Compliances for Private Limited Companies

Once a company is registered in India, it must periodically maintain a number of compliances in order to avoid fines and legal action. After company registration, a company would need to comply with the following requirements, among others:

A practicing and certified Chartered Accountant registered with the ICAI must be appointed as the company’s auditor within 30 days of establishment for all Indian-registered businesses.

In order to verify the phone number and email address listed with the Ministry of Corporate Affairs, all individuals who hold a Director Identification Number (DIN), which is assigned during the incorporation process, must complete DIN KYC every year.

Beginning of Business: The company must open a bank current account within 180 days of incorporation, and the shareholders must deposit the subscription sum specified in the MOA of the company. Therefore, in order to receive a start of business certificate, the shareholders of a company that is to be established with a paid-up capital of Rs. 1 lakh must deposit Rs. 1 lakh into the Company’s bank account and file a copy of the bank statement with the MCA.

MCA Annual Filings: All companies registered in India must file a copy of the financial statements with the Ministry of Corporate Affairs each financial year. If a company is incorporated between January – March, the company can choose to file the first MCA annual return as a part of the next financial year’s annual filing. MCA annual return consists of Form MGT-7 and Form AOC-4. Both these forms must be digitally signed by the Directors and a practicing professional.

Income Tax Filing: All companies must file an income tax return using Form ITR-6 each financial year. Income tax filing must be done for each financial year before the due date – irrespective of the incorporation date. The income tax return of a company must be digitally signed using one of the Director’s digital signature.

Headquarters of the Company

All businesses that register in India are required to keep a registered office there. The name of the firm must be displayed on a board at the registered office, which should also be a location where notice or other communications, if any, can be delivered. As a result, a company’s registered office cannot be on undeveloped land or a building site.

A company’s registered office may be changed if necessary after incorporation. The procedure can be finished quickly if the registered office is moved within the same city or Registrar of Companies. The process would be more drawn-out and difficult if a company’s registered office were to move from one state to another.

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