All Private Limited companies in India are governed by the Ministry of Corporate Affairs (MCA) below the Companies Act, 2013. According to this act, every company, post incorporation, has to meet some, compulsory legal responsibilities. The compliance requirements are difficult with all falling on different due dates and failing to meet them in a convenient manner can greatly affect a company. The cost of annual compliance for private limited company is atleast Rs 1500.
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Once you register a Pvt Ltd Company in India, there are certain legal rules that you must follow annually. These rules are known as Annual Compliance and they require companies to submit pertinent information regarding their finances and board meetings. As per the Companies Act, 2013, it is mandatory for companies to appoint an auditor within 30 days of the company incorporation or within 60 days of the company incorporation date by way of calling EGM. As per the Companies Act, 2013, if you want to register a Pvt ltd companies in India, you must also note that you need to regularly share information regarding accounts, conduct a minimum of four board meetings annually, and share the minutes of the meetings, and any transfer details regarding the accounts book. Additionally, as per Section 96 of the Companies Act, 2013, you must also have an Annual General Meeting, with a maximum of 15 months’ gap between each meeting. However, if you have only recently completed your company incorporation, note that you must have an Annual General meeting within the first 6 months from the date of the closure of every financial year, and also the first 9 months within the date of the first closure of the financial year for your company.
Compliance of law is the primary requirement for any business. The date of the company’s annual return filing displayed on the Master Data on the MCA portal. Government tenders, loan approval, or for similar other purposes, the regularity in compliance is a major criterion to measure the credibility of an organization.
While pulling funds for a company from the investors, the investors demand all financial records and date before finalizing the proposal. The investors may either approach the company directly or can also check the financial records from the MCA portal. Investors also tend to favor companies with regular compliance records.
Continuous failure in filing the return turns the company status to default and charges it with heavy penalties. The company may also be declared as defunct or removed from the RoC. The concerned directors are also disqualified and debarred from their further appointment. Since July 2018, an additional fee of ₹100 for each day of delay will be levied till the date of filing.
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