There are few simple steps for Annual Compliance for Private Limited Companies:
Although Private Limited Company is the most popular form of starting a business, there are various compliance which are required to be followed once your business is incorporated.
Every Company required to follow legal Compliance as per Company law like reporting of financial results, reporting of changes in management, maintenance of statuary registers, auditing of accounts etc.
Managing the day to day operations of your business along with complying the corporate laws can be little taxing for any entrepreneur. Hence, it is necessary to take help of a professionals who can understand legal requirements to ensure timely reporting of compliance to Registrar, without any levy of interest or penalty.
We at eZeefiling will provide you a complete guidance on Annual Compliance for Private Limited Company with our experienced professional team driven by Chartered Accountants, Company secretaries, Lawyers and Influencers, who have vast experiences into the respective fields.
We have elaborated below Annual Compliance for Private Limited Company has to mandatorily ensure:
Description and Timeline
First Board Meeting
First Meeting of Board of Directors is required to be held within 30 days of Incorporation of Company. Notice of Board Meeting must be send to every director at least 7 days before the meeting.
Subsequent Board Meetings
Minimum 4 Board Meetings to be held every year with not more than 120 days gap between two meetings.
Filing of Disclosure of interest by Directors (MBP-1)
Whenever there is change in disclosures Shall disclose in Form MBP‐1 (along with list of relatives and concern of relatives in the Company as per RPT definition), his concern or interest in any company, body corporate, firm or other association of individuals (including shareholding interest).
First Auditor of the company shall be appointed by the BOD within 30 days of Incorporation who shall hold the office till the conclusion of 1st AGM. In case of First Auditor, filing of ADT-1 is not mandatory.
The BOD shall appoint the auditor in first AGM of company who shall hold the office till the conclusion of 6th AGM and shall inform the same to ROC by filing ADT-1. The responsibility to file Form ADT 1 is that of the company and not of the auditor within 15 days from the date of appointment of auditors.
Annual General Meeting
Every Company is required to hold an Annual General Meeting on or before 30th September every year during business hours (9 am to 6pm), on a day that is not a public holiday and either at the registered office of the Company or within the city, town or village where the registered office is situated. A 21 clear days’ notice is required to be given for the same.
Filing of Financial Statements (Form AOC-4)
Every Private Limited Company is required to file its Director Report, Balance Sheet along with statement of Profit and Loss Account in AOC-04 form within 30 days of holding of Annual General Meeting.
Filing of Annual Return (Form MGT-7)
Every Private Limited Company is required to file its Annual Return in MGT-07 within 60 days of holding of Annual General Meeting. Annual Return will be for the period 1st April to 31st March.
Filing of Form DIR-3 KYC
All the Directors of the Company are required to get their KYCs done before 30th June of every financial year.
Filing of Form DPT-3 (Return of Deposits)
All the Company other than Government Company having any outstanding loan/amount as on 31st March of every financial year has to furnish details and bifurcation of such outstanding amount irrespective of the fact whether such amount is falling under the definition of deposit or not.
Filing of Form INC-22A
Every company registered on or before 31st December 2017 to tag the company as ACTIVE- (Active Company Tagging Identities and Verification.
Filing of form MSME Form I
All the companies who get their supplies of goods or services from micro and small enterprises and whose payments to micro and small enterprises exceeded 45 days from the date of acceptance of the goods or services shall submit a half yearly return to the MCA
Filing of form Ben-1
Ever Individual who is a significant beneficial owner needs to inform the Company in form BEN -1
Filing of form Ben-2
Company is required to file form BEN-1, in E-form BEN-2 with ROC.
Filing of Commencement of Business Certificate (Form 20A)
Every company is required to file e Form INC 20A with Registrar of Companies within 180 days of its Incorporation for commencement of its business.
We at eZeefiling will provide you a complete guidance on Annual Compliance for Private Limited Company. And also all the compliance applicable to your company and file every Compliance on time.
Our experienced professional team driven by Chartered Accountants, Company secretaries, Lawyers and Influencers, who have vast experiences into the respective fields will be available to take care of compliance of your Company. Professional team will ensure that you focus on your core Business area while we take care all govt related Compliance of your Company in hassle free manner.
IEC Stands for Importer Exporter code which is a 10 digit number issued by Director General of Foreign Trade, Department of Commerce, Government of India. It is a registration required for traders importing or exporting goods and services to or from India.
Import Export Code number is a proof of a firm as an Exporter/Importer in India. IE code can be submitted with government authorities as a proof of trade to obtain various benefits on their exports / imports from DGFT, customs etc.