Form/Return

Due Date of Filing

Form DPT-3 (One time)

For every company other than Government companies having

Outstanding receipt of money/loan other than deposits

 

The form must be filled out annually by 30th June and Furnish information until 31st March of that year, duly audited by the Company’s auditor.

Form INC-20A

Filled with the ROC (Registrar of

Companies)

Within 180 days of the incorporation of the company

INC-22

Change in registered office

 

Within fifteen days from the date of such change

MSME-I (first time)

 

For each specified company that receives goods/services from MSME

 

Within thirty days from the availability of the form on the

MCA portal

 

MSME-I (half-yearly)

 

For each specified company that receives goods or services from MSME. 

Filed within 45 days from the end of each half-year

Form ADT-1 (Annually)

 

Appointment of Auditor

 

Within 30 days after the company's incorporation.

 

Note: The first auditor is to be appointed for five years, and the appointment must be filed before RoC using Form ADT-1.)

 

A new auditor can be appointed within 15 days of the AGM

(Only after filling out form ADT-1)

DIR-3 KYC (Annually)

 

For every person who has allotted DIN

 

On or before 30th April of the immediate next FinancialYear (Annual Compliance)

DIR-9

 

Report for Disqualification of the Director

 

To be filed by a company within 30 days of such disqualification.

DIR-12

 

Change in Directors 

 

Within 30 Days of such change

ADT-2

 

Removal of Director before Expiry

 

Within 30 days of when such a resolution was passed. 

Form MGT-7(Annually)

Filing of the annual return of the company

 

Must be filed within sixty days of the last annual general meeting (AGM)

Form AOC-4 (Annually)

 

Filing of financial statements of the company

 

Must be filed within thirty days of the last AGM

Compliance for Public Limited Company

A Public Limited Company, commonly known as a PLC under the Company Act 2013, is a company with limited liability that offers shares to the general public. Anyone can purchase its stock through trades on the stock market or private initial public offering (IPO).

A public limited company must adhere to strict regulations and disclose its financial condition to its shareholders.

Following E-Forms are required to be filled with MCA by a Public Limited Company:

Name of E-Form/Return

Purpose of E-Form/Return

Due Date of Filing

Form INC-20A

 

Form in respect of the commencement of Business

Within 180 days of incorporation

Board Meeting

 

Minimum Two Board Meetings

 

A minimum of one Board of meeting each half of the year, with a minimum of 90 days gap between two meetings.

MGT-8

 

Filing for certification of Annual Return

Every yearly return filled must be certified by a practising company secretary.

DIR-3 KYC (Annually)

 

For every person who has allotted DIN

 

On or before 30th April of the immediate next FinancialYear (Annual Compliance)

Form ADT-1 (Annually)

 

Appointment of Auditor

 

Within 30 days after the company's incorporation.

 

Note: The first auditor is to be appointed for five years, and the appointment must be filed before RoC using Form ADT-1.)

 

A new auditor can be appointed within 15 days of the AGM

(Only after filling out form ADT-1)

Form MGT-7(Annually)

Filing of the annual return of the company

 

Must be filed within sixty days of the last annual general meeting (AGM)

Form AOC-4 (Annually)

 

Filing of financial statements of the company

 

Must be filed within thirty days of the last AGM

Compliance for Section 8 companies

Section 8 firms are incorporated under the Companies Act; thus, they must adhere to all annual compliances like any other company. The term ROC is also known as Registrars of Companies.Section 8 Companies are required to file their audited financial statements with ROCs under Section 129 and Section 137 of the Companies Act of 2013.

Following E-Forms are required to be filled with MCA by a Section 8 company:

Form MGT-7 

MGT-7 is an annual return of the company. It must be filed within sixty days of the last annual general meeting (AGM).

AOC-4

AOC-4 is the financial statement of the company. The form is required to be filled within 30 days of last AGM. 

Compliance for One Person Company 

As per sub-clause 62 of Section 2 Companies Act of 2013, a One Person Company also known as OPC is a company with only one member. It is incorporated as a single-member private corporation. Therefore, a corporation can be registered with only one shareholder or member. Any natural person who is an Indian citizen, regardless of whether they reside in India or not (NRI) (the only condition is they need not be a minor), is qualified to form a One Person Company.

Following E-Forms are required to be filled with MCA by a One Person Company:

Name of E-Form/Return

Purpose of E-Form/Return

Due Date of Filing

Form INC-20A

 

Form in respect of the commencement of Business

Within 180 days of incorporation

Board Meeting

 

Minimum Two Board Meetings

 

A minimum of one Board meeting each half of the year, with a minimum of 90 days gap between two meetings.

MBP-1

 

Disclosure of interest

 

During the first board of meeting held during each financial year

OR at the first meeting held after the change in the disclosures

DIR-8

Discloser of interest by the director in the company

In the 1st Board Meeting of the financial year

Form DPT-3 (One time)

 

For every company other than Government companies having

Outstanding receipt of money/loan other than deposits

 

The form must be filled out annually by 30th June and Furnish information until 31st March of that year, duly audited by the company's auditor

Form ADT-1 (Annually)

Appointment of Auditor

 

Within 30 days after the company's incorporation.

 

Note: The first auditor is to be appointed for five years, and the appointment must be filed before RoC using Form ADT-1.)

 

A new auditor can be appointed within 15 days of the AGM

(Only after filling out form ADT-1)

Form MGT-7(Annually)

Filing of the annual return of the company

 

Must be filed within a period sixty days from the last annual general meeting (AGM)

Form AOC-4 (Annually)

Filing of financial statements of the company

Must be filed within a period of thirty days from the last AGM

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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.

All private limited corporations are expected to file annual returns within 60 days of the annual general meeting.

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.

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