Full-Form of ROC – Registrar of Company
ROC’s full form is the Registrar of Companies. Registrar of Companies can be defined as the public authority that is registered under the Ministry of Corporate Affairs which plays a significant role in the administration of different companies and the LLPs (Limited Liability Partnerships) in India and under the administrative control of the Central Government of the country.
- As per section 609 of Companies Act, 1956, the principal duty of the ROC is to register the companies as well as the LLPs (Limited Liability Partnerships) in India. No company can commence its business without getting a Certificate of Incorporation by the Registrar of companies. It maintains the registry of records that has the details of the companies that are registered with ROC and with the payment of the stipulated fees; it also allows the general public to access this information. It plays an important and very much required role in fostering and facilitating the business culture.
- The role of the registrar of the company does not end after completing the registration process and the same continues with the working of the companies or LLPs. This is so because whenever there are any changes required by the companies such as change of the name, its objectives, registered place of business, etc then such changes can be done only after intimating the ROC once all the formalities are completed.
How Companies Are Registered with ROC?
- The principal duty is to register the companies as well as the LLPs (Limited Liability Partnerships) in India across all its states and different union territories. The companies have to register themselves with the ROC for their existence by getting the certificate of incorporation from the ROC.
- For the certificate of incorporation the promoters of the company or LLP as the case may be, are required to need to submit the necessary documents with Registrar of Companies where the required documents include Articles of Association, Memorandum of Association, and the pre-incorporation agreement which was made for appointing the directors or the managing directors of the company. Along with these documents, a declaration is also required to be submitted where there is confirmation by the authorized person confirming that all the requirements related to the registration have been complied with.
- Once all the documents are submitted by the promoter, the ROC with authenticate the documents and if found satisfactory, it will inputs the name of the company in the register of companies along with releasing certificate of incorporation and the certificate of the commencement of business in the name of the company. The certificate of the commencement of business is required by the public limited company before the commencement of its business.
The different functions are as follows:
- The main function is to register the companies as the person before incorporating a company requires a certificate of incorporation which is issued by ROC.
- Registrar of Company is the body that completes all the company’s regulations and reporting which also includes reporting of their shareholders, directors, etc.
- Every company has to file their financial documents and relevant documents with the ROC annually or within the time limit as may be prescribed and non-compliance of such filing of documents may result in a huge amount of penalty and other punishments as prescribed in the Act.
- The ROC has the authority to ask for the relevant information from the companies and may search the company’s premises and with the permission of court i.e., after obtaining the order from special court Books of accounts and papers of the company can be seized by ROC.
- Also, the winding-up petition of the company can be filed by the ROC if it is satisfied that it is in the public interest that the company is to be wound up.
The various requirements are explained as below:
- Companies such as public companies, private companies, a small company or one-person companies, etc., are required to file their annual financial statements with the ROC. It has the role to keep a check on such financial statements.
- ROC is required to give the certificate of incorporation and certificate of commencement of business to the companies after receiving relevant information and documents about the objects and place of business and the details about the directors etc.
- It is also required to issue the certificate of registration of the charges as without such certificate the creditors and the liquidators cannot take the charge into consideration
- Registrar of Company is also responsible to remove the name of the companies that has winded up their business and are not into existence.
- The scope of the Registrar of Companies is limited to the companies and the LLPs (Limited Liability Partnerships) in India. The primary duty of ROC is registering the companies which are incorporated in respective States or Union Territories; however, there are several other responsibilities as well of the registrar of the company.
- There are several powers granted to the Registrar of companies to the registration of Companies such as Power to calling for information, power of Search and Seizure, power of removing or changing the name of the companies from the register of Companies, etc. The removal of the names of the companies that has winded up their business and is not into the existence is also under the scope of the Registrar of Companies
Thus, the Registrar of companies plays an important role in the administration of the companies and the LLPs in India. It is required to give the certificate of incorporation as well as a certificate of commencement of business to the companies after receiving relevant documents from the companies. Also, all the types of companies that are in existence are required to file their annual financial statements with the ROC which keeps a check on such financial statements. So, the Registrar of Companies has been given a large number of duties by provisions of Companies Act, 2013.
This has been a guide to the Full Form of ROC. Here we discuss the role, functions, requirement, and how companies are registered with the registrar of the company. You may refer to the following articles to learn more about finance –