Company Law and Indian Exchange Control Compliance Calendar
Indian law prescribes certain regulatory compliances for all businesses regardless of their industry, sector and provenance. Of course, different forms of businesses have different sets of compliances; some are in the form of documentation while others are in the form of meetings.
These regulatory compliances must take place as and when designated by the relevant authorities in order to avoid running into trouble.
| COMPLIANCES | FREQUENCY | DUE DATES |
|---|---|---|
| COMPANY LAW | ||
| Board meetings | Monthly | |
| - Minimum 4 board meetings in every calendar year in such a manner that not more than 120 days shall intervene between two consecutive meetings. | ||
| - Need based meetings to pass resolutions / circular resolutions for matters that require board approval. | ||
| - Each director is required to attend at-least one meeting in every 12-month period. | ||
| Shareholders meetings | Annual Need Based | -Annual General Meeting (AGM) to be mandatorily held in India- within 6 months from the date of closing of the financial year (30th September) for adoption of Audited Accounts by shareholders and other businesses. However, first AGM can be held within a period of 9 months from the date of closing of the first financial year of the Company (which can be for a period not exceeding 15 months). -Extraordinary General Meeting (EGM) – As and when required to pass resolution on reserved matters as per Articles of Association the Company and other prescribed provisions of Companies Act. |
| Form 20A (Commencement of Business) | One-Time | Within 180 days of incorporation verifying that every founding shareholder has remitted the committed share capital amount (Can be filed only after bank account is opened and capital amount is credited into the account) |
| Form ADT-1 (Auditor appointment) | Post-incorporation/ Need Based | Within 15 days of auditor appointment/ change of term by the shareholders in AGM/ EGM. |
| Form AOC-4 - Filing of Annual Report with MCA | Annual | Within 30 days from the date of AGM. |
| Form MGT-7 - Annual return | Annual | Within 60 days from the date of AGM. |
| KYC of Directors (DIR-3 KYC) | Annual | Every individual who holds Director Identification Number (DIN) is required to file the form by on or before 30th September following end of financial year |
| Form MSME | Half-Yearly | |
| Information pertaining to outstanding payments to MSME (micro, small and medium enterprises) to be filed by: | ||
| - For HY Apr-Sept – 31st October following end of half year | ||
| - For HY Oct-March – 30th April following end of half year | ||
| Form DPT-3 | Annual/ Need-Based | Information pertaining to prescribed transactions not considered as deposits as on 31st March, to be filed by 30th June of the following year |
| Significant Beneficial Ownership (SBO) Intimation & Filing | Need-Based | Within 30 days from the date of incorporation and in the event of change in beneficial ownership, within 30 days of such change |
| FEMA | ||
| Entity Master Form | One-time | To register the entity details on the RBI portal, on or before receipt of share capital via foreign remittance |
| Single Master Form | Need-based | Within 30 days from the date of allotment of subscription shares to founding shareholders and for every subsequent allotment of shares |
| Annual return on Foreign Liabilities and Assets | Annual | |
| On or before 15th July following the end of financial year (based on unaudited-financials) | ||
| On or before 30th September following the end of financial year (based on audited-financials, in case of variation) |