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Private Limited Companies must adhere to various mandatory compliances, and at Vyapar Saathi, our team of skilled chartered accountants, taxation professionals, and company secretaries are dedicated to managing all your compliance needs.
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1. Appointment of Auditor ( within 15 days of Incorporation)
2. Annual ROC filing
a) Annual returns
b) Financial statements
3. Annual general meeting (AGM)
4. Board Meetings
5. Reports of directors
6. Income tax
7. Maintenance of records
8. Other compliances
Private Limited Companies must adhere to various mandatory compliances, and at Vyapar Saathi, our team of skilled chartered accountants, taxation professionals, and company secretaries are dedicated to managing all your compliance needs. We provide top-tier legal consultation and cover a wide range of compliance requirements as set by the Ministry of Corporate Affairs and other government departments.
Key Compliance Areas Covered by Vyapar Saathi:
Board of Directors Meetings: The inaugural meeting must be held within 30 days of business incorporation. Subsequently, at least four board meetings should be convened each quarter of a calendar year, ensuring no more than 120 days between two consecutive meetings.
Meeting Minutes Documentation: It’s essential to document and preserve minutes of meetings at the registered office, serving as valuable records in case of disputes.
Share Certificate Issuance: Post-incorporation, share certificates must be issued to the subscribers of the memorandum within 60 days.
Directors’ Disclosures and Declarations: In the initial board meeting, directors must disclose their interests in other businesses and declare any disqualifications.
Declaration of Business Commencement: Following company registration, Form INC 20A, declaring the commencement of business, must be filed within 180 days.
Annual General Meetings (AGM): At least one AGM should be held annually. The first AGM must be conducted within nine months from the end of the first financial year, and subsequent AGMs within six months from the close of each financial year.
Annual Return Filing: The Annual Return must be filed with the Registrar of Companies within 60 days of the AGM in E-Form MGT-7. For companies with a turnover exceeding INR 50 Crore, certification by a Practicing Company Secretary in Form MGT-8 is required.
Quarterly Board Meetings: A minimum of four board meetings must be held each year, equating to at least one per quarter.
GST Compliance: Companies with GST registration are required to file GSTR-1 and GSTR-3B monthly, and GSTR-9 annually.
TDS Compliance: TDS returns must be accurately filed with the Income Tax Department every quarter. Timely submissions are crucial to avoid penalties.
Payroll Compliance: For companies subject to payroll-related compliances like PF, ESI, PT, etc., filing monthly and quarterly returns is mandatory.
Adhering to annual compliance is not just a legal requirement but also brings several benefits to a company:
Enhances Company Credibility: Regular compliance is a fundamental aspect of any business. The timely filing of a company’s annual return, which is publicly displayed on the MCA portal, significantly boosts the company’s credibility. This regularity is often a key criterion in evaluating the trustworthiness of an organization, especially when it comes to securing government tenders, loan approvals, and other similar purposes.
Attracts Investment: For companies seeking investment, maintaining a clean and consistent record of financial filings is crucial. Investors typically review all financial records and data before finalizing their investment decisions. They can directly approach the company or access financial records through the MCA portal. Companies with a track record of regular compliance are often more appealing to investors.
Maintains Active Status and Avoids Penalties: Failing to comply with filing requirements can lead to severe consequences. Continuous non-compliance can change the company’s status to ‘default’, leading to substantial penalties. In extreme cases, the company might be declared defunct or removed from the Registrar of Companies (RoC). Directors of the company can also face disqualification and be barred from future appointments. Since July 2018, companies are subject to an additional fee of ₹100 for each day of delay until the actual date of filing.
Ensuring timely annual compliance not only helps in maintaining the legal standing of your company but also reinforces its reputation, making it more attractive to investors and other stakeholders. Avoiding penalties and maintaining an active status are also crucial benefits of staying compliant.
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