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A Private Limited Company enjoys an identity separate from its Directors. Thus, in order to maintain its active status, every business is required to file annual compliances for private limited company with the Ministry of Corporate Affairs (MCA). Since the inception of the Companies Act in 1956, the scope of private limited companies has undergone a myriad of changes.
The Ministry of Corporate Affairs and the Registrar of Companies, in an attempt to limit the functionalities of private limited companies, issue a lot of compliances as mentioned under the Companies Act, 2013. These complex terminologies might be a little difficult to comprehend for a non-professional. Thus, it is advisable to consult a professional right after private limited company registration to deal with your annual compliances for Private Limited Company.
According to Section 149 (1) of the Companies Act, 2013, the minimum number of directors required to incorporate a private limited company is two and the maximum is fifteen. In addition to this, it has a threshold limit of 200 members. All the shareholders of a private limited company have a liability, limited to the extent of the capital invested by them in the firm.
On the other hand, a public limited company registration requires a minimum of three directors at the time of its incorporation. A public limited company registration enjoys more benefits in comparison to a private limited company registration, in terms of perpetual existence, ease of transferability and borrowing capacity. A private company must also file its annual compliance with the Registrar of Companies, even in case of nil annual turnover.
Almost all activities performed by a private limited company are regulated by the Companies Act, 2013. These include the appointment, qualification, remuneration, and retirement of the company’s directors and other aspects such as conducting the board meetings and shareholder meetings. It is always a better choice to seek professional advice to understand the legal requirements and to ensure timely fulfilment of all mandatory compliances so as to waive off the penalties. Outsourcing annual compliances for private limited company after private limited company registration also allows you to focus on the key areas of your business.
The due dates for the annual filing of a private limited company are based on the date of its Annual General Meeting. If a business regularly fails to meet annual compliances for private limited company, it may lead to the removal of the company’s name from the MCA register and permanent disqualification of the company directors.
The documents requirement for Annual Compliances for Private Limited Company are:
Apart from annual compliances for private limited companies, there are event-based compliances that need to be compiled on the occasion of occurrence of an event. Here are specific instances of a few events:
To conclude, annual compliance can make or break your business. It enhances credibility, brand loyalty and customer faith in your company. The cost of non-compliance always turns out to be more than that of compliance. Thus, you should consult a professional who may not only help you at every step of your business but also coordinate with you in fulfilling all the compliance requirements for your company while keeping you on the same page.
Taxzona is a comprehensive consultancy company that offers company registration in Mumbai, with annual compliances, ROC filing and MCA filing effectively and professionally.
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Answers to All Your Questions! If you have any further questions, please do not hesitate to contact us.
All types of Annual compliances for private limited company needs to do Annual Compliance every year
Audited Financial Statement are must for Annual compliance of all Private Limited Companies.
Annual Return is to be filled within 60 days of conducting AGM.
There are multiple Forms required to be filled. For more details contact us on 9820444477.
Statutory Audit under Companies Act 2013 is mandatory for Private limited Company Annual Compliance.
Every Company is required to do Statutory Audit irrespective of Turnover, Share Capital, etc.
We are a Team of Expert CA, CS, Lawyers & Professional Accountants with the objective to meet the Compliances requirement of the Businessman. We provide end-to-end Consultancy, Registration, advisory and Compliances Consultancy to our Clients.
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