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Annual Compliance for Private Limited Company
Ensure smooth operations and avoid penalties with timely ROC filings and statutory compliance.
Overview of Annual Compliance
Private Limited company is the most popular form of starting a business. There are various types of company compliances that are to be followed when a business is incorporated.
For a Private Limited Company, it is compulsory to file an annual return and audited financial reports with ROC for every fiscal year. Whatever be the turnover or current business status, annual compliance for a company is a must for all.
Continuous failure to file the regular compliance may lead to the elimination of the company from the ROC register.
Compliances for Newly Incorporated Company
A newly incorporated company has some one-time compulsory filings to start its business journey as a Company.
Click on the folders to read the notes
First Auditor (ADT-1)
A newly incorporated company must appoint its first Auditor within 30 days of its incorporation for conducting statutory audit of books of accounts of the company for the financial year.
The appointment of Auditor should be intimated to the ROC through ADT-1 form with necessary documents. The first Auditor shall hold the office till the conclusion of the first Annual General Meeting.
Commencement of Business
Any company that incorporated after 2nd November 2018 and having a share capital shall not commence any business activity without this one-time filing.
As per Company Law, a declaration is to be filed by the directors within 180 days from the date of incorporation in INC20A Form with the ROC that every subscriber to the MOA has paid the agreed shares.
Regular Yearly Compliance
Following compliances and filing are mandatory for each fiscal year:
Meetings & Appointments
- First Board Meeting: within 30 days of incorporation; notice must be sent at least 7 days before meeting.
- Subsequent Board Meetings: minimum 4 meetings every year (gap ≤ 120 days).
- Acknowledgement of Interest: by Directors (MBP-1).
- Subsequent Auditor: appointed in first AGM, holds office till 6th AGM.
- Annual General Meeting (AGM): Must be held on or before 30th September, conducted at the registered office, advance notice required.
Mandatory Filings
Annual Return (MGT-7)
Period: 1st April to 31st March. Must be filed within 60 days of AGM (Usually due by 29th November).
Financial Statements (AOC-4)
Must be filed within 30 days of the Annual General Meeting (AGM).
Statutory Audit
Accounts must be audited by a Chartered Accountant, and the audit report must be filed with ROC.
Benefits of Regular Annual Compliance
Increases Business Credibility
Compliance status is visible on the MCA portal, demonstrating your commitment to legal and ethical standards.
Helps in Getting Customers & Tenders
Regular compliance builds trust and makes it easier to acquire new clients, apply for tenders, and secure loans.
Attracts Investors
Investors prefer businesses with a clean track record and transparent financial reporting.
Avoids Heavy Penalties
Filing on time saves your company from accumulating massive late fees and severe legal consequences.
Maintains Reputation & Profitability
Good standing with the government helps maintain your company's reputation, allowing you to focus on growth.
Documents Required for Annual Compliance
Keep these standard documents ready for a smooth filing process:
- PAN Card of the Company
- Certificate of Incorporation
- MOA and AOA of the Company
- Audited Financial Statements
- Audit Report and Board Report
- DSC of Directors
Company Compliance with TRUSTLINK
Company compliances are time-bound. Each compliance has a fixed deadline, beyond which penalties may apply. TRUSTLINK helps you navigate this journey flawlessly.
Proactive Reminders
- Providing early reminders well before deadlines
- Keeping clients completely updated on regulatory changes
Hassle-Free Filing
- Ensuring a smooth and error-free compliance process
- Avoiding last-minute issues and stress for promoters
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