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What are the necessary compliances for a Private Limited Company?

private limited company compliance
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Are you an entrepreneur or a businessman? 

Are you looking for ticking all the boxes of necessary compliance of your private limited company?

Well, compliances have always been a bit of headache for entrepreneurs and businessman who are managing the day to day operations of their business.

Private Limited Company is the most widespread type of business entity in India that is governed by the Companies Act, 2013 under the statutory body, Ministry of Corporate Affairs (MCA). Moreover, as per the MCA, every Private Limited Company has to fulfil certain compliance filings or RoC compliances within a specified time to avoid penalties. 

What are RoC compliances?

Registrar of Companies or RoC is a body working under the Companies Act, 2013. RoCs is designated under Section 609 of the Companies Act.

The purpose and duty of these RoCs are to ensure that the Private Limited Company and Limited liability partnership companies comply with all the statutory requirements of the act.

company compliances

So, what are the mandatory RoC compliances under the Companies Act for Private Limited Companies?

The mandatory RoC compliances under the Companies Act are as follows;

Board meetings:

Every company registered under the Companies Act, 2013 need to conduct Board Meetings at least four times in a year such that there is a gap of not more than 120 days between two consecutive meetings

Annual General Meeting:

Annual General Meeting or AGM has to be conducted by every company each year and there should be a gap of at most fifteen months between two consecutive AGMs.

Appointment of Auditor:

A company must appoint its First Auditor within 30 days of incorporation. Furthermore, the First Auditor should be appointed by filing the Form ADT-1. A First Auditor is appointed for a period of five years.

Commencement of Business- Every company within 180 days of its incorporation must file for Commencement of Business Form INC 20 A. The company must have its own bank account for filing the same.

Director disclosure:

The directors of the company have to disclose their interest in other companies through Form MBP 1 in the first Board meeting, every year.

Annual returns:

Every year a company needs to file their annual returns in the form MGT 7 within 60 days from the date of holding of the Annual General Meeting. 

Filing of financial statement: It has to be done within 30 days from the date of holding of the AGM.

Audit of accounts:

Every company must prepare their accounts and get them audited by a Chartered Accountant at the end of the financial year.

Maintaining registers:

Maintaining statutory registers, Minutes of AGM books, Minutes of Board Meeting books, creditors meeting, debenture holder meetings are mandatory for a company. 

 

Other non-RoC compliances:

 

  • TDS/TCS payment 
  • Tax audits
  • GST payment and GST filing
  • Filing of tax audit reports
  • Other payments of periodic dues 
  • Advance tax payment
  • Filing of quarterly TDS returns
  • Filing of IT returns

 

These are the mandatory compliances by a company registered under the Companies Act, 2013 which may lead to penal actions against the company otherwise. 

Essential professional help can certainly ensure timely fulfilment of required compliances.

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