Private Limited Company Annual Compliances

It’s important for a private limited company to observe various laid down compliances as per Companies Act, 2013.  There are annual returns and audited financial statements to file to ROC (Registrar of Companies).

Its worthy to note that the cost of compliance is just a fraction of the penalty that could be levied for non-compliances of laid down regulations.

Directors:

A private limited company needs to have atleast 2 directors out of which one must be a resident of India.

Capital Contribution:

There is no minimum amount of capital requirements for a company, while authorised capital should be minimum of Rs 1 Lakh.

Registered Office

The company needs an address for communication. That may or may not be a commercial space.

The key actionable under this head is to ensure completion of Statutory Audit by Practicing Chartered Accountants. The books of accounts, relevant supporting’s, invoices, vouchers, journals, bank statement, bank balance confirmations, Confirmation of Accounts from Sundry Debtors & Sundry Creditors.
Key Steps

• Appointment of Statutory Auditors
• Finalization of Annual accounts with Auditor;
• Preparation of financials for sign off by directors and auditors;
• Filing of Audited financial statements with concerned authorities.

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