Annual Filing of Private Limited Company or OPC​

Understanding Annual Compliance for Private Limited Companies and OPCs

In India, every Private Limited Company and OPC must adhere to specific annual compliance requirements mandated by the Companies Act, 2013. These include the filing of financial statements, annual returns, and other statutory documents with the Registrar of Companies (RoC). Failure to comply can lead to severe penalties, legal actions, and even the disqualification of directors.

Why is Annual Compliance Crucial?

• Investor Attraction: Consistent compliance and transparent financial reporting are essential for attracting investors who prioritize companies with a strong track record of timely filings.

• Maintaining Active Status: Regular compliance ensures your company remains active on the Ministry of Corporate Affairs (MCA) portal, preventing it from being classified as inactive or struck off.

• Enhanced Credibility: Companies that meet compliance deadlines are perceived more favorably by customers, government bodies, and financial institutions, facilitating loans, government contracts, and more.

• Avoiding Legal Issues: Timely compliance mitigates the risk of legal issues, allowing your business to operate smoothly without disruptions.

Annual Compliance for Private Limited Companies and OPCsy

• Appointment of Auditors:

  • First Auditor: Appointed by the Board of Directors within 30 days of incorporation. Failure to do so can result in penalties and operational restrictions.
  • Subsequent Auditor: Appointed during the first AGM and remains in position until the sixth AGM, filed using Form ADT-1.

• Annual General Meeting (AGM): Conducted by 30th September each year to present the company’s financial position to shareholders. A notice of at least 21 days is required.

• Board Meetings: The first Board Meeting must be held within 30 days of incorporation, with at least four meetings required each financial year. The gap between meetings should not exceed 120 days.

• Director Disclosures: Directors must annually disclose their interests in other entities using Form MBP-1 during the first Board Meeting.

• Filing of Financial Statements (Form AOC-4): Filed within 30 days of the AGM, including the balance sheet, profit & loss account, and other financial documents.

• Filing of Annual Return (Form MGT-7): Filed within 60 days of the AGM, detailing the company’s shareholding structure, directorship changes, and more.

• Director KYC (DIR-3 KYC): Directors must complete their KYC annually. Failure to do so will deactivate their Director Identification Number (DIN), affecting the company’s compliance ability.

• Commencement of Business Certificate: Must be obtained within 180 days of incorporation, with penalties for non-compliance.

Additional Compliance Requirements for Private Limited Companies and OPCs

• GST Returns: Monthly, quarterly, and annual filings are required for GST compliance.

• TDS Returns: Periodic TDS returns must be filed to ensure tax compliance.

• Income Tax Returns: Annual filing of income tax returns is mandatory.

• Professional Tax Returns: These must be filed as per state-specific regulations.

• Regulatory Compliance: Companies must comply with other relevant laws, such as the Environment Protection Act, Competition Act, etc.

Event-Based Compliance for Private Limited Companies and OPCs

Event-based compliances are triggered by specific corporate actions, such as:

• Changes in Authorized or Paid-Up Capital: Must be reported to the RoC.

• Allotment or Transfer of Shares: Requires timely filing with the RoC.

• Appointments or Changes in Directors or Auditors: Any changes must be reported immediately.

Failure to comply with these requirements can result in substantial penalties and legal actions, making timely compliance essential.

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• Cost-Effective Solutions: Our competitively priced services deliver exceptional value without compromising on quality.

• Hassle-Free Experience: We handle all compliance-related processes, allowing you to focus on growing your business.