Explore all the details you need about Expert Guidance on Compliance for Private Limited Companies, tailored for your needs.
Navigating compliance can be a complex challenge for private limited companies in India. Adhering to the comprehensive requirements of the Companies Act 2013, including director appointments, shareholder meetings, and other regulatory obligations, is crucial but can often seem overwhelming.
At Solocorp, we provide expert guidance and comprehensive solutions tailored to your company's needs. We simplify the compliance process from registration to ongoing obligations, ensuring your company meets all necessary requirements efficiently and effectively.
Our team of specialists is equipped with in-depth knowledge of Indian business laws and regulations. Whether you are a startup or an established enterprise, Solocorp is your trusted partner in simplifying compliance and helping your business thrive.
Compliance refers to adhering to orders, rules, or requests. For a private limited company incorporated in India, compliance with the Companies Act 2013, which includes obligations to the Registrar of Companies (RoC), is essential.
This legislation governs various aspects, including the appointment, qualification, remuneration, and retirement of directors and the conduct of board and shareholder meetings. Compliance with Registrar of Companies (RoC) regulations is mandatory for every private limited company, regardless of turnover or capital amount.
As mentioned above, these are obligations that a company must fulfil in accordance with the regulations set by the Registrar of Companies (ROC) or equivalent authority. They typically involve statutory filings and adherence to the Companies Act provisions.
Ensuring adherence to ROC compliance is pivotal for companies operating in India. ROC Compliance for Private Limited Company can be broadly classified into three categories.
Annual compliances are a critical aspect of corporate governance for companies registered in India. They ensure that the company adheres to the regulatory requirements and maintains transparency in its operations.
Companies must send approved financial statements, along with the Directors' and Auditors' reports, to all members at least 21 clear days before the AGM.
Below is a table summarizing the annual compliances for private limited companies and their respective due dates:
| Annual Compliances for Private Limited Company | Due Date |
|---|---|
| Commencement of Business Certificate (COB) | Within 180 days of incorporation |
| Appointment of Auditor and Filing E-form ADT-1 | Within 15 days of the AGM |
| Holding Board Meetings | As per the schedule of board meetings |
| Conducting the Annual General Meeting (AGM) | Within 9 months from financial year-end |
| INC-20A: Declaration for Commencement of Business | Within 180 days of incorporation |
| AOC-4: Filing of Financial Statements | Within 30 days of the AGM |
| MGT-7A: Annual Returns for Small Companies/OPCs | Within 60 days of the AGM |
| DIR-12: Appointment/Resignation of Directors | Within 30 days of appointment/resignation |
| DIR-3 KYC: Director KYC Submission | By September 30th each year |
| MGT-14: Filing of Board Resolutions | Within 30 days of passing the resolution |
| DPT-3: Return of Deposits | By June 30th each year |
| Directors’ Report | At least 21 days before the AGM |
| Maintenance of Statutory Registers and Books of Accounts | Throughout the financial year |
| Circulation of Financial Statements and Other Relevant Documents | At least 21 days before the AGM |
Besides the annual filings, there are various other compliances that need to be complied with on the occurrence of any event in the company.
It is necessary to file different forms with the registrar for all such events within a specific period. In case of missing out on this, additional fees or penalties might be levied. Hence, it is necessary to meet such compliances on time.
These regulatory obligations do not directly involve the ROC but are essential for lawful business operations. They may be governed by various other regulatory bodies and laws, depending on the nature of the business, its size, and the industry it operates in.
Non-compliance with the rules and regulations of the Companies Act in India can result in penalties for the company and its defaulting members. Penalties typically involve fines imposed for the duration of the non-compliance. Additionally, delays in annual filings may incur additional fees. Therefore, companies should fulfil their compliance obligations promptly to avoid penalties and financial repercussions.
With Solocorp, entrepreneurs can seamlessly complete their company compliance requirements. Here's how we can help:
We offer access to the LEDGERS compliance platform, which is designed to streamline compliance tasks. Entrepreneurs can use this platform to manage their compliance obligations efficiently, track deadlines, generate reports, etc.
Your company will be assigned a dedicated Compliance Manager who will be a single point of contact to help you maintain the compliance for your company. You can get in touch with your Compliance Manager at anytime and get assistance on matters related to your Company’s compliance.
All companies are required to maintain accounts and prepare financial statements at the end of each financial year. Our Compliance Manager will help your company maintain accounts and will prepare the financial statement for your business at the end of financial year.
Companies are required to conduct a minimum of four board meetings, an annual general meeting, Directors Report and Annual Report each financial year. Our Compliance Manager will help you prepare minutes of board meetings and create all secretarial reports.
Annual General Meeting should be held by a company within 6 months from the end of that financial year. And MCA annual return must be filed on or before September 30th. Our Compliance Manager will prepare all the documents and file your company’s MCA annual return.
Income tax return of a company must be filed irrespective of income, profit or loss. Hence, even dormant companies with no transactions are required to file income tax return each year. Our Compliance Manager will prepare all the documents and file your company’s income tax return.