ROC Compliance of Private Limited
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Compliances for private limited company
ROC Compliance of Private Limited
A lot of us want to have our businesses and become entrepreneurs. With start-ups being the current trend and many of you begin your entrepreneurial journey, it becomes necessary to follow some procedures and rules. One such important aspect is filing your documents and maintaining records with the Ministry of Corporate Affairs is called as ROC filing for private limited companies or compliance for private limited company. In short, do the Annual filing of the company with the Ministry of Corporate Affairs. Let us look at what ROC Compliance/Annual ROC Compliance means and how to act in accordance with the law. Here you need to know about the ROC due dates also, in order to fulfil the requirements of Annual ROC Compliance.
What is the full form of ROC and what does it mean?
ROC means the Registrar of Companies. It is an administrative office, which manages the course and paperwork of numerous companies that are tenable under the Companies Act 2013 of India. It is the governing authority who are managing annual compliance for Pvt ltd company or compliance for private limited company. The responsibility of ROC is to ensure that the companies are properly registered and when they enrol, the recorded data accurate, relating to annual return and other accounting books. The ROC works as a –
- Registry of records
- Identifying the companies enlisted with ROC
- Making them accessible for assessment by individuals
What do you mean by ROC Filing Compliance/annual compliance for Pvt ltd Company?
According to the Companies Act, Private Limited, OPC companies and other companies registered under this act need to document their acquiescence with the Registrar of Companies. The ROC compliances/Annual ROC Compliance are very essential and substantially assimilate the annual company filings. When you register a company with Ministry of Corporate Affairs it is your duty to maintain transparency with MCA related to your company’s affairs. For that reason government has made it mandatory to make all disclosures with government which is consider as ROC filing for private limited companies. According to the provisions of Companies Act, 2013 and rules made there under, a company can only be operate by complying all applicable sections and rules. Through this Act government has identified all requisite does and don’ts for every company.
ROC compliance checklist for private limited companies
Here are some ROC compliance checklist for private limited companies, which are mandatory in nature, must be comply by a Private limited Company or One Person Company as-
- Board Meeting
Every Company must conduct its first Board Meeting within 30 days from the date of online company registration. However a Private Limited Company shall conduct atleast 4 Board Meetings in a year. And gap between two meetings shall not be less than 120 days. However in case of One Person atleast 2 Board Meetings shall conduct in a year. These compliances for private limited company shall be comply every company and it is mandatory private limited company ROC compliance.
- Auditor Appointment
A Private Limited Company or One Person Company shall appoint his auditor within 30 days from the date of registration as to maintain their compliances for private limited company. For the purpose company must take consent from an auditor and file e-form ADT-1 with MCA along with requisite fees. It is mandatory Annual ROC Compliance for Private Limited Company.
- INC-20A (Certificate of Business Commencement)
Pvt. Ltd. Must submit companies’ current account statement containing proof of submission of subscribed amount with MCA within 180 days from the date of registration. On failure of filing MCA will charge late fees and after prescribed MCA may take action for closer of company also. You should not avoid ROC filing for private limited companies.
- Preparation of Balance sheet and other Financial Statement
After closing of each financial year company need to close their books of account and maintain financial statement of company such as balance sheet profit and loss account, auditor report, etc for the purpose of updating of compliance for private limited company.
- Filing of Income Tax Return
A private Limited Company or One Person company need to file its Income Tax Return with Income Tax Department every year. It is also considered under annual compliance for Pvt ltd Company.
- Annual General Meeting
Every company need to conduct its Annual General Meeting upto 30th September each year. However in case of first AGM it can be conduct upto 31st December. Thereafter upto 30th September. This is very important compliance for private limited company.
- Filing of MGT-7
The Compliances for private limited company which is filing of MGT- 7 is most important. After conducting Annual General Meeting Company need to file its Annual Return in form MGT-7 with MCA within 60 days from the date of AGM. The annexure of MGT-7 will be as- notice of AGM, notice to directors, Directors report, MGT-9, etc
- Filing of AOC-4
This form need to file by company within 30 days from the date of AGM. Company shall annex its Balance sheet, P&L Account, notes to account, Auditor Report, etc. A company shall not fail in filing of this Compliances for ROC.
These are some mandatory compliance for private Limited which needs to be done by every Private Limited and OPC irrespective of its turnover and business. If you do not had any business during the year, you will not get any relaxation by MCA in filing of abovementioned forms and information.
Benefits of ROC compliances of Private Limited/Annual ROC Compliance
Here are some benefits of ROC filing for private limited companies
- In case if your company is non complaint, investor will not approach you or making funding in your company
- Proper ROC compliance helps you in avoiding penalties applied by MCA or other authority.
- It creates greater impact on customers mind that you are fulfilling all requisite criteria prescribed by government.
- If you make your company complaint, it helps in building trust upon governmental authorities.
- Compliances for private limited company helps your organisation in better operation because it reduce pressure of any unwarranted penalties or late fees.
Documents required for Private Limited Company ROC compliance
For making your company complaint you must done with ROC filing compliances/private limited company ROC compliance. For filing of ROC Compliances following documents are required-
- MOA and AOA of Company
- Digital Signature of Directors
- Bank Statement of Companies Account for Full Financial Year
- Consent of Directors and members
What includes inside the package of Annual ROC Compliance
For the purpose of making your company complaint we are providing tremendous offer to every company. We are providing a dedicated Professional to you so that you can ask your doubt and can manage your business whole year. Here you will get also ROC compliance checklist for private limited companies and you can get an idea about the ROC due dates also. Along with private limited company ROC compliancesupport we are providing following services in this package as -
- Appointment of First Auditor – within 30 days from registration of company
- Holding of Board Meetings and preparation of minutes
- Filing of INC-20A within 180 days from registration of company.
- Holding the Board Meeting
- Drafting the notice of BM,
- Preparing minutes thereof
- Preparation of attendance sheets of the board meetings
- Preparation of Balance Sheet, P & L Accounts, Audit Report, Director's Report, Extract of Annual Returns & Financial Statements.
- Preparation & Filing of Form AOC -04 (Financials Related Annual Return).
- Preparation & Filing of Form MGT -07 (Management Related Annual Return).
- All Monthly/Quarterly/Annual Mandatory Compliance.
- All Mandatory Statutory Compliance by Chartered Accountants (Certificate of Practice Holder).
- All Mandatory Secretarial Compliance by Company Secretary (Certificate of Practice Holder).
- End to End Business Advisory/Business Support Services by Highly Experienced/Qualified Chartered Accountants & Company Secretary.
- Preparation of Minutes of Board Meeting.
- Preparation of Minutes of AGM.
- Income Tax Returns (Company).
- Share Certificate (For All Share Holders).
- Preparation of MPB-01 (Disclosure of Interest by Directors).
- Preparation of DIR - 08 (Disclosure of Non-Disqualification by Directors).
Above mentioned are ROC compliance checklist for private limited companies and ROC due dates, which every company must need to follow. For getting better understanding related to Company Return Filing, contact our CA Services Online panel and get better company return filing for your company.
Process of ROC FilingProcess of ROC Filing/Private Limited Company ROC Compliance
Here is the process of Private Limited Company ROC Compliance, which need to follow before going for Private Limited Company ROC Compliance-
- For better understanding over Compliances for company, you need to understand the process of ROC filing compliances. Which is given here as-
- After Appointment of auditor in company open Current account of Company and deposit contribution money and submit it with MCA within 180 from registration.
- For example you register a company with 1 Lack rupees capital in which A and B is director both have 50-50 % shareholding. A and B need to deposit the amount in bank within 180 days and provide its proof to professional so that it can submit with MCA. Here you will get your Business Commencement Certificate (INC-20A).
- After closing of financial year, CA will close your Books of Account and prepare all financial statements and will submit it with Income Tax Department.
- Before 30th September dedicated professional who are managing your company will issue notices to directors and member for conduct of Annual general Meeting
- After due conduct of AGM requisite forms will be submitted with MCA.
- Dedicated manager will also prepare all other required documents and application with MCA and other concerned department. If any.
- Congratulations..! Here all requisite compliance has been done and you have successfully entered in your next financial year.
Penalties Prescribed for Non Compliance
In case if you failed in filing of ROC Return Government will levy penalties or late fees on your company. We are giving here some details of penalties applied by Ministry of Corporate Affairs as per Companies Act, 2013 related to penalties imposed for not doing Annual ROC Compliance. As per current norms, if you failed in filing of forms with MCA, it has prescribed separate late fees and penalties structure for every compliance. However in such case the late fees apply uptoRs. 500000 or may be higher or strike off company or otherwise as the case may be. Figure mentioned here is not exclusive it is only for getting idea. As per Companies Act, 2013 separate penalties are mentioned there for each non-compliance.
How LegalPillers Helps in ROC Filing?
We have a panel of Chartered Accountants/ Company Secretaries/Advocates which are associated with us. We are providing a dedicated manager for managing your business. Who will take care of all compliances and other requirements of your business throughout the year. Let the burden shift on us and focus on your business so that you can achieve ultimate goal which you have set at beginning. For better opportunity call our CA Services Online at 9625279785 or 9267941961 and grab your discounted package today.
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