Annual Compliances of Private Limited Companies
Get expert assistance for annual compliances of private limited companies in India. Professional CA and legal services with complete documentation support.
Overview of Annual Compliances of Private Limited Companies
All Private Limited companies in India are governed by the Ministry of Corporate Affairs (MCA) under the Companies Act, 2013. According to this act, every company, post incorporation, has to fulfill some mandatory legal obligations. Failing to meet them in a timely manner can result in heavy penalties (up to Rs. 1 lakh a year) or directors getting blacklisted.
You should maintain a public record which consists of the company's information — called the annual returns — available in the Companies Register. Every year, you are supposed to update the annual return of the company regularly.
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Mandatory Annual Compliance Requirements
Following are the mandatory compliance that private limited companies have to fulfil. At FilingForYou our expert Chartered Accountants, Accounting & Taxation professionals and Company Secretaries will take care of all your compliance requirements. We offer the best-in-class legal consultation for your company. Our team will cover the following compliance requirements as mandated by the Ministry of Corporate Affairs.
Stress-Free Compliance
Facilitation of Meeting of Board of Directors
The first meeting has to be conducted within 30 days of incorporating a business, after which four meetings shall be held every quarter in a calendar year. There should not be more than 120 days gap between two consecutive meetings.
Preparation of Minutes of Proceedings of Meeting
Every company needs to file its minutes of the meeting and it shall be preserved permanently. The Meeting Minutes will be maintained at the Registered Office.
Issuance of Share Certificates
The Company is required to issue share certificates to the subscribers of the memorandum within 60 days of incorporation.
Filing of Disclosure of Director's Interest and Declaration of Disqualification
In the first Board Meeting, all Directors are required to give disclosure about their interest in other business entities.
Filing Declaration of Commencement of Business with RoC
Form INC-20A must be filed within 180 days from incorporation.
Facilitation of Annual General Meeting (AGM)
A company shall conduct at least one AGM each year. The first AGM shall be held within nine months from the closing of the first financial year. In other cases, it shall be within six months from the closing of the financial year.
Filing of Financial Statement with ROC
The company is required to file the financial statement with the ROC via Form AOC-4 within 30 days of the Annual General Meeting.
Filing of Annual Return with ROC
Annual Return must be e-filed with the RoC within 60 days of the conclusion of the AGM.
Quarterly Compliance
Every company has to hold a minimum of four meetings of its Board of Directors — at least one board meeting every quarter of the calendar year.
Statutory Registrations
All statutory registrations like GST, PF, ESI, IEC, etc. must be made and kept up to date.