03 January 2015
1. a small company has been exempted from the mandatory requirement of preparing cash flow statement as part of its financial statement.
2. the annual return can be signed by the director where there is no company secretary.
3. Small companies are exempt from the requirement of mandatory rotation of statutory auditors. The auditor in a small company may continue to serve for any number of years without any requirement of cooling off period in between.
4.At least one meeting of the Board of Directors has been conducted in each half of a calendar year and the gap between the two meetings is not less than 90 days.
5. Fees for filings and other formalities as prescribed under section 403 of the Companies Act, 2013 read with Companies (Registration of Offices and Fees) Rules, 2014 is comparatively lower for the small companies.