Annual Compliances for Private Limited Companies

Annual Compliances For Private Limited Companies

The private limited company has ability to enhance fund simple and accommodate shareholders. In the challenging world, most of the business enterprise who have private limited company make some new trend of various features to the customers. The accounting service onlineis now easier to access and easy to handle with enhanced compliance. When most of the small businesses that don’t satisfy their compliance as well as requirements in the starting years. Besides, they finish up their paying excess penalties for failing to carry out. In this bad scenario, such directors and companies are also blacklisted for short duration. The private limited firm also offers certain enclosures like filing financials, drafting, filing annual returns, preparing, updating statutory registers, preparing share certificates, filing minutes for entire meetings, filing managers interest in various entities. These are certainly maintained in the private limited industries for the effective way to raise capital and increase cost of compliance. Their only aim has to meet all their needs in the effective and no worry to cut the requirements in the half way.

Standard Procedure

Inclusions:

  • Preparing & filing annual returns
  • Drafting & filing minutes for all meetings
  • Preparing share certificates
  • Updating statutory registers
  • Drafting & filing financials
  • Drafting & filing directors' interests in other entities

Features of the Compliance Package

Stay DisciplinedRegular Updates
Many businesses let their compliance requirements pile up, even though taking care of them involves much less effort than is often imagined. Staying disciplined from the initial days will be hugely helpful when looking for investment or a bank loan, as both would want to ensure that your business is compliant with the Registrar of Companies' (RoC's) requirements. The regular updates are one of the effective ways to achieve business requirements change and meet every customer satisfaction in the best manner.

Frequently Ask Questions(FAQs)

 

What is DIN?
The Director Identification Number (DIN) is a unique identification number for an existing director or a person intending to become one. A person has only one DIN, no matter how many companies he/she holds the position of director in.
What is DSC?
The DSC is an instrument issued by certifying authorities (TCS and n-Code are two of them) by which you can sign electronic documents. As all documents needed for company incorporation are electronic, partners need a DSC. It is a digital file stored on a USB Token.
What are common reasons for rejection of DSC/DIN?
Do not abbreviate names, make any spelling mistakes or include prefixes. Also, if you're providing a utility bill as address proof, ensure that it's the latest and is in your name.
How many people are required to incorporate a private limited company?
To incorporate a private limited company, a minimum of two people are required. A private limited company must have a minimum of two Directors and can have upto a maximum of fifteen Directors. A minimum of two shareholders and a maximum of upto 200 shareholders are allowed in a private limited company.
What are the requirements to be a Director?
The Director needs to be over 18 years of age and must be a natural person. There are no limitations in terms of citizenship or residency. Therefore, even foreign nationals can be Directors in a Indian Private Limited Company.
What are the documents required for registration?
Identity proof and address proof is mandatory for all the proposed Directors of the Company. PAN Card is mandatory for Indian Nationals. In addition, the landlord of the registered office premises must provide a No Objection Certificate for having the registered office in his/her premises and must submit his/her identity proof and address proof.
How long will it take to incorporate a Company?
sspassociates.in can incorporate a Private Limited Company for in 14-20 days. The time taken for registration will depend on submission of relevant documents by the client and speed of Government Approvals. To ensure speedy registration, please choose a unique name for your Company and ensure you have all the required documents prior to starting the registration process.
What do I need to quickly incorporate my Company?
To incorporate a Company quickly, make sure the proposed name of the Private Limited Company is very unique. Names that are similar to an existing private limited company / limited liability partnership / trademark can be rejected and additional time will be required for resubmission of names.
Do I need to be physically present during the company registration process?
No, as all documents are filed electronically, the entire process of incorporation is now online. For nearly all the required documents, scanned copies would do. We may, however, ask for hard copies of some documents, too, with the necessary attestations. These can be couriered.
What is VAT?
VAT is value added tax, a tax levied on the sale of goods in India. Each State in India has unique VAT Regulation and different tax rates are applicable for different types of products. Therefore the VAT Tax Rate and Exemptions will be unique to each State and type of goods sold.
Who has to pay VAT?
VAT is ultimately borne by the end consumer. At each stage, the person purchasing the goods must pay VAT and is allowed to set-off the VAT paid against the VAT liability on subsequent sale. Thereby making the end consumer pay the VAT.
What is the VAT rate?
The VAT rate will depend on the type of goods being sold and the State in which the goods is being sold. Therefore, it would be best to check with the local Sales Tax Office for the appropriate tax rate applicable for the goods to be sold.
What is VAT registration?
VAT Registration is a State level registration for paying VAT, which is mandatory for manufactures and traders having an annual turnover of more than Rs.5 lakhs in most states (Rs.10 lakhs in some states). VAT Registration gives the manufacturer or trader a unique 11 digit number that would be required for subsequent VAT Compliance, VAT Filing and other matters incidental to VAT or Sales Tax or Central Sales Tax.

Who We Are?

We SSP ASSOCIATES is a dynamic and progressive partnership firm of Company Secretaries, deliver value through a dedicated team of professionals with extensive experience across a broad range of disciplines and our knowledge of corporate governance, corporate affairs, corporate management & restructuring, collaborations, strategic planning...

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28 September 2015
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