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Private Limited Company / OPC Overview
All companies with an Indian registration, including private limited companies, one-person businesses, limited companies, and section 8 corporations, are required to file an annual MCA report as well as an income tax return. The company must hold an AGM at the conclusion of each fiscal year before filing an annual return. The Annual General Meeting for newly created companies must be held within 18 months of the incorporation date or within 9 months of the financial year's end, whichever comes first. The next AGM should take place six months after the end of the previous fiscal year. The fiscal year in India typically begins on April 1 and concludes on March 31. The annual report for a company would then be required on or before September 30.
Companies must file income tax filings in addition to the MCA yearly return, regardless of revenue, profit, or loss. As a result, even inactive businesses that have no transactions must submit income tax filings annually. Form ITR -6 must be filed by private limited firms, limited companies, and one-person businesses. A company's income tax return must be submitted on or before September 30th.
FAQ
What is the Average Timeline for Setting up a Private Limited Company?
A PVT LTD corporation must be registered within 8 to 12 business days. If all the information is correct and all the documents are properly submitted, the registration process can be sped up.
What is the meaning of limited liability in a Private Limited Company?
Based on the idea of "limited liability," a private limited company's partners' liability is restricted to the amount of their contribution.
What is the Minimum Number of Individuals required for Private Company Registration?
A private corporation must have at least two shareholders and directors in order to be incorporated. Additionally, the same individuals may act as the company's shareholders and directors.
What Documents are required for PVT LTD Company Registration?
Documents necessary for Private LTD Company Registration include the ID and address proofs of the directors, the address proof and utility bills for the registered address, and the company's bank statements.
Is there any Limitation on the Maximum Number of Members in a Private Limited Company?
Yes, there will never be more than 200 members at any given moment. If it exceeds the cap, the business must be turned into a public limited and subject to all regulations that are applicable to public limited.
What is the Minimum Capital required for Private Limited registration?
In order to be incorporated in India, a private limited company must have a minimum capital of Rs 1,000,000.
Can an individual become a director in a company if he/she is already working somewhere or doing a full-time job?
If there is no employment contract, the individual may become a director of a corporation while still working abroad.
What is DIN?
DIN stands for Director Identification Number. The MCA has allocated a particular number to each director. Additionally, during the director's lifetime, the MCA (Ministry of Corporate Affairs) only issues one DIN. No Director shall ever be entitled to more than one DIN. Additionally, this suggests that a person may hold directorships with different organisations that share the same DIN.
Can a Private Limited Company List its Shares on Stock Exchanges?
A Private Limited Company cannot issue its shares on an established stock exchange. However, in order to list its shares, a private corporation must convert to a public limited company by satisfying specific financial criteria related to capital, profitability, etc.
Can I do multiple businesses with just one pvt ltd company registration?
It is possible for one person to register just one private limited company and run multiple businesses. The business owner must, however, include information about each firm in the MOA (Memorandum of Association) of the company when submitting an application for registration.
What is an example of a Limited Liability Partnership or LLP?
A few examples of limited liability partnerships (LLP) in India are law firms, auditing firms, financial advisory services, real estate agencies, and business consultants.
What is a Private Company?
A business with a minimum of two shareholders and a maximum of 200 shareholders is a private limited company, which offers its stockholders limited responsibility and legal protection.
What is Annual Compliance?
The Companies Act of 2013 requires that every business convene an annual general meeting (AGM) every financial year, along with the financial statements for that financial year, however there must be a break of more than 15 months between two such AGMs.
Which law governs the Private Limited Company in India?
The Ministry of Corporate Affairs (MCA) in India governs and supervises all Private Limited Companies in accordance with the Companies Act of 2013.
When can the company issue share certificates?
The firm is authorised to issue a share certificate to any subscriber to a memorandum within 60 days of the firm's incorporation.
When can the Annual General Meeting be conducted in a company?
A Private Limited Company is required to hold at least one Annual General Meeting each year. The first annual general meeting of a corporation must, however, be convened within nine months of the conclusion of that company's first fiscal year.
What statutory registrations are required to be made for filing of annual compliance?
All statutory registrations, including GST, PF, ESI, and IEC, must be completed in order to file a private limited company's annual compliance.
Is it necessary to file for compliance, even if there are no transactions?
Yes, regardless of the volume of transactions, the completion of compliance forms is considered necessary for each organisation.
Which documents are required to be filed with the ROC for annual compliance?
Papers like balance sheets and annual returns are required for the filing of yearly compliance. These must be filed once a year. Companies must file Form 3 for Return of Allotment and Form No. INC-22 if their registration office changes.