Private Limited Company ROC Annual Compliance
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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. Mandatory compliances like declaration of commencement of Business, Annual return, Board meetings, annual general meeting and others.
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Outline
Mandatory Annual Compliances
There are some mandatory compliances a private limited company must ensure-
First Board Meeting
company.
Appointment of Auditor (ADT-1)
First auditor of the Company appointed within 30 days of incorporation of Company.The first auditor shall hold office till the conclusion of 1st Annual General Meeting.
Declaration of Commencement of Business (INC-20A)
It is declaration that all the subscribers to the MOA have remitted the total value of the shares agreed to be taken by them in the Companies Bank Account.It is filed within 180 days of incorporation of business.
Conduct Annual General Meeting
Filing of Annual Return (MGT-7)
Filing of Financial Statements (AOC-4)
Every private Limited Company is expected to file its ‘Balance Sheet’ along with a statement of ‘Profit and Loss Account’ and ‘Director Report’ in this Form in 30 days of holding of Annual General Meeting.
Statutory Audit of Accounts
Every company should prepare its Accounts and get the exact audited by a Professionals/Chartered Accountant at the end of the Financial Year mandatorily. The Auditor should provide an Audit Report and the Audited Financial Statements to file it with the Registrar.
Directors KYC (DIR-3 KYC/Web DIR-3 KYC)
Every person who holds DIN/DPIN as on 31st March of the financial year, he has to submit Form DIR-3-KYC or DIR-3 KYC-WEB for the said financial year on or before 30th September of the immediate next financial year.
Documents required for annual filing of Private Limited Company
1.Incorporation Certificate
- PAN Card
- Certificate of Incorporation
- MoA – AoA of Private Company
2.Audited Financial Statements.
3.An independent auditor must audit financial Statements.
4.Audit Report & Board Report
5.Independent auditor’s report and Board report must be concerned.
6.DSC of Director (Accurate and active DSC of one of the directors must be provided)
Benefits of Annual Compliance
- Avoid monetary penalties
- Build trust & brand loyalty
- Better visibility of operations
- Avoid any legal implications.
- Maintain credibility in the market
Frequently Asked Questions
Yes, RoC compliance for Private Limited Companies are necessary for every registered company. Irrespective of the total turnover or the capital amount, the company must comply with the annual compliance requirement. The annual compliance is due after the AGM of the company since its first financial year.
Yes it is compulsory for every company that is registered under the Companies Act, Private Limited Company or a Public Limited Company. Every company must get it audited every year.
Form ADT- 1 is used by a company to intimate the registrar of companies about the appointment of an auditor after the completion of its annual general meeting (AGM). Sec 139 (1) of the new Companies Act 2013 mandates this and this form has to be filed every year after the AGM in which the auditor was appointed.
Private Limited Companies are required to file its Annual Accounts and Returns disclosing details of its shareholders, directors etc to the Registrar of Companies. Such compliances are required to be made once in a year
When OPC is concerned – the signature by the company secretary on Form MGT 7 is required and if there is no company secretary for the firm then the signature is required by the director of the company.
You’ll have to pay penalties if you do not file your accounts with Companies House by the deadline.The penalty is doubled if your accounts are late 2 years in a row. You can be fined and your company struck off the register if you do not send Companies House your accounts or confirmation statement
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