To all the startups once you are through with the private company registration, immediately you should initiate and prepare yourself for annual compliances applicable to a private company. A Private company registration is governed by the Companies Act 2013. Immediately within 15 days from the date of your incorporation Appointment of Auditor is a mandatory requirement. Appointment of the statutory auditor is a must condition for a private company under the Companies Act, 2013, an auditor will be appointed by a company for a term of 5 years and if it is a new business, the auditor has to be appointed within one month of the start of the enterprise. The form ADT-1 will be filed for a 5-year appointment. Another important compliance is by the 30the of September every year Annual ROC fillings is required to be filed, which includes the filing of annual returns and financial statements (Balance Sheet, P&L Accounts).
The private company is required to disclose the details of its annual returns within a period of 60 days. The 60 days shall be counted from the last annual meeting held. Every year Annual general meeting (AGM) is to be conducted. Apart from the AGM, a private company is required to conduct a minimum 4 Board meetings in a financial year, and the gap between no two Board meetings should be greater than 120 days.Directors reports are also required to be filed. Directors’ Report is to be filed covering all the information required for Small Company under Section 134. The Income-tax last Date for corporate is 30th September of the financial year. The private company is also required to Maintain the records such as the register of members, register pertaining to shareholders, directors detail etc. After a private company registration, all the compliances pursuant to the Companies act 2013 is to comply.
