Compliance with annual filings is paramount for private limited companies under the purview of the Ministry of Corporate Affairs (MCA). These filings are pivotal to uphold transparency, accountability, and regulatory adherence.
Embracing the rigor of these annual filings is a testament to your company’s commitment to operating transparently and in accordance with legal mandates. Our proficient team stands ready to guide you through this intricate process, ensuring your private limited company’s seamless adherence to MCA regulations. Get in touch today to embark on a journey of compliance and success.
Compulsory Annual Compliance for Private Limited Companies as per MCA Guidelines
Within 30 days of incorporation, hold the First Meeting of the Board with all directors. Notice should be sent seven days prior, informing each director formally.
Conduct a minimum of 4 Board Meetings annually, with a gap of 120 days between any two meetings. Directors need to disclose interests and file Form MBP-1 when applicable.
Appoint the company's first Auditor within 30 days of incorporation, serving until the 1st AGM. Filing ADT-1 isn't mandatory for the first Auditor.
Appoint an Auditor in the first AGM, who will serve until the 6th AGM. File ADT-1 with ROC within 15 days of the appointment.
Organize the AGM on or before 30th September every fiscal year during office hours. Provide a 21-day notice for the meeting.
File the Annual Return within 60 days of the AGM, between '1st April to 31st March' each year.
Submit the 'Balance Sheet,' 'Director Report,' and 'Profit and Loss Account' within 30 days of the AGM.
Every fiscal year-end, engage a Chartered Accountant to conduct a Statutory Audit, submitting the Audit Report and Financial Statements to the Registrar.
File the Directors Report, encompassing all necessary information required as per Section 134.
Maintain and update statutory registers including Directors, Members, Shareholders, Beneficial Owners, Loans, Contracts, and Arrangements.
Preserve and regularly update minutes of board meetings, AGMs, financial statements, and relevant documents in accordance with regulatory standards.
Disseminate the annual financial statement, Directors Report, and Auditors Report to members before the AGM, at least 21 days in advance.
By fulfilling annual compliance requirements, companies remain compliant with the Companies Act and other applicable laws, avoiding legal penalties and liabilities.
Proper compliance enhances investor confidence as it demonstrates transparency, accountability, and good governance practices.
Compliant companies build a positive reputation, attracting potential clients, investors, and business partners.
Compliance helps identify and address potential risks, safeguarding the company's interests and operations.
A streamlined compliance process ensures efficient company operations by avoiding disruptions caused by non-compliance issues.
Compliance grants private limited companies access to government incentives, including tax benefits, grants, and subsidies, enhancing financial viability and growth prospects.
Annual compliances are mandatory legal obligations that private limited companies must fulfill to ensure transparency, accountability, and adherence to regulatory standards.
An AGM is a yearly meeting of shareholders and directors, where financial statements are presented, important decisions are made, and corporate matters are discussed.
An AGM should be conducted within six months from the end of the financial year.
The annual return provides a snapshot of the company’s structure, management, and financial position, ensuring compliance with legal requirements.
The annual return is filed using Form MGT-7.
Financial statements comprise the Balance Sheet, Profit and Loss Statement, and Cash Flow Statement, offering insights into a company’s financial performance.
Form AOC-4 is used to file financial statements, including the Balance Sheet, Profit and Loss Statement, and Cash Flow Statement.
Yes, the Director’s Report is a vital part of annual compliances. It provides an overview of operations, achievements, and future prospects.
Absolutely. Compliance signals transparency, accountability, and ethical practices, attracting investors and building credibility.
Compliant companies enjoy legal protection, access to incentives, smoother mergers, better employee morale, and improved business reputation.
Yes, non-compliance can result in penalties, fines, legal actions, and even the disqualification of directors.
