Annual Compliances For Pvt/ Opc Companies

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About Annual Compliances For Pvt/ Opc Companies

Private Limited Companies (Pvt Ltd) and One Person Companies (OPCs) are popular business structures in India. Pvt Ltd companies have a minimum of 2 and a maximum of 200 members and limited liability. These companies are run by directors and shareholders, who have separate legal identities from the company. Pvt Ltd companies are governed by the Companies Act, 2013 and have to comply with annual compliance requirements. On the other hand, OPCs are a type of Pvt Ltd company with a single member. OPCs are suitable for entrepreneurs who want to run a business on their own, and they have limited liability like Pvt Ltd companies. OPCs are also governed by the Companies Act, 2013 and have to comply with annual compliance requirements.

Under the Companies Act, 2013, and other applicable laws, the key annual compliance requirements for Pvt Ltd and OPCs in India are:

Filing of Annual Return: Every Pvt Ltd and OPC is required to file an Annual Return with the Registrar of Companies (RoC) in Form MGT-7 within 60 days from the end of the financial year. This return provides information about the company’s directors, shareholders, and its financial statements.

Filing of Financial Statements: Pvt Ltd and OPCs must file their Financial Statements in Form AOC-4 with the RoC within 30 days from the end of the financial year. These statements provide a snapshot of the company’s financial health, including its assets, liabilities, and profitability.

Appointment of Auditor: Every Pvt Ltd and OPC is required to appoint an auditor who will audit the company’s financial statements. The auditor’s report, along with the company’s financial statements, must be filed with the RoC.

Income Tax Return Filing: Pvt Ltd and OPCs are required to file their Income Tax Returns by September 30th of the assessment year. This is in addition to complying with Goods and Services Tax (GST) regulations if the company is registered under the GST Act.

Maintenance of Statutory Registers: Pvt Ltd and OPCs must maintain various statutory registers, including registers of directors, register of members, register of charges, register of investments, and register of loans and advances.

Failure to comply with the annual compliance requirements can result in significant fines and legal action. Therefore, it is important for Pvt Ltd and OPCs to seek professional help from qualified Chartered Accountants or Company Secretaries to ensure compliance with the regulations

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Benefits Annual Compliances For Pvt/ Opc Companies

Legal compliance

Annual compliances ensure that the company complies with all the legal requirements of the Companies Act, including filing of returns and maintaining necessary registers, avoiding legal issues.

Avoiding penalties

Non-compliance can lead to heavy penalties, fines, and legal consequences. Annual compliances ensure timely submission of statutory documents and financial statements, avoiding such penalties.

Financial transparency

Regular compliances provide financial transparency and help the company identify any financial irregularities, if any. It helps in keeping the books of accounts up to date, which can also help in securing funding from investors and banks.

Maintaining active status

Annual compliances help the company maintain its active status and avoid being marked as a dormant or inactive company by the Registrar of Companies.

Better governance

Annual compliances encourage good corporate governance practices, which are critical for building a company's reputation and credibility. It also ensures that the directors and shareholders of the company are fulfilling their duties and responsibilities.

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