Registering a company is only the beginning. Once incorporated, a company has continuing obligations relating to its books, annual financial statements, audit and filings with the Office of Company Registrar (OCR).
1. Maintain proper books throughout the year
OCR’s post-incorporation guidance states that company accounts should be properly maintained and should reflect the true position of the company. Waiting until year-end to reconstruct twelve months of transactions makes compliance unnecessarily difficult.
2. Prepare annual financial statements
Year-end work normally includes closing ledgers, reconciling bank accounts, confirming receivables and payables, reviewing fixed assets and preparing financial statements in the applicable format and accounting framework.
3. Arrange the required audit
Company accounts are subject to audit requirements under the Companies Act and related professional rules. The company should appoint an eligible auditor and provide complete records rather than treating audit as a last-minute signature exercise.
4. Complete meeting and approval requirements
The Companies Act and the company’s constitutional documents determine meeting and approval requirements. Public and private companies do not always follow identical procedures, so confirm the rules applicable to your company.
5. File the required information with OCR
OCR’s published guidance refers to annual financial statements and other statutory information that must be submitted within applicable timelines. Late filing can attract penalties.
Frequently asked questions
Does a company with low activity still need annual compliance?
Do not assume low activity removes corporate obligations. Review the company’s actual filing, audit and tax position.
Can I wait until tax clearance to update everything?
That usually creates avoidable pressure. Monthly bookkeeping and an annual closing process are more reliable.
Official sources & further reading
Need help applying this to your business?
General guidance is useful for understanding the issue. Your actual records, registrations and circumstances may require a different treatment.