Annual Compliance of Private Company

 

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Annual Compliance of Private Limited Company

Every Company is required to mandatory file certain documents with the registrar of companies, which includes Annual return, financial statements, secretarial services, compliance management, etc. This compliance system consumes a lot of quality time of company’s management. Thus, it is always preferable to hire a compliance expert in this field, like Unilex.
We have elaborated below some of the common compliance which a company needs to comply with.

Non-Compliant: If a Company fails to comply with the rules and regulations of the Companies Act 2013 and other statutory laws which are applicable to the Company, then the Company and every officer who is in default shall be punishable with fine or imprisonment or both . If there is delay in any filing, then additional fees is required to be paid, which keeps on increasing as the time period of non-compliance increases.

Compliance’s Mandatory for Private Limited Companies

Appointment of Auditor
  • Every company shall, at the first annual general meeting
  • Appoint an individual or a firm as an auditor
  • Who shall hold office from the conclusion of that meeting till the conclusion of its sixth annual general meeting
  • And thereafter till the conclusion of every sixth meeting
Registers to be Maintained
  • Companies are required to maintain some statutory registers under the Act. Some of the are:
  • Register of members, charges, loans and investments.
Statutory audit of the Accounts
  • Every Company shall prepare its Accounts
  • and get the same audited by a Chartered Accountant
  • at the end of the Financial Year compulsorily
  • The Auditor shall provide an Audit Report and the Audited Financial Statements for the purpose of filing it with the Registrar.
Preparation of Board's Report
  • A report by Board of Directors prepared required to be laid before members in Annual General Meeting.
Copy of the Annual Return to be filed with Registrar
  • Every company shall file with the Registrar a copy of the annual return
  • Within sixty days from the date on which the annual general meeting is held
  • Where no annual general meeting is held in any year within sixty days
  • From the date on which the annual general meeting should have been held (i.e.30th September)
  • Together with the statement specifying the reasons for not holding the annual general meeting.
Copy of financial statement to be filed with Registrar
  • Every company shall file with the Registrar
  • A copy of the financial statements in E-form AOC-4
  • Within 30 days from the date on which the annual general meeting is held
Holding Board Meeting
  • Every One Person Company shall hold a minimum number of two meetings of its Board of Directors
  • Every year in such a manner that the minimum gap between both the meetings, should not be less than 90 (Ninety) days.
Holding Annual General Meeting
  • Every company other than a One Person Company shall in each year
  • Hold Annual General Meeting on or before 30th September
  • By giving not less than clear twenty-one days notice to all the members, directors and auditor.
  • Where no annual general meeting is held in any year within 30 days from the date on which the annual general meeting should have been held (i.e.30th September of Financial Year to which financial statement relates)
  • Together with the statement specifying the reasons for not holding the annual general meeting

Documents Required

  • Memorandum of Association
  • Articles of Association
  • DSC and DIN of Directors
  • Incorporation Certificate

Cost Breakdown

Annual Compliances of Private Limited Company @Just Rs *17,999/- (All inclusive)
Get all your annual compliances done with Unilex without any hassle and at very affordable cost. The above cost includes appointment of auditor, annual filings, IT return filing, maintenance of minutes, Statutory registers and all other compliant management of a company.

*Note-the above fees is for a company with a turnover of less than Rs 10 lac per annum.

Frequently Asked Questions

When does the company need to appoint 1st Auditor?

The 1st Auditor shall be appointed within 30 days from the date of incorporation of company.

Does ADT-1 need to be filed every year?

No, ADT-1 will be for first time appointment. After that every year shareholder will ratify the auditor up to 5 years (or less, as the case may be) subject to ratification.

When does the Private Limited Company need to appoint Company Secretary?

Private Company having paid up share capital of 5 crore more required to appoint whole time Company Secretary.

What are the registers that the companies are required to maintain?

Register of Director, Director Shareholding, Members

When is the Annual Return of Private Limited Company need to be signed by Company Secretary?

Every Private Company whose paid up capital is less than 5 crore need to get their annual return signed by Company Secretary in Practice.