Following are the statutory compliances of a Private Limited Company.
Hold the annual general meeting to approve financials
It is needed to be held every year for the purpose of the declaration of dividends, approval of financial statements etc. It has to be held in the city where the registered office is situated in the company.
Conduct board meetings every quarter
In a year four meetings have to be held and at least one in every quarter. The quorum for the meeting is 1/3rd or 2 Directors whichever is higher. Minutes of the meeting needs to be maintained at the registered office.
[Suggested Read: Companies (Registration Offices and Fees) Rules, 2014]
File annual compliance forms on time
Must be certified by a practising Chartered Accountant or a company secretary before filing. A compliance certificate needs to be filed from a practising company secretary in case the company has a paid-up capital in the range of Rs. 10,00,000 or Rs. 50,00,000.
Maintain register for the company
A register of Members, A register of directors, Register of Contracts, Minutes of the meeting etc have to be kept at the registered office of the company. The director’s directorship in other companies has to be informed by them every year.
Appointment of Auditor, Statutory Audit of Accounts, Filing of Annual return (Form MGT-7), Filing of Financial Statements (Form AOC-4) are some of the other statutory compliances of a Private Limited Company.
[Suggested Read: Difference between Authorised and Issued Shares]