There are many types of companies, LLPs, One person companies, Section 8 Companies etc. Can be Created at Registrar of Companies (ROC). Various Acts are applicable to them. They are separate legal entities.
Registrar of Companies keeps records concerning companies which are registered and permits the stakeholders to access them on payment of a stipulated fee. The Central Government preserves administrative control over the Registrar of Companies with the help of Regional Directors.
Objectives of the Registrar of Companies in India (ROC)
The Registrar of Companies (ROC) in India has several key objectives:
- Company Registration: Facilitating the incorporation of new companies.
- Record Maintenance: Maintaining a registry of all registered companies and LLPs.
- Statutory Compliance: Ensuring companies adhere to legal and regulatory requirements.
- Transparency: Making company information accessible to the public.
- Corporate Governance: Monitoring and promoting ethical business practices.
- Investor Protection: Safeguarding the interests of investors by ensuring accurate financial reporting.
- Dissolution Oversight: Overseeing the dissolution and liquidation processes of companies.
The required documents to incorporate
All documents being proof of promoters, directors, office address etc. needs to be submitted in prescribed forms at ROC to register the company.
Promoters and Director
There are persons who have the shares of above-mentioned companies are known as Promoters who have incorporated them. Later, directors are appointed to run the company. Directors and Promoters can be same and different also.
Certificate of incorporation (COI)
Without COI any company can not be incorporated. ROC issues after the finalization of several statutory requirements of Act . As part of the statutory process, the promoters need to submit several documents to the Registrar of Companies.
Corporate Identification Number (CIN)
A unique alpha numeric number having 21 digits are provided to each type of companies registered at ROC which is called CIN.
ROC -Refusal for company registration
ROC can refuse to register a company on various grounds. The Memorandum of Association (MOA) which is filled with the registrar comprises five clauses viz. name clause; objects clause; registered office clause; capital clause and liability clause.
The registrar needs to ensure that no registration is allowed for companies having an objectionable name. The registrar could also decline to register any company which has unlawful objectives.
Compliance
Based on the governing Act, it needs to comply with various compliances within the due date prescribed. Various forms are allocated to them in which information needs to be submitted in a prescribed manner. Time to time these compliance keeps on changing and likewise forms.
Reliability
The reliability of stakeholders increases when they need to deal with companies registered in ROC. Stakeholders may be employees, buyers, sellers, financial institutes, shareholders, governments.
Statutory Audit
On financial aspect every year Statutory Audit needs to be carried out.
Selecting name while incorporating Company
One of the important activities while incorporating a company is selecting name and its availability.
Digital Signature
All filings done by a company/LLP under MCA21 e-Governance programme are required to be filed using Digital Signatures by the person authorized to sign the documents.