What is the Annual Compliance for Private Company?
A Private Company is an entity enjoying a separate identity which requires maintaining its active status through the regular filing with MCA. For every company, it is compulsory to file an annual return and audited financial statements with MCA for every financial year. The RoC filing is mandatory irrespective of the turnover, whether it is zero or in crore. Whether a single transaction is undertaken or none, annual compliances for private limited are mandatory for every registered company.Both the forms are filed to report the activities and financial date for concerned Financial Year. The due dates for annual filing of a company are based on the date of the Annual General Meeting. The continuous failure may lead to the removal of the company’s name from RoC’s register, including disqualification of directors. Also, it has been observed that MCA has actively taken bold steps for dealing with any such failures.
Annual Compliances for Private Limited Company
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Utility Bill as proof must be Latest less than 30 days old,
NOC from owner of premises + Rental agreement OR sale deed,
Signed Declaration (s) from Promoters,
Email of company,
Mobile of company
Address Proof Documents
Bank Statement or Passbook with the transaction entry less than 30 days old,
Electricity Bill in the name of the promoter less than 30 days old,
Telephone bill, or any other Mobile Bill less than 30 days old,
Utility bill in the name of promoters like Gas Bill less than 30 days old,
Photographs of Directors,
PAN Card of Each Director,
Passport if available,
Address Proof of Promoter ,
Mobile Number (personal),
NOTE: Further documents and scrutiny can be made on a case by case basis which is beyond our control.
Fulfill compliance in 3 Easy Steps
Process of Annual filing of company
1. Follow Quick Process
1.Day 1 collection
2. Experts at LW are here to help
2.Day 2-4 preparation
3.Annual Compliance is done!
*Subject to Government processing time
3.Day 5 onwards – Filing
Frequently Asked Questions
Yes, RoC compliance for Private Limited Companies are necessary for every registered company. Irrespective of the total turnover or the capital amount, the company must comply with the annual compliance requirement. The annual compliance is due after the AGM of the company since its first financial year.
Since July 2018, companies failing to follow the statutory compliance for Private Limited will be charged ₹100 for each day of a delay till the actual date of filing. There is no ceiling limit to an additional fee. For continuous failure, penalty apart from the additional Government fee can be levied on both – company and directors, including the imprisonment.
Audited financial statements are necessary for every company since its incorporation. The company must file the audited statements only. Also, non-audit of financial statement is not an excuse to delay the annual filing.
A company can opt to appoint a statutory auditor either for a period of five consecutive years or till the conclusion of next AGM. Therefore, an appointment of the statutory auditor cannot be considered as a part of annual compliance
As per Companies Act, 2013 it is mandatory to submit the signed Director Report for every financial year with MCA by filing an Annual return of the company. The Director Report is considered as an attachment for the form MGT-7
MGT-9 is an attachment to the company’s director report which is an extract of MGT-7 and addresses the following :
1. Registration and other details like CIN, date of incorporation, companies name and address of a registered office
2. Principle business activity of the company
3. Of holding, subsidiary, and associate companies
4. Shareholding pattern
5. Indebtedness of the company
6. Remuneration of managing directors, directors and/or manager, and key managerial personnel.
7. Penalties/ Punishment/ Compounding of offense
Such intimation can be made through filing MGT-7 by the company.
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