LO/BO/PO is governed by Companies Act, 2013 and FDI policy and hence its must comply with compliances of both ROC and RBI in addition of other compliances. Further please note that for Company audit is mandatory. Following are compliances to be done by Foreign LO/BO/PO in a year: –
Monthly Compliances for Foreign Subsidiary Companies
Monthly GST return filling (if GST registration taken)
Quarterly Compliances for Foreign Subsidiary Company
TDS Return filling (if TAN taken)
Annual Compliances for Foreign Subsidiary Company
To Goods and Services Tax department (If GST registration taken)
Annual GST return filling
To Income Tax department
Income tax return filling
Filling to Director General of Income Tax (DGIT) in case of LO
In case of Liaison Office Form 49 C is to be filled to DGIT on or before 30th May every year.
To Registrar of Companies (ROC)
Form FC-3 (Statement of Account & Solvency)
Every LO/BO/PO is required to file form Form FC-3 to ROC within 6 months from close of financial year. Further every LO/BO/PO must maintain uniform financial year ending on 31st March of a year hence maximum time for filling Form FC-3 is by 30th September every year.
Form FC-4 (Annual Return)
Company is required to file Form FC-4 (Annual Return) annually within 60 days from end of financial year. Further every LO/BO/PO must maintain uniform financial year ending on 31st March of a year hence Form FC-4 has to be filled by 30th May every year
Filling Annual Activity certificate and financials to RBI through AD bank
Every LO/BO/PO has to submit on or before 30th September every year Annual Activity certificate and financials to Reserve Bank of India (RBI) through AB bank.