A Private Company is an separate legal entity enjoying a which requires maintaining its active status through the regular compliances with MCA. For every company, it is compulsory to file an annual return and audited financial statements with MCA for every financial year.
The RoC filing is mandatory irrespective of the turnover, whether it is zero or in crore.
Whether a single transaction is undertaken or none, annual compliances for private limited are mandatory for every registered company.
Most of the businesses fail to fulfil all their compliances in their initial years and end up paying penalties up to Rs.1 lakh/year. Sometimes, such companies and their directors are even blacklisted for a period of time .
Non-compliance can attract penalties and may also bring an end to business in extreme cases.
Annual Compliance for Private Company can be effectively completed by DhanTax (Business Consultant) in Delhi NCR,Kolkata, Mumbai, Bengaluru, Chennai & Bikaner,Tripura and other Indian cities.
If you want to take services related with Annual Compliance for Private Company then you can consult with DhanTax.
DhanTax expert team will support you with Annual Compliance for Private Company.
|Compliance to be done||When is this compliance to be done?||Penalty for Non-compliance|
|1. Issue of Share Certificates||The company must issue the Share Certificates to its shareholders within 2 months of its Incorporation or new allotment||
|2. Statutory Registers||7 to 8 Mandatory Registers to be maintained and updated from time to time||
|3. Board Meeting Compliances||
|4. Annual General Meeting (AGM) Compliance||
Default in holding AGM:
Minutes Book Maintenance:
|5. Annual ROC Filingsw.e.f 01/04/2014
Every company, after getting its Certificate of Incorporation from the Registrar of Companies, has to comply with certain rules and regulations with Ministry of Corporate Affairs as required by Companies Act, 2013.
The Govt. of India imposes strict penalties and fines for companies which do not comply, so we advise you to start with the compliance as early as possible.
A company is not a natural person thus, it in incapable of acting on its own.
Therefore the Company is accustomed to act through its agents. The Board of directors acts as the agents of the company. They are responsible for managing substantially whole of the affairs of the company.
Board of directors has the responsibilities and powers to take major decision of the company. To facilitate the process of decision making it is essential that board of directors meet at regular intervals.
First Board Meeting to be held within 30 days of date of incorporation and every Private Limited Company must hold minimum of 4 Board of Directors meeting in a year.
The general procedure is Issuing Board meeting Notice and Agenda, Board meeting to be held, Maintenance of Attendance register and Minutes of the meeting.
Annual General Meeting is a statutory requirement for Private Limited Company and Limited Company in India.
Every Company whether, public or private, limited by shares or guarantee, with or without share capital or unlimited company is required to hold an AGM every year. Annual General Meeting is an annual meeting conducted by the shareholders and Directors of the Company.
In the Annual General Meeting, the audited accounts of the Company are approved, appointment of auditors and Directors are finalized.
Other items that can be decided in an AGM include compensation of officers, confirmation of proposed dividends and any other issue raised by shareholder.
The first annual general meeting of the company must be held within 18 months from the date of incorporation of Company.Even a Company that has no activity is required to conduct a annual general meeting. Subsequent AGM should be held on the earliest of the following dates:
All company must hold an annual general meeting in every calendar year. However, if the first annual general meeting is held within 18 months from the date of its incorporation, it is not necessary to hold any annual general meeting in the year of incorporation or in the following year.
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