RoC Compliance

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roc compliance
 
What is

ROC?

ROC or Registrar of Companies is an office under India’s Ministry of Corporate Affairs managing a database of registered companies along with handling statutory filings under the Companies Act. 

Why ROC Compliances Matter?

Some key reasons to focus on ROC compliances include: 

  1. Prevent heavy penalties: Defaults attract high financial penalties which further increase with delays or inaccurate submissions.
  2. Maintain Credibility: Adherence to ROC filing timelines and standards underlines a company’s financial discipline benefiting perceptions from customers, vendors, public and government.
  3. Prevent Legal Actions: Serious non-compliances can lead to legal prosecution, categorization as inactive entities and authority discretionary action impacting management control.
  4. Protect Business Interests: Accurate ownership, financial and operational data with ROC also safeguards companies from fraudulent misrepresentations by external parties.
  5. Ease Access to Financial Services: A proper compliance track with ROC helps banks/NBFCs verify entity details seamlessly and support growth needs.
  6. Facilitate Company Actions: Cooperation of ROC is essential for closing high-value business transactions, mergers, exits etc. making compliance important.

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Applicability Criteria

Most private and public limited companies incorporated in India fall under ROC’s ambit for legal compliance and reporting. Specifically LLPs, OPCs and Section 8 companies also covered. Only select partnership firms, sole proprietorships exempted. 

Key Registrations and Filings

  • Incorporation – Company name and public registration records
  • Commencement of Business Certificate
  • Authorized Share Capital Information
  • Registered Office Address Change
  • Details of Directors and Shareholders
  • Annual Statutory Filings & Returns
  • Financial Statements like Balance Sheet, P&L Account, Cash Flows
  • Other Event-Based Filings like Intimation of Resolutions etc.
Identifying Transactions
  • Verify authenticity of inward invoices, purchase orders, bills, receipts etc.
  • Scrutinize for appropriate authorizations, quantity, rates and calculations
Recording Transactions
  • Use double-entry book-keeping to log transactions in journals and accounting software
  • Classify expense/revenue heads as per accounting definitions
Processing Information
  • Summarize entries into day books and maintain balances
  • Generate trial balance sheets and reconcile discrepancies
Risk Management
  • Establish adequate financial controls and approval matrices
  • Conduct audits to detect fraud risks
Reporting & Documentation
  • Develop P&L statements, Balance Sheets to reflect business financial position
  • Maintain supporting records for all accounting entries
Analyzing & Interpreting
  • Review deviations in budgets vs. actuals through variance analysis
  • Identify problematic areas impacting profitability

Penalties for Non-Compliances

  • Besides financial consequences like fines, interest etc., serious offences can lead to:
  • Freezing of Bank Accounts, Cancellation of Business Licenses
  • Restrictions on Capital Raising, Share Transfers and Voting Rights
  • Difficulty meeting Stakeholder Obligations due to Asset Seizures
  • Ban on Serving as Director or Launching New Ventures
  • Legal Actions against Management – Fines or Imprisonment

**To avoid these penalties- Click here**

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5000+

INTERNATIONAL BRANDSRegistered

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NKG keeps in Close communications with various Trade Commissions, Business Chambers, embassies of many countries on various existing & new Rules & Regulations of government of India

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we help you meet your compliance needs

NKG has a Dedicated and Efficient team of experienced regulatory professionals who have Registered more than 2000 brands until now who can help you Plan your regulatory needs and smoothen the process for Regulatory approvals. Strategically located in New Delhi, the “regulatory “ capital of India, NKG makes a head start by following its unique time tested “Step-by- Step “ process that puts a lot of method in between the madness.

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