Ideas in Agreement for Outsourcing of ROC Department work ~~ The way we do it

• Benefits expected to CUSTOMER
  1. Much Higher level of Reliability –
     1. Reliability of Reports
     2. Reliability of On time Compliances
     3. Correct Guidance
     4. Experience

 

Suggested Agreement for ROC Consultancy

 

The basic tenets of the Agreement

 

“FINSYS- CONSULTANCY CELL” to undertake the ROC Returns and services at “Customer” as under

 

• ROC Companies Act Compliances Charges
  1. Rs XXXX per month.

• Scope of work – Annual
  1. Annual ROC Return = Included
  2. Annual Balance Sheet Filing in ROC : Form/ Return= Included
• Scope of work – Other forms and other returns
  1. Till some years ago, there were no other regular forms in companies
  2. However, these are a new growing need of compliances
  3. Many new requirements have come up like
     • MSME Act : MSME-1 form Creditors over 180 days declaration,
     • Digital signatures video verifications,
     • Annual KYC of the Director,
     • MCA Active Form,
     • E-DPT-3 return for loans and advances,
  4. Some of these requirements entail big penalties, for non compliances, which run into Lakhs per year in some cases. Sometimes Rs 36500 per year of delay….per form… so delay 5 forms for 1 year, and end up paying almost Rs 2 lakh in penalty alone. ( this is surely fully avoidable )
  5. These requirements were “not required”, till some years ago
  6. These will also be done by the MLG team as a part of this relationship
• Taxation
  1. TDS and GST as applicable.
• Audit fees and other fees etc.
  1. Remains as it is
• ROC Fee, Stamp duty fee, any other out of pocket expenses, remain on customer side
• This agreement is w.e.f. ___ Date
• The backlog activities pending if any, like stamp duty adjudication etc will be done on extra basis as in the past.
• : Anything that is not included above, is excluded from the purview of this contract.

<< End of Documentation >>