Annual Compliance for Private limited Company

Our dedicated ROC team with 10+ years of experience shall keep you compliant will all the compliances.

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What is a private limited company?

A private limited organization is a type of business organization wherein the ownership & management are separate. The capital of the Company is provided by a group of people known as shareholders who entrust the responsibility of managing the Company in the hands of experts known as the Board of Directors. These forms of organization are closely held usually by family, friends, and relatives. Private companies may issue shares and can have a maximum of 200 shareholders. However, their shares do not trade on public exchanges but they can get their shares listed if needed. It is governed by the Ministry of Corporate Affairs (MCA) and regulated by the Companies Act, 2013.

Overview

A private company is subject to various statutory compliances as per the Companies Act, 2013. Ministry of corporate affairs (MCA) looks after the compliance procedures & filing of all the private limited companies in India.

Following are the Annual Compliances for a Private Limited Company:-
Board Meetings
As per section 173 of Companies Act, every private limited company has to conduct minimum 4 board meetings in a financial year with a gap of not more than 120 days between 2 consecutive meetings
Annual General Meeting
Every private limited must hold an annual general meeting within 6 months from the end of the financial year. In this meeting, the members adopt the Financials of the company & discuss other topics such as director rotation, auditor re-appointment etc
Filing Of Form AOC-04 & MGT-07
AOC - 04 has to be filed within 30 days from the date of AGM. In this form, company needs to disclose the financial statements MGT – 07 is an annual return which has to be filed within 60 days from the date of AGM
Auditors Re-appointment
Companies are required to re-appoint a new auditor every 5 years
Filing Of Amount Related To Deposits Of Loans And Advances – Form DPT-3
Filing Of Outstanding Creditors
Private limited companies have to file Form MSME – 1 evey half yearly to disclose the amount Outstanding to creditors registered under MSME.

Benefits of Annual compliances

Enhanced brand Image
Improves credibility among various stakeholders
Prevents heavy penalties by the department
Ensures best corporate governance practices
Improves chances of getting loans from banks or financial institutions

Documents Required

Process

How can we help you?

We have a dedicated team who will take care of all your compliances. Our annual services include:-
Preparation of Agenda, Notice & draft board resolutions for the board meeting
Preparation of meetings & attendance sheet of the Board Meeting
Preparation of disclosures under section 184 & 164 of the Companies Act, 2013 for all the directors of the company
Preparation of Notice of Annual General Meeting
Preparation of Director’s Report
Preparation of Annual Return as per Section 92 of the Companies Act, 2013
Preparation of documents for Statutory Auditors Appointment
Updating & maintaining of Statutory registers such as:-
- Register of members
- Register of Shareholding
- Register of Contracts
- Register of charges etc
Filing of statutory forms for such as AOC-04, MGT-7, ADT-1, DPT-3, MSME-1, DIR-3KYC & BEN 2
Get in touch with our experts by clicking here.

FAQs

a. Why should I select ICI to look after my Company’s annual compliances?

We have a dedicated ROC team with 10+ years of experience who shall keep you compliant & make sure that you don’t have to pay any extra penny from your pocket as late fee or penalty. Our rates are very reasonable and we focus on providing quality service to our customers.

b. What if my company has no transactions during the year? Am I still liable to follow all the above compliances?

Every private limited company irrespective of any business activity during a year has to still compulsorily comply with all the above compliances. The compliances however shall be much simpler in this case.

c. Is it compulsory to be physically present in all the board meetings & AGM?

No, one can opt for Video conferencing to join the meeting. However, a director has to be physically present in at least one board meeting.

d. Where & when is the AGM & Board Meeting conducted?

AGM is conducted at the registered office of the Company between 9 am to 6 pm. It can be conducted on any of the days other than a national holiday. One can also conduct AGM at a place other than registered office but it should be within the same city, town or village.

e. What is the penalty on failure to file the financial statements?

Company is penalised for an amount between Rs 50,000 & Rs 25,00,000 whereas the officer in default is penalised with minimum of Rs 50,000 & a maximum of Rs 5,00,000 or imprisoned for a term of 3 years or both

f. What documents are submitted with AOC-4 & MGT-7?

Companies need to submit the audited balance sheet and profit & loss statement as per the format provided by the Companies Act. Along with this, the Director’s report & Auditor’s report also need to be submitted.

g. Still have doubts?

Speak to our experts who shall solve all your doubts.
Call us at +91 7738 066 334 or Mail us at info@indiacompanyincorporation.com

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