Secretarial compliances and statutory filings refer to the various legal requirements that a company must fulfill in order to maintain its good standing with the relevant government agencies. These requirements can vary depending on the jurisdiction and the type of company, but may include filing annual reports, holding annual meetings, and appointing or re-appointing directors.
In terms of statutory filings, the most common ones are the annual compliance like Annual Return, Financial Statements etc. It's important for a company to ensure that these compliances are done within the prescribed time limits as per the laws.
There are many firms that provide secretarial and compliance services to companies. They help companies maintain their compliance records and filings as per the requirement of the laws, which is becoming more and more important as compliance burden is increasing.
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Secretarial compliances and statutory filings refer to the legal requirements that a company must fulfill in order to maintain its status as a valid and legally recognized business entity. These requirements vary depending on the jurisdiction in which the company is incorporated and the type of company.
Some examples of secretarial compliances include:
Keeping accurate records of shareholders and directors
Holding annual general meetings and keeping minutes of the meetings
Filing annual returns with the relevant government agencies
Statutory filings refer to the requirements to file various forms, reports and returns with the government bodies such as ROC, GST, IT etc..
Failure to comply with these requirements can result in penalties and fines, and in some cases, the dissolution of the company. It is essential for companies to stay up-to-date with their secretarial compliances and statutory filings to avoid legal problems.
Some of the statutory filing requirement differ with the jurisdiction and size of the company. Many companies hire professional firms to keep track of their compliance requirements and file the necessary paperwork.
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