It is important to know every element of a business enterprise before beginning one of any kind, and compliance is one of them. Understanding the compliance checklist for private limited company is crucial, as businesses in India must follow mandatory regulations to avoid penalties
What is the Purpose of Compliance?
The purpose of compliance is to ensure that companies follow all moral practices. A private limited company is required to ensure compliance with various laws, including the Companies Act, 2013. It assists in avoiding mistakes that are morally and lawfully wrong and could harm the business, its directors, and the economy.
“Timely filing of compliance by the companies is very important, or higher penalties may be imposed. Regular compliance filing helps the Registrar of Companies (ROC) to understand how any company is working in a financial year under the rules and regulations of the Companies Act, 2013.”
Continuity in the avoidance of the company’s compliance for a longer period shall be a punishable matter for the company with additional fees.
What is the Compliance of a Pvt Ltd Company?
The most important thing after Private Limited Company Registration is the Board Meetings. At least two or one-third of the total number of Directors must be present at the annual general meeting (AGM). Its purpose is to discuss the plans and strategies of the company.
At least 4 board meetings are conducted annually to discuss all the company’s matters. Like financial statements, management, and the techniques of the company. In board meetings, discussion of the appointment of an auditor, remuneration, dividend declaration, etc., is mandatory.
Below is a detailed compliance checklist for private limited company covering all mandatory annual and event-based requirements in India.
Appointment of the Auditor
Form- ADT-1
This form is filed to appoint an auditor for the company. It requires completion within 30 days of the incorporation of the company. If a new auditor gets an appointment within 15 days from the date of the annual general meeting, the company has to file this form ADT-1 with the Registrar of Companies (ROC).
Form ADT-1 has to be filed under Section 139(1) of the Companies Act, 2013, which requires the complete details of an appointed auditor for the company.
Director’s KYC (DIR-3 KYC)
It is a form to update the information of all the directors. The Ministry of Corporate Affairs (MCA) will take charge of this to guarantee that the directors have access to the most recent information and that the implementation of DIN will be beneficial. KYC of every director needs to be completed on the due date of every financial year, or else they will charge a penalty of Rs. 5000 per director.
Due date: September 30th, every year.
INC- 20A
It is a mandatory form that comes under the Registrar of Companies for the declaration of the commencement of business. The INC-20A carries details about the company’s bank account, directors, shareholdings, subscribers’ money, etc. The registrar has the power to strike off the company if this form is not filed within the timelines.
Due date: Within 180 days of the Incorporation of the company.
Form MSME
This form has to be filed with the RoC to inform them about the upgraded details of all the outstanding payments to the small businesses. It’s required on a half-yearly basis. Every company obtaining services or goods from an MSME supplier has to file this form. It’s issued under the MSMED Act, 2006, which works to protect the interests of micro or small businesses.
Due dates: October 31st (For the half-year period April to September) and April 30th (For half-year periods October to March).
Directors’ Disclosure (MBP-1)
This form must be submitted by a director expressing their concerns about the company. Form MBP-1 seeks disclosure of a director's interests, including shareholdings in other organisations.
Due date: the first Board meeting of each financial year
Form AOC-4
For a pvt ltd company, it’s one of the most crucial compliances. This form has to be filed to update the financial statements, like the audited balance sheet, with the RoC. It’s done within 30 days from the conclusion of the annual general meeting.
Due date: October 30, every year.
Form DPT-3
It’s required by the companies that have received money, and the loan is due. DPT-3 requires information on the return of deposits and non-deposits taken by a company. If a company has an NIL outstanding balance on March 31st, they don’t have to file this form.
Due date: June 30th, every year.
Form MGT-7
This form is by MCA to get updates about the company’s annual returns. MGT-7 requires the total furnished details about the company. It needs completion within 60 days from the conclusion of the AGM. Heavy penalties may be imposed along with late fees. A fine of Rs. 5000 may be imposed on a corporation if it fails to file the MGT-7 form.
Due date: November 30th, every year.
Filing compliance timely is the duty of the board. The penalties for late filing of the compliance are way higher. It is preferable to complete compliance before the deadline; failing at it could put the company and its directors in a difficult position and also lead to criminal charges.
Statutory Registers a Pvt Ltd Company Must Maintain Under the Companies Act
Every private limited company in India is required to maintain certain statutory registers to ensure transparency and compliance with the Companies Act, 2013. These registers serve as official records of important company information and must be updated regularly. The key registers include:
- Register of Members (Form MGT-1) – Keeps details of all shareholders, including their shareholding pattern and changes over time.
- Register of Directors & Key Managerial Personnel (KMP) – Maintains information about directors, managers, and other key officers of the company.
- Register of Charges (Form CHG-7) – Contains records of any loans or borrowings secured against company assets.
- Register of Share Transfers (Form SH-6) – Tracks all transfers and transmissions of company shares between shareholders.
- Register of Investments (Form MBP-2) – Mandatory when the company invests in securities, bonds, or other instruments.
- Register of Loans & Guarantees (Form MBP-3) – Documents loans given, guarantees issued, or securities provided by the company.
- Register of Contracts & Related Party Transactions (Form MBP-4) – Discloses contracts or transactions with related parties for transparency.
- Register of Debenture Holders – Required if the company has issued debentures to investors.
- Register of Significant Beneficial Owners (Form BEN-3) – Identifies individuals who hold significant beneficial ownership in the company.
Maintaining these registers is not optional; non-compliance may attract penalties under the Companies Act. Regular updates and proper record-keeping help companies build investor confidence and avoid legal complications.
Choosing a Compliance Partner That Fits Your Business Needs
Navigating compliance in India requires expertise, consistency, and awareness of frequent regulatory changes. A reliable compliance partner helps businesses stay updated with corporate laws, tax filings, labour codes, and sector-specific rules without burdening internal teams.
Instead of struggling with multiple consultants, startups and growing companies can partner with professional corporate advisory firms that provide end-to-end compliance management. This helps maintain accurate records, meet filing deadlines, and ensure hassle-free dealings with regulatory authorities.
Selecting the right partner involves finding a firm with solid experience, a strong national presence and customised support. Platforms like JustStart specialise in guiding businesses through company incorporation, compliance filings, and ongoing statutory requirements, making them a trusted partner for entrepreneurs across India.
Conclusion
I’m assuming you’re reading this blog because these rules have you worried and confused. Don’t worry, we’re here to assist you. If you’re unsure about managing the compliance checklist for private limited company, JustStart can guide you with end-to-end compliance support. JustStart will provide you with thorough assistance. We’ll give you the finest recommendations along with a thorough process guide. We have worked with various companies in the past, achieving the best results and happy clients. JustStart would be delighted to serve you, too.
FAQs (Frequently Asked Questions)
Q1. What is the meaning of a statutory register under the Companies Act, 2013?
Statutory registers are legal records that a company is required to maintain under the Companies Act, 2013, containing key details about its structure and operations. They include details about members, directors, charges, loans, investments, and other key compliance matters.
Q2. Which registers are mandatory for a private limited company?
A private limited company must maintain registers such as the Register of Members (MGT-1), Register of Directors & KMP, Register of Charges (CHG-7), Register of Share Transfers (SH-6), and Registers for loans, investments, and related party transactions.
Q3. Why are statutory registers important for compliance?
These registers act as proof of compliance, ensure transparency in company operations, and help during audits, inspections, or legal proceedings. Non-maintenance can lead to penalties under the Companies Act, 2013.
Q4. Who is responsible for maintaining the statutory register in a company?
The company secretary or authorised compliance officer is generally responsible for maintaining statutory registers. In smaller companies without a CS, directors often ensure these records are updated.
Q5. Can a company outsource statutory compliance and register maintenance?
Yes, many companies outsource their compliance responsibilities to professional firms or consultants. This helps ensure accuracy, avoid penalties, and stay updated with regulatory changes.
