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Annual MCA Compliance for Companies/ LLPs

Annual MCA Compliance starts from 1 April i.e. very next day of closure of financial information. Hence, we have divided this post in two parts:

  1. MCA Compliance for LLP
  2. MCA Compliance for Companies
Annual MCA Compliance For Limited Liability Partnerships (LLP):
  1. DIR-3 KYC of the Designated Partners Identification Number (DIN) – It is basically a requirement under the Companies Act but is applicable even to Designated Partners under the LLP. This has to be completed each year for every designated partner. It has a heavy penalty of Rs. 5,000/- per DIN and hence is advised to be completed each year in due time.
  2. E Form 11 – Usually contains information about partners during the year including any change in partners – By 30th May following the close of the Financial Year.
  3. E Form 8 –  Statement of Account and Solvency –  Submission of financial details (including balance sheet and profit and loss) and declaration that the LLP is solvent/ not solvent. Form 8 will also contain the audit report if the turnover exceeds Rs. 40 lakhs or the capital exceeds Rs. 25 Lakhs.

Client Reviews

Entrecap has filed our Company’s annual income tax and RoC returns in timely manner. We trust them for annual MCA Compliance and forms. Their fees are competitive.

Entrecap has filed our Company's annual income tax and RoC returns in timely manner. We trust them for annual MCA Compliance and forms. Their fees are competitive. - Jayesh shah, Director - ACACARE Consultancy (OPC) Private Limited.

Jayesh shah, Director – ACACARE Consultancy (OPC) Private Limited

We have been relying on Entrecap for annual MCA corporate Compliance for past few years. Their documentation is quick and fees are reasonable.

Ketan Mandani Director – Magnate Advisory Services Private Limited (Mumbai)

Entrecap Business Services have handled our LLP annual compliance including all Roc Forms and LLP income tax returns.

Prompt replies to all queries and and all forms are handled long before due dates. We were are extremely satisfied with their approach.

We wish them the very best and all success in their endeavours.
Review for Entrecap Business Services

Anurag Yadava, Partner at The Chimes Holiday Rentals LLP

Our LLP’s annual compliance, including all Roc Forms and income tax returns, has been handled by Entrecap Business Services. All queries are promptly answered, and all paperwork is completed far ahead of schedule. I was quite pleased with their attitude.

Sandeep Soni – Partner at The School Hub LLP

Now lets look at Annual MCA Compliance For a Company:
  1. MSME-1: A Company must file MSME-1 twice a year – Information for April-Sep by 31 October and for Oct-Mar is to be filed by 30 April.
  2. DIR – 3 KYC – Each Directors has to complete individual KYC by 30 Sep. It has a heavy penalty of Rs. 5000.
  3. DPT-3 : Form for information on deposits – by 30 June after the year end.
  4. Form AOC-4: 30 days of the Annual General Meeting. It contains the details of financials including the balance sheet and profit and loss. It also contains the date of approval of financials, Directors report and the Auditors Report.
  5. Form MGT-7: 60 days of the Annual General Meeting. It contains details like share capital structure, shareholding details, Directorship details, Board Meeting dates, General meeting Dates.
  6. But there is an exception- If the private limited Company is One Person Company (OPC), then the AOC-4 is to be held within 180 days of the closure of the year ending March i.e. usually by 28/29 Sep and MGT 7A has to be filed within 270 days of the closure of the year end.

 

Apart from this, Company has to file specific forms as per transactions. Some of the more common forms are:

  1. SH-7 (Alteration in capital)
  2. MGT-14 (recording of resolutions as per Section 117 of Companies Act)
  3. DIR-12 – Change in Directors
  4. INC-22 – Change in registered office
  5. PAS -3 – Allotment of securities
  6. LLP Form 3 – Change in LLP Deed
  7. LLP Form 4 – Change in partners
  8. Form 15 – Change in address of LLP

Note that Companies/ LLPs have to file most forms within 30 days of the transaction. Further, the annual MCA Compliance forms have a late fee of Rs. 100 per day. Hence, the directors have to specifically monitor the same. Other MCA Forms have relatively lower late fees.

For entrepreneurs / businessmen – compliance should work in the background while they focus on operational and business expansion matters. Having said that, one thing is true for all businesses – ” Cost of compliance is always lesser than cost of non-compliance.”  Hence, businessmen should have basic idea of MCA compliance requirements for their companies/ LLPs.

For first compliance of a Company after incorporation, read here.

For first compliance of an LLP after incorporation, read here.

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