Annual Compliance for Private Limited Company Starting @ ₹14999/-
Make an enquiry
Annual compliance for Pvt Ltd checklist :
Annual compliance for Private limited company is mandatory right from the start of its incorporation, a startup becomes subject to different statutory and regulatory compliance. A business registered in India is required to comply with the various annual legal company compliance laid down by the corporate laws such as the Companies Act, 2013. Since a majority of startups are registered as companies, annual compliance for Private Limited company becomes the most asked issue faced by growing businesses. Now our annual compliance for Pvt ltd company service is accessible all over India. Our annual compliance for Pvt ltd company service is backed by our strong proficiency & experience to complete the statutory requirements of the annual compliance checklist for Pvt Ltd company. The compliance checklist for Pvt Ltd companies are as follows:
- Business commencement to start annual compliance for Private limited company.
- Receipt of MBP-1.
- Receipt of DIR-8.
- Board meeting (Minimum 4 board meetings every year).
- Holding AGM every year.
- Adoption of financial & board reports for accounting & annual compliance for Private Limited company.
- Appointment of an auditor, who will maintain the complete annual compliance for Private Limited Company.
- File form ADT-1 of auditor appointment.
- Maintenance of Statutory Registers.
- Annual filing at the end of the year to complete the statutory & accounting formalities of annual compliance for Private Limited Company.
Annual compliance for Pvt Ltd company is often neglected by the business organizations and firms. Due to the strict annual compliance for Private limited company, many organizations get penalized by the concerned ministry. Many organizations even unintentionally forget to maintain the mandatory statutory & accounting formalities required at the time of annual compliance for Private limited company.
Cost of annual compliance for Pvt Ltd company :
Many small organizations had failed to comply with the annual compliance for Pvt Ltd company, due to the high cost of annual compliance for Private Limited company. But the reasons behind this are not the government fees, but surely the unnecessary recurring cost of compliance by the service organization. Poor cost management of these companies and improper guidance are some important factors for the cost overburden of annual compliance for private limited companies. As per the government data source, so many companies had faced fine and legal challenges due to the non-compliance. SLPL Associates India Limited is committed to performing the task of annual compliance for private limited companies at a reasonable cost. Our service cost of annual compliance for private Limited company has been fixed in order to serve the small, medium, and micro organizations in an organized manner.
To prevent the penalties, fines,s and forced strike-off affect the startups & new businesses, it is important to understand the different requirements for annual compliance for Private Limited Companies that must be filed with the Registrar of Companies in India (ROC). SLPL Associates India Pvt Ltd has prepared a brief guide & requirement charts to the different task of annual compliance for private limited company:
- Annual Compliance for a Private Limited Company: The task annual compliances for Private Limited Company are classified as Mandatory Compliances and Event-Based/Ad hoc Compliances that must be filed with the ROC in the prescribed format, along with the prescribed fees, rules & regulations of annual compliance for private limited company as per companies act 2013 and before the end of deadlines set by the MCA.
- Mandatory/Compulsory Annual Compliances for private limited company: When it comes to compulsory annual compliance for Private Limited Company, there are a couple of fixed annual ROC returns that must be filed by a private limited company every financial year. In addition to these mandatory/compulsory annual compliance for private limited company requirements, As per the annual compliance calendar for private limited companies set by the government, the MCA may introduce new mandatory compliances, and a business needs to stay up-to-date to know about the latest MCA notifications for compulsory KYC or other form filings.
A good compliance service consultant & incorporation specialist like us can assist the startups in understanding the concept of compulsory annual compliance for private limited companies and the annual compliance for private limited companies created through special events or situations. The mandatory requirements for annual compliance for Private Limited Company include the following:
- Auditor Appointment: Each private limited company incorporated under the Indian Companies Act, 2013 needs to appoint its auditor, Within 30 days of business incorporation. An auditor must be compulsorily appointed by the Board of Directors under the provisions of Section 139 of the Act.
It’s important to appoint an auditor who can perform the statutory & accounting formalities of the annual compliance for private limited company, for which he has been appointed.
- Board Of Directors Meeting: Conduct board of directors meeting periodically is an important function for the annual compliance for private limited company. Each private limited company must hold a minimum number of FOUR meetings each year. The meetings should be conducted in a manner that the maximum gap between two meetings must not exceed 120 days.
Each director of the private limited company must be well informed about the date, place, and agenda of the meeting before the conduct of the meeting. Members of the board of directors panel must be adequately informed by the compliance consultant service provider regarding the statutory formalities of the board meeting as per the rules governed by the act concerning annual compliance for private limited companies.
- Holding AGM every year: The shareholders of a Private Limited Company must meet once every year within six months from the date of closing of the financial year. The Place of companies annual general meeting should be held at companies registered office or the villages, town or area fall under the same jurisdiction of the registered office.
The agenda of the AGM can be issues relating to approval of financial statements, appointment or re-appointment of auditors, declaration of dividends, appointment and remuneration of directors, etc.
- Annual Return And Financial Statements: The annual return for financial statements and the income tax return is another important aspect of the annual compliance for private limited companies. The Annual Return and Financial Statements of the Private Limited Company must be filed every financial year mandatorily by every private limited company irrespective of its turnover or activities. The Annual Return details the information about the company’s shareholders, directors, members, and other Key Managerial Personel (KMP’s) must be filed within 60 days of holding the Annual General Meeting.
The Financial Statements are different documents of a private limited company includes Balance Sheet, Statement of Profit & Loss, Income & expenditure statement & other current asset statements. The Financial Statements must be filed within 30 days of holding the Annual General Meeting.
- Maintenance Of Company’s Registers and Records: The registers and records of a company must be carefully maintained and kept open for inspection at the company’s registered office. The Registers and Records of a company include the Register of shares, Register of Members and Register of Directors, resolutions of the meetings of the Board of Directors, Minutes of the board meetings, and Annual General Meeting.
- Company Income Tax Return: In the eyes of law & government, a business is a separate legal entity & the artificial person who needs to file income tax annually, along with the other tax compliances relating to Advance Tax, Professional Tax, & TDS for the purpose of annual compliance for private limited company. The requirements and due dates of all the tax compliances of a company are different, and the business can talk to a compliance consultant & proficient compliance service provider like us to maintain its financial conformity for the purpose of annual compliance for private limited company. Additionally, If the annual turnover of the private limited company exceeds Rs 1 Crore, an annual tax audit is mandatory for each year.
Keeping in mind the compulsory annual compliance for private limited company is important, but a good compliance service provider like us will also keep in mind the Ad-hoc compliance and situation based compliance may arise due to the operational contingencies of a private limited company.
- Event/Situation-Based Annual Compliance for private limited company: There are different annual compliance requirements of a company that arises only when a certain event occurs. In such an occurrence, the company is required to file its ROC return and inform the ROC about such an event. These event-based compliances of a Private Limited Company include:
- Loans are given to other Companies by the private limited company.
- Loans are given to Directors/ Loans taken from the director or directors.
- Appointment of managing or whole-time director.
- Change in authorized or Paid-up Capital.
- Allotment of new shares or transfer of shares
- Opening or closing of a bank account or change in signatories of a Bank account.
- Dormant company/company insolvency/company strike off.
- MOA modifications such as:
- Director Addition
- Director’s removal.
- Resignation of director/removal/registered office change etc
Annual compliance for private limited companies must need a safe hand of efficient advisories that will take care of any situation and every eventual contingency.
This makes it crucial for a new company to understand which compliances are applicable over it and when to file the annual compliance returns to avoid unwanted penalties. SLPL Associates India Pvt Ltd makes it easier for startups to understand their yearly compliance requirements by connecting them with the best business consultants in India. Here our job is to simplify the process of annual compliance for private limited companies at a very reasonable cost. Don’t neglect the compliance affairs of your private limited company. Start your annual compliance today.