Annual Compliances for Company
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Annual Compliance for a Private Limited Company (Under the Companies Act 2013)
All Private Limited Companies in India are governed by the Ministry of Corporate Affairs (MCA) under the Companies Act, 2013. After incorporation, every company, after incorporation, has to fulfill specific mandatory legal responsibilities. Compliance requirements are daunting, and failure to meet them can cost a company significantly. The annual compliance expense for a private limited company is at least Rs 1500.
- Certificate of Incorporation
- Pan Card
- Audit Report and Board Report
- Audited Financial Statements
- Director’s DSC
- MOA and AOA of Private Company
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Why Company Annual Filing?
Once you register a Private Limited Company in India, there are specific legal rules that you must follow annually. These rules are known as annual compliance, and they require companies to submit relevant information about their finances and board meetings. As per the Companies Act, 2013, it is mandatory for companies to appoint an auditor by calling an EGM within 30 days of company incorporation or 60 days from the date of company incorporation.
As per the Companies Act, 2013, if you want to register a private limited company in India, you also need to keep in mind that you need to share information about accounts regularly hold at least four board meetings annually. There is a need to share the minutes of the meetings. And any transaction details in respect of the ledger. In addition, as per Section 96 of the Companies Act, 2013, you must also have an Annual General Meeting, with a maximum gap of 15 months between each meeting.
However, if you have recently completed the incorporation of your company, note that you must have your Annual General Meeting within the first 6 months from the date of the close of each fiscal year and the first 9 within the first closing date. It must be a month of the fiscal year for your company.
Benefits of Annual Compliance
- Raising Company’s Credibility: Compliance with the law is the primary requirement for any business. The company’s annual return filing date is displayed on the master data on the MCA portal. Regular compliance is essential for government tenders, loan approval, or other similar purposes for measuring an organization’s credibility.
- Attract investors: When pulling funds for a company from investors, investors solicit all financial records and data before finalizing the offer. Investors can either reach the company directly or inspect the financial documents from the MCA portal. Investors also prefer companies with regular compliance records.
- Maintain active position and avoid punishment: Persistent failure to file returns converts its position into default and imposes heavy fines. The company can also be declared dormant or removed from RoC. The directors concerned are also disqualified and debarred from their further appointment. From July 2018, an additional fee of ₹100 will be levied for each day of delay up to the date of filing.
Process Flow for Preparing
- Select Package (1-2 hours): Start by selecting the suitable one, fill out the required form, or speak to our experts online for assistance.
- Obtain Information and Documents (2 working days): We will collect the essential information and required documents and fix the due date for filing ROC.
- Preparation (2-3 working days): Will draft the required documents and attach the necessary supporting documents.
- Submission (2-3 working days): Will file Form AOC-4 and MGT-7 and share the acknowledgment thereof.