Corporate Compliance

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Overview

Corporate compliance is the way to ensure that the company complies with all laws and regulations applicable to its business. This usually involves the design, implementation and monitoring of policies, trainings, procedures and practices. Corporate compliance programs are based on creating formal policies to prevent violations of laws, training staff on relevant rules, implementation of compliance procedures and monitoring violations. Without any of these factors, your company is open to serious risk and legal liability. If you do not yet have a formal corporate compliance program, it is a good idea to speak with a corporate compliance attorney about developing a plan.

How it works

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    Add Or Remove Directors

    They are management of company who looks after operations and administration. The Change in Director of Company happened due to resignation of director or appointment of director. Appointment or removal of directors is done through shareholder of company.

    Change In Authorised Capital

    The authorised capital is the maximum amount of capital for which the Company can issue shares to the shareholders. As per Section 2(8) of the Companies Act, 2013, the Authorised Capital limit is specified in the Memorandum of Association under the Capital Clause.

    Change In Objective

    The objectives of the Change Management process are to: Respond to the customer’s changing business requirements while maximizing value and. reducing incidents, disruption and re-work. • Respond to the business and IT Requests for Change that will align the services with the. business needs.

    Change In Address

    The company needs to file a form INC22 with the MCA. It should be filed within 30 days of passing the board resolution. The utility bill for business address proof, NOC from the owner, and the rental agreement is the place is rented must be attached.

    Transfer Of Shares

    Transfer of shares refers to the intentional transfer of title of the shares between the transferor (one who transfers) and the transferee (one who receives). The shares of a public company are freely transferable unless the company has a valid reason to disallow the same

    DIN KYC

    DIN-KYC is an yearly Compliance Filing by all the DIN holders whether or not the holder is Director of a Company or the status of DIN is disqualified under MCA.

    Documents Required

    PAN card and aadhar copy of all the Directors and Shareholders

    Capacity to sue and be sued

    Passport size photograph

    Photo ID proof of directors, Voter ID or Passport or License

    Proof of registered office, Updated gas or electricity bill or Property tax receipt

    Passport copy or Bank statementof the Directors and Shareholders of the Company

    Copy of rental agreement and no objection certificate from the owner of the property

    Frequently Asked Questions

    Which Form is to be filed for the appointment of the statutory auditor?

    Form ADT-1 is filed for appointing or replacing the Statutory Auditor

    Which form is to be attached to the Companies Director Report?

    MGT-9 is attached to the company’s director report, which is an extract of MGT -7

    Are audited Financial statements mandatory while annual filing of the Private Limited Companies?
    Audited financial statements are necessary for every company from its incorporation. The company must file the audited statements only.

    Does the appointment of the statutory auditor fall under annual compliance?
    A company can appoint a statutory auditor either for five consecutive years or till the conclusion of the next Annual general meeting. Therefore, an appointment of the statutory auditor cannot be considered as a part of annual compliance.

    What are the compliances of a Private Limited Company?
    A company is required to maintain the compliances once the company is incorporated. 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.

    Is it necessary to conduct AGM?
    The annual general meeting (AGM) is held for the management and the shareholders to interact with each other. The Companies Act,2013 makes it compulsory to hold meetings to discuss the yearly results and appoint auditors.

    Is it mandatory to get a Private Limited Company audited?
    The statutory audit as the name suggests is a mandatory audit for all companies. All the entities that are unregistered under the Companies Act as Private or Public Limited Companies need to get the books of accounts audited every year.

    How to file the annual returns of the Company?
    The companies incorporated under the Companies Act,1956 are required to file the following documents with the ROC The balance sheet in form 23AC which is to be filed by all the companies Profit and loss account in form 23ACA which is to be file by all the companies.

    Is audit report mandatory for all the private limited companies?
    The Private Limited Companies are required to file the annual accounts and the returns that disclose the details of the shareholder and the directors to the ROC.

    When is annual return to be filed after the AGM?
    After the AGM all the private limited companies are required to file the annual return within 60 days of holding the annual general meeting.

    What is ROC Compliance?
    ROC is the officer governed by the MCA that deals with the functioning, the ROC has to ensure that the Private Limited Companies and the LLPs comply with the statutory requirement of the ACT. The registrar of the companies functions as the regulator for the companies registered with them.

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