In the medieval age, the business was performed by trading goods later by coinage system. In the industrial age, business boomed with the advent of many companies and industries. To this day newer companies are growing and with this, maintenance has to be made to control markets and business for all. The Registrar of Companies (ROC) must ensure management of all records of existing companies. They register or enrol companies in the data book, record annual books and returns with much accuracy. All the companies must get enrolled and provide annual financial records to the registrar of companies at the end of the assessment with an annual board meeting. In ROC filing companies disclose their annual accounts and returns with full detail of their financial statements, shareholders, directors, auditors, etc to the registrar of companies by the end of the annual general meeting.
Types of ROC filing forms
Any companies which are enrolled with the registrar of companies have to comply with all the reacquire documents to be shown in the annual filing of ROC. Different types of form that company have to file is shown below:
- Auditors: A document is to be filed to the registrar of companies on holding an annual board meeting participating all the auditors.
- Annual filing of financial statement: All running companies under the registrar of companies have to show auditing financial statements including balance sheet, cash flow, and other document 30days from the end of the annual general meeting.
- Annual return: An annual return has to file to the registrar of companies within 60 days of the annual general meeting. If the annual general meeting is postponed then the annual return is be filed within 60 days the annual general meeting was held to happen.
- Compliance certificate: Not all company needs to file a compliance copy to the registrar of companies. Companies that had spent 10lacs to 50 crores for business capital have to file a compliance certificate. This document is filed within 30days of the annual general meeting also if it postpones compliance certificate has to be documented within 30days as it was before.
Benefits of the ROC filing:
ROC filing is compulsory for all companies existing in the market. It is the protection the government ensures to a company with enrolling as a legal entity. A company filing a ROC gets different benefits over time. They are as follows:
- ROC filing provides a company a legal proof of existence in the market. This helps a company to market a better place and protect from other parties to false claims over the company.
- Every company under the registrar of companies has to show full proof financial documents exposing the solid and strong position in the markets.
- Most importantly a company enrolled in ROC is protected from any punishment or penalties after filing ROC.
- ROC filing also markets the big image of a company by filing financial statements.
- ROC filing will also help a company from the government intervening unless any crime is taken over by the company.
- Investors are more interested in a company that has a better financial position known through ROC filing.
Documents necessary for ROC filing
- Proof of income tax return.
- A financial statement disclosing balance sheet, cash flow statement, liability accounts.
- A signature of all auditors attending the annual board meeting.
- A bank statement of annual transaction details authenticity.
To file ROC a company has to conduct different activities to ensure smooth approval of documents. These procedures are as follows:
- Maintain accounts book: All companies must maintain a book of accounts to record financial statements and other transactions inside and outside of a company.
- Financial statement: All companies have a financial department whose sole duty is to conduct all the financial reports and annually presented thereby.
- Auditors: Company must appoint an auditor who has expertise in chartered accountant and unbiased to the company.
- Board meeting: An annual board meeting is to be summoned by the companies to participate auditors to make a report of financial statements also a selective member of Company Directors take the responsibility to make a report on an annual return report.
- Approval: A call on another board meeting to approve the attachment regarding financial statement report, annual report, return report by the Directors of the company.
- Annual general meeting: A final general meeting is to be called for finalizing the financial statements report, annual report, and return report by shareholders of the company and Board of Directors.