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Registered Company

Retainership Registered Company

Annual Compliance – a Summary

 All establishments in India are directed by the Ministry of Corporate Affairs (MCA) beneath the Companies Act, 2013. As per the act, each company, after incorporation, has to achieve many compulsory lawful responsibilities. These compliance necessities are intricate, with each falling on diverse due dates, and failing to meet them in an appropriate way is probable to harmfully influence a company (plus heavy penalties of up to Rs. 1 lakh per annum or the businesses and their directors getting barred).

You must retain a public record that contains of the company’s data, known as the annual returns of the company, which will be accessible in the Companies Register. Companies are needed to update the yearly returns on a regular basis.


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Filing Annual Compliance – a Thorough Process

The subsequent are the obligatory compliances that most corporations have to meet. At VYAPAR AADHAR our proficient chartered accountants, accounting and taxation specialists, and company secretaries will take due care of all your compliance needs. We offer the best-in-class legitimate talk for your company. Our team will comprise the below-mentioned compliance necessities as authorized by the Ministry of Corporate Affairs.

  1. Enabling Board Meetings of Directors:

 The primary meeting has to be carried out within a period of 30 days of integrating a business-post which four meetings shall be conducted each quarter in a calendar year. In no instance, should there be more than a duration of 120 days amid two successive meetings?

  1. Chalking out the Minutes of Events of Meeting:

Every business requires to file its minutes of the meetings and they should be conserved enduringly to complement value in case of any disagreement. The meeting minutes are to be preserved at the registered office.

  1. Share Certificates Issue:

The company is needed to issue a share certificate to the subscribers of the memorandum within a time duration of 60 days of incorporation.

  1. Disclosures of Directors’ Interests Filing and Declarations of Disqualification:

In the primary board meeting, all the directors are needed to make admissions about their interests in other business units.

  1. Filing Declarations of Beginning of Business with the RoC:

This has to be carried out upon registration of the company. Form INC 20A compulsorily needs to be filed within a time duration of 180 days of incorporation.

  1. Enablement of Annual General Meetings:

 A company shall carry out no less than one AGM each year. The first AGM shall be conducted within a period of nine months from the closing of the first financial year of the company. In other instances, it must be within six months from the closing of the financial year.

For instance, if a company is integrated on or before 31 December 2018, the First AGM must be carried out within 9 months from the date of closing of the first financial year ( 31.12.2018 – 31.03.2019), which means, by 31 December 2019.

In contrast, if a company is integrated on or after 1 January 2019, the first AGM is to be carried out within 15 months, i.e., by 31 December 2020.

      7.  Annual company returns are required to be filed with the RoC within 60 days of the conclusion of the AGM.

  1. Three-monthly compliance:

Every company must hold a bare minimum of four meetings of its board of directors, which means, at least one board meeting each quarter of the calendar year.

  1. Statutory registrations:

All statutory registrations for instance GST, PF, ESI, IEC, etc. must be concluded.

What You Must Know

Stay Disciplined

 Several companies let their compliance requirements load. Staying well-organized from the early days will be enormously helpful when considering an investment or a bank loan, as both would need you to ensure that your business is accommodating with the Registrar of Companies (RoC’s) necessities.

Consistent Updates

Hiring a company secretary on call all through the year is crucial in warranting that your business is run in agreement with the laws in place. Our team would help you stay abreast with all the modifications made by the RoC during the course of the year.

FAQ For Retainership Registered Company

Yes, each business regardless of the number of transactions has to obtain the compliance filings done. Yet, the procedure will be much meeker.

A private limited company can have a least of 2 directors and utmost 15. In case, there are more than 15 Directors employed, the business has to file MGT-14 form and offer the SRN.

Balance sheet and Annual Returns are required to be filed once every year. Additionally, companies have to file Form 3 in case there is a Return of Allotment, Form No INC-22. If there is an alteration in the Registered Office; Form No DIR-12 for Change of Directors; etc.

The AGM has to be carried out at the registered office of the company or at any other location within the city, town or village any place where the registered office is located. The Meeting should occur during the business hours (9 am-6 pm) on any day that is not a national holiday started by the Central Government

Yes, the Board of Directors can employ an individual for alternate directors. But he/she should not have been heading a parallel post in any other company.

As per Section 134 of the Companies Act 2013 and Rules made thereunder, the company shall be indictable with a penalty between Rs. 50,000 and Rs. 25,00,000/- and each officer of the company who is in nonappearance shall be carrying a punishment of imprisonment for a period which may extend to 3 years or with a fine of minimum Rs. 50,000 and maximum Rs. 5,00,000/- or with both.

As per the Companies Act, Board Meetings can be carried out even outside of India. If essential, Directors can join over video conferencing or other audiovisual essentials, on condition that there is a preceding notice. The minutes of proceedings should be duly recorded. Though, there are definite matters delimited by the Act to be organized through a Video Conference Meeting.

A Director has to be actually present to join a minimum of one Board meeting of the company. In the nonattendance of the original director, an alternate director may be allotted to attend the meeting. If a director absents himself from all the Board Meetings of the Company, he has to be removed from the Office of Directorship of the company.

The Companies Act 2013, permits one single person to be the managing director in up to 2 companies at the same time.