Yes, RoC compliance for Private Limited Companies is mandatory for every registered company. Irrespective of the cumulative turnover or the principal amount, the company must comply with the annual compliance requirement. The annual compliance is scheduled after the AGM of the company since its first financial year.
After July 2018, companies failing to follow the legal compliance for Private Limited will be charged Rs 100 per day of a delay till the original date of filing. There is no ceiling boundary for an additional fee. For constant failure, a penalty aside from the additional Government fee can be levied on both – company and directors, including imprisonment.
Audited financial statements are important for every company since its establishment. The company must deposit the audited statements only. Moreover, the non-audit of financial statements is not a reason to delay the annual filing.
A company can opt to select a statutory auditor either for a term of five consecutive years or till the completion of the next AGM. Therefore, an appointment of the legal auditor cannot be regarded as a part of annual compliance.
According to the Companies Act, 2013 it is compulsory to submit the signed Director Report for each financial year with MCA by registering an annual return of the company. The Director Report is regarded as an attachment for the form MGT-7.
The benefits of company ROC annual compliances services: • Establishing A Company’s Credibility • Invite Investors • Maintain Active State And Avoid Punishments
