Operating a Private Limited Company involves several mandatory compliances after incorporation. These include holding board meetings within specific timeframes, appointing auditors, issuing share certificates, and filing crucial forms like INC 20A for business commencement. Additionally, companies must adhere to regulations for financial statement filings (AOC-4), annual returns (MGT-7), director KYC, and reporting on loans and MSME payments.
A Private Limited Company is the most popular form of starting a business. However, there are various compliances which are required to be followed once your business is incorporated. Let us understand those.
Here is a list of compliances for Private Limited Company:
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FAQ :
A Private Limited Company must hold its first board meeting within 30 days of its incorporation.
The e-Form INC 20A for declaration of commencement of business must be filed within 180 days of the company's incorporation.
Most Private Limited Companies (excluding One Person Companies, Small Companies, Section 8 Companies, and dormant Companies) are required to hold a minimum of 4 board meetings in a calendar year, with no more than 120 days between meetings.
The financial statements, filed via e-Form AOC-4, are due within 30 days of the Annual General Meeting.
Every Director must file DIR 3 KYC on or before the 30th of September.
A company with outstanding loans or amounts as of 31st March must file e-Form DPT-3 by 30th June.