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What are the mandatory Compliances for section 8 Company?

Appointment of Auditor by filing Form ADT-1

• The Auditor is appointed as per Section 139 of the Companies Act.
• The first auditor in a section 8 Company is to be appointed within 30 days from the date of its incorporation.
• The auditor can be an individual or a firm.
• The auditor needs to check all the financial filings of the company.
• The Auditor is to be appointed in first Annual General Meeting.
• The Auditor shall hold office from the conclusion of the First Annual General Meeting to the conclusion of the sixth Annual General Meeting that is for five years.
• A notice of Auditor’s appointment must be filed with the Registrar within fifteen days of the Auditor’s appointment.
• All the criteria’s mentioned in Section 141 for eligibility of the auditor must be fulfilled.

Registers are to be maintained

• All Section 8 Companies are expected to have statutory records in registers.
• Registers are to be maintained on a yearly basis to check how active the company has been annually.
• The Register will contain the details of members, charges, loans and investments.

Preparation of the Director’s Report

• The Directors Report is to be filed in Form AOC-4 as per Section 134 of the Companies Act, 2013.
• A Directors Report is prepared with the intention to explain the shareholders the exact financial position of the company and the scope of its business.
• The signed ‘minutes of meetings’ need to be maintained at the Registered Office.

Income Tax Return Filing

• A Section 8 Company has to file Income Tax Returns on or before 30th September of the next financial year.
• To give a complete overview of the income of the company, it is necessary to file Income Tax returns online.
• But, it can claim certain income to be excluded from income tax.
• If the company gets registered under Section 12A and 80G it can claim from tax exemption.

Hold Board Meeting

• Board meeting of every company should be held twice a year in case of small companies.
• The gap between the two meetings should not be more than 90 days.

Hold Annual General Meeting

• Annual General Meeting is to be held every year on or before 30th September.
• All the Directors, members, and auditors should be notified about the meeting.
• The notice should be sent to the directors, members, and auditors by giving not less than 21 days’ notice.
• The notice of the Annual General Meeting should be published on the Company’s Official website.
• A report of the Annual General Meeting must be submitted within 30 days of the meeting in Form MGT- 15.

Filing of Financial Statements with RoC

• A copy of financial statements should be filed in e-form AOC-4.
• It should be filed within thirty days from the date on which the annual general meeting is held.

Filing of Annual return with ROC

• The annual return is to be filed in Form MGT-7.
• It should be filed within 60 days from the conclusion of the Annual General Meeting.
• Where in any year no Annual General Meeting is held, the annual return should be filed within sixty days from the days on which the annual General Meeting should have been held that is 30 September.
• It should be attached with the statement mentioning the reasons for not holding the Annual General Meeting.

Documentation for Annual Compliances of Section 8 Company


MOA/AOA

DSC

Incorporation Certificate

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PACKAGES


Basic

13,999/-
Inclusive all taxes

Auditor appointment
Preparation of Financial statements
Annual ROC Filing
IT return filing

Premium

17,999/-
Inclusive all taxes

Auditor appointment
Preparation of Financial statements
Annual ROC Filing
IT return filing
commencement of business form
DIR 3 KYC
maintenance of minutes

Standard

15,999/-
Inclusive all taxes

Auditor appointment
Preparation of Financial statements
Annual ROC Filing
IT return filing
commencement of business form

Note:

  • The above fees is for a company with a turnover of less than Rs 10 lac per annum.
  • The package included GST return filing upto 50 transactions at a single time in a relevant period.

Compliance’s Mandatory for Section 8 Companies

Appointment of Auditor : A section 8 company would need to appoint a individual auditor or an firm to take care of all the financial filings annually, Who shall hold office from the conclusion of that meeting till the conclusion of its sixth annual general meeting And thereafter till the conclusion of every sixth meeting.

Registers to be Maintained : All the companies belonging to the Section 8 category are expected to have statutory records maintained update for the following members, charges, loans and investments. The above would give an overview of how active the company has been on yearly basis.

Every Section 8 company has to prepare its records on annual financial records, once the financial records and statements they must be produced to the registrar and is done to stay legal.

Preparation of Board's Report : A report by Board of Directors prepared required to be laid before members in Annual General Meeting. The meetings need to be logged and the signed minutes need to be maintained at the Registered Office.


Copy of the Annual Return to be filed with Registrar : Every company shall file with the registrar a copy of the annual return Within sixty days from the date on which the annual general meeting is held Where no annual general meeting is held in any year within sixty days from the date on which the annual general meeting should have been held (i.e.30th September) together with the statement specifying the reasons for not holding the annual general meeting.

Copy of financial statement to be filed with Registrar : All section 8 limited companies shall file a copy of the financial statements in E-form AOC-4 within 30 days from the date on which the annual general meeting is held.

Holding Board Meeting : Every company should hold meeting with the board members at least twice an year and the gap between both the meetings should not be more than 90 days.

Holding Annual General Meeting : Every company other than a One Person Company shall in each year hold Annual General Meeting on or before 30th September by giving not less than clear twenty-one days notice to all the members, directors and auditor. Where no annual general meeting is held in any year within 30 days from the date on which the annual general meeting should have been held.

Event Based Compliances of section 8 company :

    These are triggered based on happening of certain events.

  • Receipt of share application money.
  • Allotment of shares.
  • Transfer of shares.
  • Appointment/Resignation of directors.
  • Appointment of Managing Director/ Whole Time Director.
  • Executing agreement with related parties.
  • Change in the Bank signatories.
  • Change in the statutory auditor.

Failing to stay complaint

The actual regulations are followed by the Companies Act 2013 and any company failing to stay complaint would result in the company being induced to payable fines based on the type of failure to the law the company had or at certain cases it could even lead to imprisonment.

FAQ’s About Annual Compliances of Section 8 Companyy

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