Annual Return for Your Company, When and Why?

Are you up to date with your Annual Return at the Registrar General of Companies (ROC)? You might be wondering if it’s necessary, especially if you haven’t conducted any business activities. Let’s delve into the significance of this process and why it matters for even the smallest of companies.

The Annual Return isn’t directly linked to your business transactions, profits, or financial matters. Instead, it focuses on the charges created against your company’s assets and ensures accurate documentation of your company’s details. Think of it as a yearly confirmation of your company’s information with the Registrar General of Companies. This process is not exclusive to Sri Lanka; it’s a standard practice in many other countries as well.

With the introduction of the eROC system, the importance of the Annual Return has only heightened. Third parties now rely on the latest Annual Return of your company, making it essential to keep it updated.

So, when should you submit your Annual Return? For starters, your first Annual Return must be submitted to the Registrar within 18 months from the date of incorporation. Subsequently, it should be submitted annually, with a deadline of 15 months from the date of incorporation.

Failure to comply with these regulations could lead to penalties and legal complications. If you’re unsure about the process or need guidance on ensuring compliance, don’t hesitate to reach out to us at [email protected].

Remember, staying updated with your Annual Return not only keeps you compliant with legal requirements but also ensures transparency and credibility for your company.