The following are the annual compliance procedures to be complied with by a BO/LO/PO:
- Submission of Annual Activity Certificate (AAC)
- Filing of Annual return with the ROC
- Filing of Financial statements the ROC

An annual activity certificate (AAC) is a certificate given by a Chartered Accountant to the effect that the activities undertaken by the BO/PO/LO during the year have been specifically permitted by the Reserve Bank vide its approval letter.
The CA should also certify in the AAC that the BO/PO/LO has complied with the all the terms and conditions specified in the approval letter given by RBI.

In case of a sole BO/LO/PO, the AAC shall be submitted by the concerned BO/PO/LO.
In case of multiple BOs/LOs, a combined AAC shall be submitted in respect of all the offices in India by the nodal office of the BOs/LOs.

AAC as at 31^st March, along with the audited financial statements including receipt and payment account should be submitted on or before 30^th September of every year.
In case the annual accounts of the BO are finalized on any date other than March 31^st, the AAC along with the audited Balance sheet may be submitted within 6 months from the due date of the Balance sheet.

In case of LO/BO, the AAC shall be submitted to the designated AD Category -I bank as well as to the Director General of Income Tax (International Taxation), New Delhi
In case of PO, it shall be submitted only to the designated AD Category -I bank.

Not required, the designated AD Category – I bank shall scrutinize the AAC and ensure that the activities undertaken by the BO/LO are being carried out in accordance with the terms and conditions of the approval given and shall report the same to RBI in the event of any adverse findings.

A foreign company is required to file its annual return to the Registrar of Companies in e-Form FC-4 within a period of 60 days from the close of financial year.

Details of Promoters, Directors and Key managerial personnel and changes therein since close of previous financial year
Details of directors and key managerial personnel and their remuneration
Details of the meeting of the members or class thereof, board and its various committees along with attendance details
Particulars of members and debenture holders along with changes therein since the close of previous financial year
Particulars of Holding, subsidiary and associate companies and firms.
Details of Penalties / punishment/ Compounding of offences, if any

A foreign company is required to file its audited financial statements in e-Form FC-3 with the Registrar of Companies within a period of 6 months of the close of the financial year.

Annual compliance mechanism – Branch/Project/Liaison office

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