Expert Guidance on Compliance for Private Limited Companies
Navigating compliance can be a complex challenge for private limited companies in India. Adhering to the comprehensive requirements of the Companies Act 2013, including director appointments, shareholder meetings, and other regulatory obligations, is crucial but can often seem overwhelming. That’s where IndiaFilings steps in. We provide expert guidance and comprehensive solutions tailored to your company’s needs, simplifying the compliance process from registration to ongoing obligations.
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Compliance for Private Limited Company
Compliance refers to adhering to orders, rules, or requests. For a private limited company incorporated in India, compliance with the Companies Act 2013 is essential. This legislation governs various aspects, including the appointment, qualification, remuneration, and retirement of directors and the conduct of board and shareholder meetings. Compliance with Registrar of Companies (RoC) regulations is mandatory for every private limited company, regardless of turnover or capital amount.
- ✓ Compliance Related to the Registrar - ROC Compliance
- ✓ Compliance Beyond the Registrar’s Purview - Non-Registrar compliance
ROC Compliance for Private Limited Company
These are obligations that a company must fulfil in accordance with the regulations set by the Registrar of Companies (ROC) or equivalent authority. They typically involve statutory filings and adherence to the Companies Act provisions. Ensuring adherence to ROC compliance is pivotal for companies operating in India.
Annual Compliances for Private Limited Company
Annual compliances are a critical aspect of corporate governance for companies registered in India. Key annual compliances include:
- INC-20A: Declaration for Commencement of Business. To be obtained within 180 days of incorporation. Failure results in penalties.
- Appointment of Auditor and Filing E-form ADT-1. Appoint first auditor within 30 days of incorporation and file ADT-1 within 15 days of AGM.
- Board Meetings. Hold first within 30 days of incorporation and at least four per year, max gap 120 days.
- Annual General Meeting (AGM). First within 9 months of first FY end; thereafter within 6 months of FY end.
- Annual ROC Filings. AOC-4 within 30 days of AGM; MGT-7 within 60 days of AGM; DIR-12 within 30 days; DIR-3 KYC by Sept 30; DPT-3 by June 30; etc.
| Annual compliances for Private Limited Company | Due Date |
|---|---|
| Commencement of Business Certificate (COB) | Within 180 days of incorporation |
| Appointment of Auditor and Filing E-form ADT-1 | Within 15 days of the AGM |
| Holding Board Meetings | As per the schedule of board meetings |
| Conducting the Annual General Meeting (AGM) | Within 9 months from financial year-end |
| AOC-4: Filing of Financial Statements | Within 30 days of the AGM |
| MGT-7: Annual Returns | Within 60 days of the AGM |
| DIR-12: Appointment/Resignation of Directors | Within 30 days of appointment/resignation |
| DIR-3 KYC: Director KYC Submission | By September 30th each year |
| MGT-14: Filing of Board Resolutions | Within 30 days of passing the resolution |
| DPT-3: Return of Deposits | By June 30th each year |
Event-Based Compliances for Private Limited Company
Besides the annual filings, there are various other compliances that need to be complied with on occurrence of any event in the company, such as change in authorized capital, allotment/transfer of shares, loans to directors/companies, appointment of managing/whole-time director, changes in bank signatories, change of auditors, etc.
Non-Registrar compliance
- ✓ Payment of periodic taxes (GST, TDS, TCS, Advance Tax, P-Tax)
- ✓ Filing of GST, TDS, ITR, Tax Audit Report as applicable
- ✓ ESIC, PF, Professional Tax returns
- ✓ Regulatory assessments and reporting as per other laws