Annual Filing of Company - An Overview
Company compliance is an important aspect that has to be taken into account while running a business. It is mandatory to adhere to all the ROC compliance to avoid penalties. All private limited companies, one-person companies, limited companies, and section 8 companies must maintain annual compliance with respect to the Companies Act of 2013. These company compliances are usually independent of the total turnover or the capital amount involved. The ROC compliance for registered private limited companies is mandatory. Not being able to adhere to the annual compliances for private limited companies may result in serious action on the firm.
In reality, it is tough to maintain all the annual compliances for private limited companies. That is why Hikmadh is here to help with the annual filings of companies and provide information regarding company compliances.
Here are the key mandatory agreements that a private limited company must adhere to:
First Board Meeting: The inaugural board meeting must be held within 30 days of the company’s incorporation. A declaration of the meeting must be sent to each director at least seven days before the meeting.
Subsequent Board Meetings: The company is required to hold a minimum of four board meetings each year, with no more than a 120-day gap between any two meetings.
Filing of Acknowledgment of Interest by Directors: Each director must disclose their interests in the following instances:
- At the first meeting in which they participate as a director.
- At the first board meeting of each financial year.
Whenever there is a change in the disclosures. This must be done using Form MBP-1, which should include details of any interest in companies, body corporates, firms, or other organizations (including shareholding interests) and should be maintained in the company’s records.
First Auditor: The Board of Directors (BOD) must appoint the first auditor within 30 days of incorporation. This auditor will serve until the completion of the first Annual General Meeting (AGM). Filing Form ADT-1 is not required for the first auditor.
Subsequent Auditor: During the first AGM, the BOD should appoint an auditor who will hold the position until the conclusion of the sixth AGM. This appointment must be reported to the Registrar of Companies (RoC) by filing Form ADT-1 within 15 days of the appointment. The company, not the auditor, is responsible for filing Form ADT-1.
Annual General Meeting (AGM): The company must hold its AGM and appoint the auditor at this meeting, with the auditor serving until the sixth AGM. The appointment must be reported to the RoC using Form ADT-1, which the company must submit within 15 days.
Filing of Annual Return (Form MGT-7): The company must file its Annual Return within 60 days of the AGM. The return covers the period from April 1st to March 31st.
Filing of Financial Statements (Form AOC-4): The company is required to file its balance sheet, profit and loss account, and director’s report using Form AOC-4 within 30 days of the AGM.
Statutory Audit of Accounts: The company must prepare its accounts and have them audited by a professional or chartered accountant at the end of each financial year. The auditor must provide an audit report and the audited financial statements, which should be filed with the Registrar.
Benefits of Annual Compliance
Establishing A Company’s Credibility: Compliance of law is the fundamental requirement for any company-the date of the company’s annual return filing performed on the Master Data on the MCA portal. Ministry tenders, loan support or for similar other purposes, the consistency in compliance is an important criterion to measure the reliability of an organization.
Invite Investors: While attracting funds for a corporation from the investors, the investors demand all financial histories and date before settling the proposal. The investors may either request the company directly or can also check the economic reports from the MCA portal. Investors also lead to favour companies with regular compliance reports.
Maintain Active State And Avoid Punishments: Constant failure in filing the return turns the company status to failure and charges it with heavy penalties. The company may also be disclosed as defunct or removed from the RoC. The concerned directors are also excluded and debarred from their further appointment. Since July 2018, a supplementary fee of 100 for each day of delay has been levied till the date of filing.
How it works?
Purchase a plan
Dedicated account manager assigned
Our experts handle all your compliance filings for you
Stay 100% compliant
Count on our experts to meet deadlines & keep your business compliant!
Right Plan For You Business
Private Limited
Starter
Ideal for handling only the mandatory annual compliance- Appointment of Auditor – ADT 01
- INC 20 A form filing
- DIR 3 KYC (For 2 directors)
- Accounting & Bookeeping(Upto 100 transactions)
- Financial statement preparation
- Accounting software (1-year license)
- AOC 4, MGT 7 & ADT filing
- Annual filing(Upto turnover of 20 lakhs)
Standard
Ideal for handling the mandatory annual compliance + GST compliance- Appointment of Auditor – ADT 01
- INC 20 A form filing
- DIR 3 KYC (For 2 directors)
- Accounting & Bookeeping(Upto 100 transactions)
- Financial statement preparation
- Accounting software (1-year license)
- AOC 4, MGT 7 & ADT filing
- Annual filing(Upto turnover of 20 lakhs)
- Dedicated account manager
- Facilitation of Annual General Meeting
- Preparation of Minutes & Filing of AGM Report
- GST Returns Filings (12 Months)
Elite
Comprehensive package that covers company annual, GST & statutory compliance+ Govt. Fee
- Appointment of Auditor – ADT 01
- INC 20 A form filing
- DIR 3 KYC (For 2 directors)
- Accounting & Bookeeping(Upto 100 transactions)
- Financial statement preparation
- Accounting software (1-year license)
- AOC 4, MGT 7 & ADT filing
- Annual filing(Upto turnover of 20 lakhs)
- Dedicated account manager
- Facilitation of Annual General Meeting
- Preparation of Minutes & Filing of AGM Report
- GST Returns Filings (12 Months)
- One Year Income Tax filing(Upto turnover of 20 lakhs)
- Statutory regulations PF, ESI, TDS*
- Payroll, PF & ESI filing (Up to 5 employees)
Annual Compliance for Private Limited Companies
Maintaining annual compliance is essential for private limited companies, just as it is for any business. Ensuring all required filings and submissions are completed on time is crucial. Here are the key compliance requirements for private limited companies:
1)Business Commencement Certificate
2)Appointing an Auditor
3)Filing Income Tax Returns (ITR)
4)Submitting MCA Form AOC-4
5)Filing MCA Form MGT-7
6)Filing DIN eKYC
7)Holding Annual General Meetings (AGMs)
8)Director’s Report
Ensuring adherence to these compliance requirements is vital to avoid penalties and maintain good standing for your private limited company.
Company Compliance Services Package for Private Limited Companies
Hikmadh is here to simplify your annual compliance process. Our comprehensive compliance package for private limited companies includes:
- Auditor Appointment: We handle the appointment of your auditor and the submission of Form ADT-01.
- Business Commencement Declaration: We create and submit Form 20A for the declaration of the commencement of business.
- Financial Reporting: We prepare and file the balance sheet, profit and loss accounts, audit report, and director’s report.
- Annual Returns: We extract and file annual returns and financial statements, including unlimited transactions, if provided in an Excel sheet.
- Form AOC-04 Filing: We complete and submit Form AOC-04 for financial-related annual returns.
- Form MGT-07 Filing: We handle the completion and submission of Form MGT-07 for management-related annual returns.
- AGM Minutes: We draft and file minutes for all four Annual General Meetings (AGMs).
- Income Tax Returns: We prepare and file the company’s income tax returns for the fiscal year 2022-2023.
- Stock Certificates: We create stock certificates for all shareholders.
- Registers: We create and file the seven required registers.
- Director Disclosures: We prepare and submit Form MPB-01 for the disclosure of directors’ interests and Form DIR-08 for the disclosure of directors’ non-disqualification.
- Director KYC: We provide KYC Dir-3 for all directors.
- Ongoing Compliance: We ensure all monthly, quarterly, and annual compliance requirements are met.
- Expert Support: Our services include support from chartered accountants and company secretaries for all statutory and secretarial compliance.
- Business Advisory: Receive comprehensive business advisory and support from experienced chartered accountants and company secretaries.
- ESIC Registration: We handle online ESIC registration.
- GST Filing: We manage online GST return filings.
- Legal Contracts: Get ten sample legal contracts.
- Dedicated Account Manager: A committed account manager will be assigned to your company.
All of this starts from ₹4,999 + Tax.
Why Choose Hikmadh?
When it comes to annual compliance, entrusting it to our expert team is the best choice. Our in-house chartered accountants and lawyers are highly skilled in managing all aspects of annual compliance. By scheduling a call with one of our business experts, you can get answers to all your questions and receive a comprehensive roadmap for the entire compliance process. We offer expert guidance and support at competitive prices.
