What is ROC Full Form?
The ROC (Registrar of Companies) is an office under the Ministry of Corporate Affairs(MCA) which looks after the administration, registration of companies, and Limited Liability Partnerships. As of today, there are over twenty-two ROC established all over the country in the major states. The ROC is so pivotal for the administration of the firms that some states such as Tamil Nadu and Maharashtra, have more than one ROC. Their compliances are mandated under the Companies Act, 2013. The Companies Act dictates that it is the duty of the ROC to register Private ltd. companies in addition to granting LLP Registration to eligible business institutions.
The registrar of companies as the name suggests is the registry of records, identifying with the companies listed with them accessible for assessment by persons from open on installment charge.
Functions of the ROC
- Registrar of Companies looks after the registration of a company also known as Company Incorporation.
- The ROC is responsible for the regulation and reporting of companies, their shareholder, as well as, directors and is in charge of the administration of government reporting of several matters related to the company such as annual filing of various documents.
- Registrar of Companies plays a vital role in fostering, facilitating, and maintaining a healthy business environment
- The approval of the ROC is required for the companies to even come into existence. The Registrar of Companies furnishes the certificate of incorporation which serves as conclusive evidence of the existence of the firm. Once a company has been registered in the registrar, it can cease to exist unless and until its name has been struck off from the registrar.
- In addition to these functions, the Registrar of Companies can ask for supplementary information with regards to the operations of the firm. It is also well within their rights to search the place of business of the enterprise, as well as, seizure of the books of account without the need for any warrants or approvals from the court.
Registrar of Companies can also file can also file a petition for the winding up of the company.
Company Registration Process. How does ROC register a Company?
The Certificate of Incorporation furnished by the ROC is the only way in which a company can come into existence in India once they have given the required statutory documents. The procedure to incorporate a company in the country requires the promoters of the firm to furnish a bunch of documents. The extensive list of documentation consists of the following:
- a) Memorandum of Association (MoA).
- b) Articles of Association
Filing ROC Compliance
The amended Companies Act of 2013 dictates that the firms registered with the ROC has to comply with the rules and regulations set by the Registrar. The major compliance with the Registrar of Companies is the Annual Filing. Notwithstanding, revelation by directors, annual return draft and refreshing the Statutory Register are additionally included within the Registrar of Companies compliances. For ROC compliances, company has to adhere to are very pivotal in order to avoid prompting of any punishments and problems with the law for the firms. The compliance forms are important to be noted with the annual returns etc. Moreover, the Service of Corporate Affairs enables you to record the E-forms.
Annual Compliance Filing
The Annual Compliance Filing is a filing mandated by the Registrar facilitated by the filing of specified forms. These filings are done under the directives of the Companies Act, 2013. These annual filings of the Registrar of Companies are very necessary to the operations of the company and should not be skipped under any circumstances. The aim of these compliance filings is to file the returns and asses the financial situation of the firm. Monetary accounting of the firsm needs to be performed. The accounting requires to be done with extreme precision. You should go ahead and read more about:
Annual Compliances of Private Limited Company
ROC Filling Forms
Under the Annual Filing Compliances of the Registrar of Companies, given below are the forms.
Form 23AC (Balance Sheet) and Form 23 ACA (Profit and Loss Account)
As soon as the Annual General Meeting(AGM) is conducted within 30 days, A Copy of the Balance Sheet has to be recorded with the Registrar of Companies. If in case the AGM is not conducted, the duplicate of the balance sheet or benefit and misfortune account has to be e-documented within 30 days from the date on which that meeting should have been conducted. In addition to this, an announcement of the reality or reasons must also be recorded alongside the balance sheet.
However,Where balance sheet is laid previously not received at the AGM or the meeting was deferred without embracing the balance sheet, an announcement of the reasons thereof must be documented alongside the balance sheet, and so forth inside 30 time periods of the AGM.
Form 20B OR Form 21A (Annual Returns)
Annual Return form should be recorded with the Registrar of Companies in an electronic mode inside 60 days from the date of holding the general meeting. Where the general meeting has not been held, the return is needed to be documented inside 60 days from the date on which the annual general meeting ought to have been held
According to sec 161, the return is to be appropriately marked carefully and the imperative testaments to be joined. If there should be an occurrence of a firm whose offers are recorded on a perceived stock trade; the return is to be likewise marked carefully by a company secretary in whole time rehearse.
Form 66 (Compliance Certificate)
particular companies whose paid up share capital in the scope of Rs. 10,00,000 to 50 crores for the year are required to record a Compliance Certificate in Form 66 with the accompanying provisions:
The companies having paid up capital of more than ₹ 10,00,000 needs to carefully record with the ROC a compliance declaration which is gotten from a CS in whole time Practice inside 30 days from the date of the annual general meeting, alongside the Annual Report
In the event that the Annual General Meeting of the company isn’t held for that year, the previously mentioned Compliance Certificate to be carefully documented with the ROC inside 30 days from the current day at the latest which that meeting ought to have been held.
Salient features of ROC
- Registrar of Companies can refuse to register
Registrar of Companies can refuse to register a company on various grounds. The MOA which is filled with the registrar comprises of 5 clauses viz. objects clause, registered office clause, name clause, capital clause and liability clause. The registrar have to ensure that no registration is allowed for firms having an objectionable name. The registrar could also deny to register any company which has unlawful purposes.
- The role of ROC continues even after the registration of a firm
There is no end to the association of the Registrar of Companies and a company. For instance, a company might require changing its name, objectives or registered office. In every such instance, a company would have to intimate the Registrar of Companies after completion of the formalities.
- Filling resolutions with the ROC
As per the provisions contained in section 117 of the Companies Act, every resolution is required to be filed with the Registrar of Companies within 30 days of being passed. The Registrar of Companies requires to record all such resolutions. The Company law has also laid down the fine in case of failure to file the resolutions with the registrar within the stipulated time. In other words, a firm is required to intimate the ROC concerning all of its activities which includes appointing directors or issuing a prospectus, managing directors, appointing sole-selling agents, or the resolution regarding voluntary winding up, and so on,
So, with roc full form, we had discussed various aspects of ROC. You can visit legalRaahi.