OCR Compliance

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Compliance

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Initial Compliance Post-Incorporation

Following a successful incorporation, companies are required to fulfill various filings within three months. Essential initial compliance tasks encompass revealing the official address, appointing directors and an external auditor for auditing financial statements. Additionally, companies must submit director disclosures and allocate shares within this timeframe.

Initial Compliance Post-Incorporation

Annual Compliance

On a yearly basis, companies must, within six months of the fiscal year-end, furnish several reports and documents. These encompass minutes from the annual general meeting, the selection of the auditor for the upcoming fiscal year, audited financial statements, and comprehensive information on shareholdings as outlined in section 51 of the Company Act, 2063. It is imperative for companies to uphold records of shares, debentures, and loans and reveal these details in accordance with the requirements of section 51.

Change in MOA/AOA

After incorporation, a company can modify objectives in the MOA through a special resolution passed in a General Meeting (AGM/EGM), provided the new objectives align with legal and societal norms. Once approved by OCR, the company can operate under the revised objectives. Within 30 days of the special resolution, an application, along with a resolution for name change, amended MOA, and details of the amendment, is submitted to OCR. Implementation is confirmed upon receipt of an acknowledgment letter from OCR, signifying the official recording of the change

Change in Name

Post-incorporation, a company can change its name through a special resolution in a General Meeting (AGM/EGM), but the new name must not be unlawful, identical to existing companies or trademarks, or resemble the name of a canceled or insolvent company within the last 5 years. Approval from the Office of the Company Registrar (OCR) is necessary, requiring an application with documents like a resolution for the name change, amended Articles of Association (AOA) and Memorandum of Association (MOA), and details of the amendment along with the reason.

Change in Address

The address outlined in the Memorandum of Association (MOA) designates the primary business location. Post-incorporation, a company can modify this address through a special resolution in a General Meeting (AGM/EGM). To make this change, the company must promptly submit an application to the OCR within 30 days of the resolution, along with a resolution for name change, amended Articles of Association (AOA) and MOA, and details of the amendment along with the reason. Subsequently, the company should initiate the necessary changes with the Inland Revenue Department and other local levels.

Alteration in Capital Structure

Section 56 of the Company Act 2063 allows alterations to a company's share capital, covering increasing authorized share capital, changing par values, and canceling issued capital. A special resolution in a General Meeting is required for such decisions, but an ordinary resolution suffices for increasing issued capital up to the authorized limit. The company must notify the Office of the Company Registrar (OCR) within 30 days of the resolution, submitting documents like a resolution for name change, amended Memorandum of Association (MOA), details of the amendment with reasons, and a bank statement reflecting the increased capital deposit. The change takes effect upon receiving an acknowledgment letter from OCR confirming the recording of the alteration.

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Company Registration

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OCR Compliance

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Did you know?

Section 81 of the Companies Act imposes fines for failure to submit various returns, emphasizing the importance of timely compliance. This section serves as a regulatory mechanism, holding companies accountable for fulfilling their reporting obligations. Failure to submit annual returns, financial statements, or other required documents within the stipulated time frame may result in financial penalties. Such fines are structured to encourage companies to adhere to regulatory timelines and contribute to transparency and accountability within the corporate sector.

Our company stands as a reliable partner to help businesses avoid penalties under Section 81 of the Companies Act. Our expert team is dedicated to ensuring timely and accurate submission of all necessary returns, minimizing the risk of fines and legal repercussions.