According to The Companies Act, there are certain compliances that are to be filed by the Private Limited Company or any Company for that matter. These ROC compliances majorly include Annual filing. However, annual return draft, disclosure by Directors and updating the Statutory Register are also included in these ROC compliances. ROC compliances are necessary. Any slack can lead to penalties and other legal issues pertaining to the Company. There are certain forms that are to be filed along with specified documents and returns. Ministry Of Corporate Affairs allows you to file these forms online also. We can see two types of compliance filings. One is the ‘Annual Compliance filing’ and the second is the ‘Other Compliance filing’.
There are numerous benefits:
- Filling ROC forms on time will save the cost of a penalty.
- Proper filling on time can help in proper compliances of the company.
- By Filling ROC Form on time Company can maintain the status of Non Dormant / Active Company.
- A company enjoys better avenues for borrowing of funds. Even banking and financial institutions prefer to render large financial assistance to a company rather than partnership firms or proprietary concerns. Therefore the Company must ensure timely fulfilment of compliances.
- Annual filing ensures the transparency in the working of the companies.