A private company is an entity enjoying a separate identity which requires maintaining its active status through the regular filing 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.

Both the forms are filed to report the activities and financial date for concerned Financial Year. The due dates for annual filing of a company are based on the date of the Annual General Meeting. The continuous failure may lead to the removal of the company’s name from RoC’s register, including disqualification of directors. Also, it has been observed that MCA has actively taken bold steps for dealing with any such failures.

9 compliances list

Hold Meeting of Board of Directors (BODs)

According to Section 173(1) of the Companies Act 2013, the company must arrange a first meeting with the Board of Directors within 30 days of its incorporation. The agenda of the meeting is to elect a chairman, appointment of the first auditor, Register the Company’s address, statutory register, and disclose the interest of directors.

Appoint the First Auditor of Company

The auditor must appoint by the BODs within 30 days from the registered date as per Section 139(1) of the Companies Act. If someone is failing in doing the same. Immediately, an extraordinary general meeting needs to be organized to appoint an auditor within 90 days.

Disclose Interest of Directors

As per section 184(1) of the Companies Act 2013, all the directors shall disclose their interest to the company in the BODs meeting. It will further discuss when there is any change in disclosure. According to that, all the directors meet the company’s goal individually and as a whole.

Maintain Statutory Registers

According to the Companies Act, letterheads, billheads, notice letter paper, and other official publications follow certain mandatory information:

• Name of the company
• Address of the registered office
• CIN (Corporate Identity Number) of the company
• Phone number
• Email ID
• Website, if any

A company must maintain statutory registers under the registered office as it is subject to penalties.

Open Company Bank Account

A company must open a bank account within 60 days from the date of incorporation with its name so that the transactions can be recorded easily. Here are the required documents to open the bank account:

Issue Shareholder Certificates

The Company has to issue a share certificate to shareholders within 60 days from the date of incorporation. If there is an allotment of additional shares, it issues from the date of allotment. The certificate must include:

• Shareholder’s name
• Number of share certificate
• Face value of the share
• Total number of shares purchased
• Preference or equity share
• Received amount

File Form INC-20A

Once a company receives an incorporation certificate, directors must file an INC-20A Form within 180 days of the commencement of business to MCA. It is a Declaration of Commencement of Business. After that, a company requires a bank account for depositing the share capital subscribed in MOA (Memorandum of Association) by every promoter

Maintain Books of Accounts

According to Section 128 of the Companies Act, it is mandatory to maintain proper books of accounts that represent an accurate and fair view of the company’s state of affairs. The double entry rule shall follow along with the accrual basis of accounting.

Annual Compliance 

The annual compliances  need to be filed within 6-8 months after the end of every financial year. However, if you have incorporated your company on or after January month then the first financial year will be of 15 months. The first Annual General Meeting (AGM) is conducted within 9 months from the end of the first financial year. Afterwards, the AGM holds within 6 months from the end of the financial year. Form AOC-4 and MGT-7 need to file within 30 days and 60 days respectively with the Ministry of Corporate Affairs (MCA) as part of company compliances. In AOC-4, signed audit reports of the financials of the company and board reports are submitted. In MGT-7, a list of shareholders along with details of all Board meetings during the year are submitted.DPT-3 is also required to be filled if applicable.

Every company (except government companies) is supposed to file a one-time return of the outstanding receipt of money or loan taken by the company, not considered as deposits from 1st April to 31st March. The due date for filing MCA E-Form DPT-3 is 30th June.

MANDATORY COMPLIANCES & PENALTY

  (Applicable for all companies under companies act, 2013)