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MCA revises threshold for paid up capital of small companies Latest revision to facilitate Ease of Doing Business further and reduce compliance burden on small companies The Ministry of Corporate Affairs (MCA) has taken several measures in the recent past towards ease of doing business and eas
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FAQ :
The new threshold for paid-up capital for small companies has been revised to not exceeding £4 crore.
The turnover threshold for small companies has been increased to not exceeding £40 crore.
The revision is intended to further facilitate ease of doing business and reduce the compliance burden on small companies.
Benefits include not needing to prepare a cash flow statement, filing an abridged annual return, no mandatory auditor rotation, and fewer board meetings.
No, the auditor of a small company is not required to report on the adequacy and effectiveness of internal financial controls.
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