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Company ROC Compliances

What Are Private Company Annual Filing Compliance

After registering the Private Limited Companies, they must file their annual accounts and returns disclosing information from its shareholders, directors to the registrar of companies after every financial year. This compliance to be done once a year. These compliance are divided into two parts: Pre-incorporation i.e. mandatory compliance and post-compliance.

Mandatory Annual Compliances

Following are the annual compliance for a private limited company which is mandatory and cannot be ignored. On the off chance that if any company ignore this compliance, they may face huge penalties.

  • Board Meetings – Board meetings is a meeting in which directors are required to come together and need to held at least four meetings in a year. For small companies minimum, two board meetings are required. Prior to each meeting, Notices must be sent to all directors. Presence of minimum 2 directors or 1/3 of the aggregate director whichever is more prominent is required. The meetings should be recorded and the signed minutes should be kept up at the Registered Office. Actual records of notice and minutes are required at the period of ROC filings.
  • Auditor appointment – Each private limited company required to assign an auditor for the company, who will do the statutory audit of the company. According to law auditor ought to be named within 30 days after registration under form AD-1. On the off chance that the auditor is not selected at that point company name might be strike-off by the Registrar.
  • Annual General Meeting (AGM) – In a yearly meeting, every one of the investors of the company come together to get instructed about the future policy and plans of the company. In Annual General Meeting shareholders make a choice from a number of alternatives and come to a decision whether to proceed a project or refuse it.
  • ROC Filings – MGT-7, AOC-4 and DIR-8 are the forms contains the proper functioning of the company and need to be documented every year. By these annual return filings, Government can identify the functions of the company.
  • Income Tax Filings – Every company needs to file Income Tax returns.
  • GST Returns – GST returns has to be done by 15 to 20th of every month, for the last month invoicing.

Post-Incorporation Compliance

These are available to be chosen bu not obligatory compliance. Company directors cannot ignore mandatory compliance if they ignore then the company will be penalized.

  • Company  – Company seals are also known as common seals. Each company has only one common seal. It is an official signature of the company and needs for opening a bank account and applying for PAN. It contains companies name, year of establishment, state etc. It is used to stamp companies important documents.
  • Letterhead and Invoicing – These are a standard part of doing business. Many companies use spreadsheets, word processors or software application for designing invoices or letterhead. It consists of company’s registered name, address, logo etc. If any company ignore this compliance then the company will be penalized.
  • Opening a bank account – Every registered company must open a bank account for their company so that Government can trace every transaction of the company.

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