Private Limited Company Annual Filing & Compliances.

Private Limited Company Annual Filing & Compliances-

Private Limited Company is the most popular form of starting a business, there are various compliances which are required to be followed once your business is incorporated.

Managing the day to day operations of your business along with complying the corporate laws can be a little taxing for any entrepreneur. Hence, it is essential to take the help of a professional and also understand such legal requirements to ensure timely fulfillment of compliances, without any levy of interest or penalty.

We have elaborated below some of the common compliances which a private limited company has to mandatorily ensure:

There Are Various Step To Register Private Limited Company-

Step 1- 

• Company Bank Account It's Mandatory For Private Limited Companies 

• Form 20 A - Declaration & Commencement Of Business - Form 20 A is a declaration that needs to be filed by the directors of the company at the time of the commencement of business. It should be verified by a Charted Accountant or Company Secretary.

• Board Meeting - The first meeting of the board of directors of a Private Limited Company shall be conducted within 30 days from the Date Of Incorporation of the Company. In the case of Private Limited Company which is classified as a " Small Company", At least 2 board meetings shall be held in one year. Minimum 2 Directors or 1/3 rd of the total number of Directors are required to be present in the meeting of the Board Of Directors.

•  Annual General Meeting - An Annual General Meeting is the mandatory yearly gathering of a company's interested Shareholders. An AGM, the directors of the company present an annual report containing information for shareholders about the company's performance & strategy.

• Appointment Of Auditor - Auditor will be appointed for the 5 years' and form ADT-1 will be filed for 5- year appointment. The First Auditor will Be Appointed within one month from the date of incorporation of the company.

These all steps you have to complete within 30 days or 180 days Otherwise you will have to pay Penalty.

Step 2 - Forms

• Form MGT-7 - Every Private Limited Company is required to file its Annual Return Within 60 Days of holding of  Annual General Meeting. Annual Return will be for the period 1st April to 31st March.

• AOC 4 - Filing of Financial Statements- Every  Private Limited Company is required to file its BALANCE SHEET along with the statement of  PROFIT & LOSS Account & Director Report in this Form within 30 Days Of Holding Of Annual General Meeting.

• MBP-1  - Every Director of the Company in First Meeting of the Board of Directors in each Financial Year needs to disclose his interest in other entities by filling the form.

• DIR-8 - Every Director of the Company in each Financial Year has to file with the Company disclosure of non-disqualification

• DIR-3 - Application For KYC Of Directors. 

Step-3 -

• Director Report- Every director has to disclose his directorship in other companies every year. This shall be done by giving a declaration in writing to the company every year in a specified Directors’ Report format.

• Statutory Register - A Private Limited Company has to maintain various statutory registers and records as required by the Company law such as Register of shares, Register of Members, Register of Directors, etc. Besides, Incorporation documents of the company, Resolutions of the meetings of the Board of Directors, Minutes of the Board Meetings and Annual General Meeting, etc are also required to be preserved by the Company.

• Circulation - The company can send all information to there Board member information such as Financial statement, profit, and loss, etc