All about E- Form AOC-5 (Section 128 under the Companies Act, 2013) and a revision to the E- Form that has come into force from 23-01-2023
What is the Need for the AOC 5 E-Form?
One of the major needs to start a company is to have a registered office as the address proof of the company. For startups, the same is common to register their office at the residential premises of the promoter prior to proceeding to the rented premise.
The same permits the company to maintain that address despite revising the place of business activity, laying on the requirement and the outflow of cash. But the real business location might not be the same as the registered office address in which all the activities of the business would get implemented.
Laws and Rules Controlling the Same
(1) Section 128 of the Companies Act, 2013:
Each and every firm would create and maintain its registered office “books of account” along with the additional related books and papers including a financial statement for each fiscal year that provides a correct view of the cases of the company along with its branch office or offices if any, and at the registered office and its branches elaborate the transactions made and on the accrual grounds these books will be maintained, as per the double entry system of accounting:
Since the board of directors might decide in which the decision would be chosen and therefore all or any of the books of account former and additional related papers might maintain at the other place, in the time duration of 7 days the company will furnish with the registrar a notice in writing providing the location of the other place:
These books of account or the additional related papers might be maintained by the company in the electronic mode through the method as might be specified.
(2) Rule – 2A, Companies (Accounts) Rules, 2014:
Towards the goal of the first proviso to sub-section (I) of section 128, the notice for the address at which the books of account might be maintained will be in Form AOC-5.
(3) Section 2(13) of the Companies Act, 2013, “Books of Accounts” Comprises Records Maintained in Regard to
(i) All additions of money obtained and expended through the company along with the cases in concern to which the receipts and expenditures execute.
(ii) All the sales and goods and services purchased through the company.
(iii) Companies’ assets and liabilities.
(iv) The cost of the item as might be specified under section 148 for the case of the firm that belongs to any type of the companies mentioned beneath that section.
Quick to File E Form AOC-5 with MCA
(i) Discussion on Board Meeting
The standards specified through the ICSI in SS-1 is been followed by the Board of Directors of the company for the board meetings and would talk about the case of maintaining the books of accounts of the company in a place which would be an unregistered office of the company.
The Board of Directors will issue a Board Resolution in the favor of that, as per the discussion.
(ii) AOC-5 Form Filing Process
To the Registrar of Companies, the company should file e-form AOC-5 within seven days of passing the Board resolution including with that furnishing the full address of the place in which the company’s books of accounts shall keep maintained.
E-form AOC-5 would get substituted from a new e-form AOC-5 w.e.f. 23 January 2023 which could be revealed in this article.
Company Data Needed for E-form AOC-5 Form:
(i) Corporate Identification Number (CIN)
(ii) Company name and Registered office address
(iii) Board resolution date in which the decision referred to the premises where the books of account would be maintained has opted.
(iv) Books of account address is been maintained including its Latitude and Longitude.
(v) Information related to the police station beneath whose jurisdiction the address for a place where the books of account are to be maintained.
Attachments Need for e-form AOC 5:
(i) Proof of address (Conveyance/Lease deed/ Rent Agreement and others included with the rent receipts) and standard NOC for the case of Leased or rented property.
(ii) Utility bill copies (not older than 2 months).
(iii) Office photos that display external building and second shall be inside the office indeed displaying one director/KMP who would have affixed his or her digital signature to the same form.
(iv) Optional attachment(s)
Particular Engagement on AOC-5 Form
(i) Registrar of Companies authorizes Form AOC-5 since it is in the Non-STP mode.
(ii) Director/ Manager/ CEO/ CFO/ Company Secretary of the Company must digitally sign Form AOC-5.
(iii) No professional certification shall be needed for Form AOC-5
Read Also: Annual Form AOC-4 Filing Via Gen Complaw with XBRL Software
Fees Applied on AOC-5 Form
The fee levied through the registrar of companies for the Form is revealed through the company’s authorized capital. The structure of the fees would be stated as
| Nominal Share Capital | Applicable Fee |
|---|---|
| Less than INR 1,00,000 | INR 200 |
| INR 1,00,000 to INR 4,99,999 | INR 300 |
| INR 5,00,000 to INR 24,99,999 | INR 400 |
| INR 25,00,000 to INR 99,99,999 | INR 500 |
| INR 1,00,00,000 and more | INR 600 |
Other Fees Apply on AOC-5 Form
When Form AOC-5 does not get furnished within 7 days of passing of the board resolution then a late filing fee or penalty shall be imposed. The late time period decides the penalty amount.
| Period of Delay | Applicable Penalty |
|---|---|
| Up to 30 days | 2 the general fee of the form. |
| More than 30 days and up to 60 days | 4 times the general fee of the form. |
| More than 60 days and up to 90 days | 6 times the general fee of the form. |
| More than 90 days and up to 180 days | 10 times the general fee of the form. |
| More than 180 days | 12 times the general fee of the form. |
Non-Compliance Penalty on AOC-5 Form
A fine of a minimum of Rupees 50,000 and a maximum of Rupees 5,00,000 will be imposed If the managing director, whole-time director in charge of finance, Chief Financial Officer, or any other individual of a company is unable to follow the provision of the same section.
Closure
From 23 January 2023, the MCA has modified the companies (accounts) amendment rules, 2023, which makes it compulsory to attach proof of address, copies of the utility bill, and a photograph of the registered office that displays at least 1 director with form AOC-5 when filing E-form AOC-5 (Notice of address at which books of account are to be Maintained).
