Operating a private limited company entails not just day-to-day operations and commercial strategy, but also compliance with many legal and regulatory regulations. These standards, known as ROC (Registrar of Companies) compliances, ensure the company’s operations are transparent, accountable, and legal. This blog will go over the basic ROC compliances that a private limited companies must follow, as well as a complete event-based compliance table.
Mandatory ROC Compliances for a Private Limited Company
1. Auditor Appointment
Every company shall appoint their auditor within 30 days of registration. This is a mandatory compliance for every company.
2. Board Meetings
Private limited corporations must hold regular board meetings to debate and make crucial decisions about the company’s operations, finances, and strategies. Private limited companies shall conduct at least 4 board meetings in a year.
3. Commencement of Business Filing in Form 20A
Form 20A is a mandatory filing for any company that was incorporated after November 2018. Form 20A is meant for declaration that company has transferred the respective paid up share capital in the bank and is considered to be operational or that it has commenced its business. This has to be done within 180 days of company incorporation.
4. Annual General Meeting (AGM)
An AGM is a yearly meeting of shareholders and directors to examine the company’s financial performance, future plans, and other important issues. The company’s financial accounts are given, and shareholders have the opportunity to ask questions.
5. Disclosure of Director’s Interest
A private limited company’s directors are obligated to disclose their financial interests in any contracts, arrangements, or transactions involving the company. This transparency helps to avoid conflicts of interest and ensures that decisions are made fairly.
6. Filing of Income Tax and Annual Return
Private limited corporations are required to file an annual income tax return . They must also file an annual return with the Registrar of Companies. This return contains information about the company’s audited Balance sheet, Profit Loss Account, shareholder structure, and other important factors. Forms such as AOC-4, MGT-7/7A
7. Maintenance of Statutory Registers
The firm is required to keep certain statutory registers, such as the register of members, the register of directors, and the register of charges. These registers provide critical information on the company’s shareholders, directors, and liabilities.
8. Filing of Director’s Identification Number (DIN) KYC
Private limited company directors must complete their KYC (Know Your Customer) for their Director’s Identification Number. To ensure the accuracy of the records, this process entails validating and updating personal information.
Event-Based ROC Compliances for a Private Limited Company
A detailed table defining the nature of compliances, pertinent sections, e-forms, and descriptions for event-based ROC compliances is provided below:
| Nature of Compliances | Section | E-Form | Description of Compliances |
| Incorporation Documents | Companies Act, 2013 | INC-7 | Submission of incorporation documents (Memorandum and Articles of Association) |
| Appointment of Directors | Companies Act, 2013 | DIR-12 | Intimation of appointment/cessation of directors and changes in director details |
| Allotment of Shares | Companies Act, 2013 | PAS-3 | Filing details of shares allotted during the incorporation or subsequently. |
| Change in Registered | Companies Act, 2013 | INC-22 | Intimation of change in the company’s registered address |
| Office Address Alteration of Capital | Companies Act, 2013 | SH-7 | Notice of alteration of share capital (increase/decrease in capital) |
| Board Meetings | Companies Act, 2013 | MBP-1 | Disclosure of interest by directors in board meetings and committee meetings |
| Appointment/Resignation of Key Managerial Personnel | Companies Act, 2013 | DIR-12 | Filing changes in key managerial personnel (Managing Director, CEO, CFO, etc.) |
| Share Transfer | Companies Act,2013 | SH-4 | Filing of share transfer details |
| Annual General Meeting | Companies Act, 2013 | MGT-7 | Filing annual returns and disclosures within 60 days of AGM |
| Disclosure of Interest in Contracts | Companies Act, 2013 | MBP-1 | Disclosure of interest by directors in contracts, arrangements, or transactions |
| Appointment of Auditor | Companies Act, 2013 | ADT-1 | Intimation of auditor’s appointment or reappointment |
| Filing of Financial Statements | Companies Act, 2013 | AOC-4 | Filing of financial statements, including balance sheet |
| Charges on Company’s Assets | Companies Act, 2013 | CHG-1 | Intimation of creation or modification of charges |
| DIN KYC | Companies Act, 2013 | DIR-3 KYC | Filing director’s KYC details |
| Certificate of Commencement of Business | Companies Act, 2013 | INC-20A | Application for obtaining Certificate of Commencement of Business |
Read more about ROC Compliances E-Form
Conclusion
Finally, following ROC compliances is a critical component of running a private limited company. Non compliance with Roc has a huge penalty and it may result in striking off the company. These compliances help not just to legal compliance but also to the company’s credibility, transparency, and seamless operation. To negotiate the complicated environment of ROC compliances, businesses should have their tax and compliance consultant who looks after their compliance matter. TAXVIC helps small and medium companies fulfill all the roc compliance needed for a private limited company.Â
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