Annual Compliance For Pvt Ltd Company
All the companies doing business in India are required to file certain documents with the government authorities according to the requirements of the Companies Act of 2013 and other applicable laws. Annual filing of Returns and Balance sheet of companies is a part of Annual e-filling done with Registrar of Companies i.e, ROC.
The Annual filing is compulsory for a Private Limited company, Public Limited Company, One Person Company and also for Limited Liability Partnership.
An Annual filing consists of filing of Balance Sheet, Profit and Loss Account and Compliance Certificate. This Compliance Certificate would be applicable for those companies whose Paid-up Capital is more or equal to Rs. 10,00,000/- during the financial year. The Balance Sheet should be accompanied with Auditor’s Report, Cash flow Statement and Schedules to the Balance Sheet. This Balance Sheet and P&L account has to be signed by a Practicing Chartered Accountant along with his seal and Membership Number.
Although Private Limited Company is the most popular form of starting a business, there are various compliances which are required to be followed once your business is incorporated.
Every Company required to follow legal Compliances as per Company law like reporting of financial results, reporting of changes in management, maintenance of statuary registers, auditing of accounts etc.
Managing the day to day operations of your business along with complying the corporate laws can be little taxing for any entrepreneur. Hence, it is necessary to take help of a professionals who can understand legal requirements to ensure timely reporting of compliances to Registrar, without any levy of interest or penalty.
Mandatory Compliances for Private Limited Company
Mandatory Compliances for Private Limited
Description and Timeline
First Board Meeting
First Meeting of Board of Directors is required to be held within 30 days of Incorporation of Company. Notice of Board Meeting must be send to every director at least 7 days before the meeting.
Subsequent Board Meetings
Minimum 4 Board Meetings to be held every year with not more than 120 days gap between two meetings.
Every director at:
Filing of Disclosure of interest by Directors (MBP-1)
Whenever there is change in disclosures Shall disclose in Form MBP‐1 (along with list of relatives and concern of relatives in the Company as per RPT definition), his concern or interest in any company, body corporate, firm or other association of individuals (including shareholding interest).
Form MBP‐1 shall be kept in the records of the company.
First Auditor of the company shall be appointed by the BOD within 30 days of Incorporation who shall hold the office till the conclusion of 1st AGM. In case of First Auditor, filing of ADT-1 is not mandatory.
The BOD shall appoint the auditor in first AGM of company who shall hold the office till the conclusion of 6th AGM and shall inform the same to ROC by filing ADT-1. The responsibility to file Form ADT 1 is that of the company and not of the auditor within 15 days from the date of appointment of auditors.
Annual General Meeting
Every Company is required to hold an Annual General Meeting on or before 30th September every year during business hours (9 am to 6pm), on a day that is not a public holiday and either at the registered office of the Company or within the city, town or village where the registered office is situated. A 21 clear days’ notice is required to be given for the same.
Filing of Financial Statements (Form AOC-4)
Every Private Limited Company is required to file its Director Report, Balance Sheet along with statement of Profit and Loss Account in AOC-04 form within 30 days of holding of Annual General Meeting.
Filing of Annual Return (Form MGT-7)
Every Private Limited Company is required to file its Annual Return in MGT-07 within 60 days of holding of Annual General Meeting. Annual Return will be for the period 1st April to 31st March.
Filing of Form DIR-3 KYC
All the Directors of the Company are required to get their KYCs done before 30th June of every financial year.
Filing of Form DPT-3 (Return of Deposits)
All the Company other than Government Company having any outstanding loan/amount as on 31st March of every financial year has to furnish details and bifurcation of such outstanding amount irrespective of the fact whether such amount is falling under the definition of deposit or not.
Filing of Form INC-22A
Every company registered on or before 31st December 2017 to tag the company as ACTIVE- (Active Company Tagging Identities and Verification.
Filing of form MSME Form I
All the companies who get their supplies of goods or services from micro and small enterprises and whose payments to micro and small enterprises exceeded 45 days from the date of acceptance of the goods or services shall submit a half yearly return to the MCA
Filing of form Ben-1
Ever Individual who is a significant beneficial owner needs to inform the Company in form BEN -1
Filing of form Ben-2
Company is required to file form BEN-1, in E-form BEN-2 with ROC.
Filing of Commencement of Business Certificate (Form 20A)
Every company is required to file e Form INC 20A with Registrar of Companies within 180 days of its Incorporation for commencement of its business.