Statutory compliance services are precisely what businesses need to become more effective and well-managed. A bunch of rules and regulations governs the world of business. To top it all, there are rules and regulations laid down by the central as well as state government. These are also bound to change from time to time based on government decisions. If a company or organization does not take care, it is exposed to what is called as compliance risk.
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Compliance Services
Compliance Services
Offshore Office is providing comprehensive services to its clients and taking care of end to end compliance requirements to all type of business units irrespective of their industry verticals, locations, size and form of organizations right from incorporation to wining up.
The advantages of offshore office in line with compliance is that we provide accounting services , HR and Business development services as our core business activities and we are equipped with high class professionals to guide our esteemed clients when it is needed.
Business is world of dreams. Some may come true, some may not. Every business has its dream when it got incorporated. It is unfortunate if some business got apart from its dream.
We observed that, most of the companies incorporated but all are not actively doing business and some of them are idle without any transactions. For the business owners, it may be difficult to maintain the minimum compliance when they are not actively participating in it on daily basis OR if they are engaged themselves in any other ventures.
However, their status of existence is still active and hence, they have to be compliant. Any professional individual or any entity will not be interested to take up the challenges pertaining to a sinking boat. It is ground level practicality.
Offshore office has opened a window keeping in mind of those business owners, who have incorporated an entity and kept it without any transaction or with very minimum transactions.
There are certain minimum obligations to be followed under the Income Tax Act 161 and Companies Act 2013.
Income Tax Act 1961.
- Payment of periodic dues (GST Liability, TDS & TCS payment)
- Monthly/Quarterly GST and TDS Returns
- Assessment of advance tax liability and payment of advance tax periodically
- Filing of Income Tax Returns (Tax will be payable at a flat rate of 30% plus Education Cess)
- Filing of Tax Audit Report
- Regulatory Assessment of business under different acts of law (Eg. Environment and Protection Act, Money Laundering Act, Competition Act, Factory Act etc.)
Companies Act 2013
First Statutory Auditor has to be appointed within 30 days of incorporation in first board meeting. Subsequent auditors will be appointed for 5 years in AGM.
- Holding Board Meeting
First meeting within 30 days of incorporation
Minimum 2 meetings, one in each half calendar year.
- Holding Annual General Meeting (AGM)
One Annual General Meeting has to be held in a financial year
- E- Forms Filing Requirements
E-form: MGT-7 File Annual Return within 60 days of holding of AGM for the period 1st April to 31st March.
E-form: AOC-4 File Financial Statement: i.e Balance Sheet along with Statement of Profit and Loss Account and Directors’ Report
Form DIR – 8 Every Director of the Company in each Financial Year has to file with the Company disclosure of non-disqualification
Form MBP- 1 Every Director of the Company in First Meeting of the Board of Director in each Financial Year needs to disclose his interest in other entities by filing the form
- Directors’ Report
Directors’ Report is to be filed covering all the information required for Small Company under Section 134.
- Statutory registers and books of accounts
1) Statutory Registers
2) Minutes Book
Board Meeting Minutes Book and General Meeting Minutes Book (i.e. AGM, EGM, Postal Ballot, Creditors Meetings, Debenture holders Meetings)
- Books of Accounts/Financial Statements(section 44aa)
4) Register of Directors Attendance at Board/Committee Meetings.
- Circulation of Financial Statement & other relevant Docs
Company will send to the members of the Company approved Financial Statement, Directors’ Report and Auditor’s’ Report at least 21 clear days before the Annual General Meeting.
Note: Above mentioned Compliances are mandatory yearly compliances for the Small Private Limited Company. Except above compliances, there may be event-based compliances for the Small Company.
