Annual Compliance Services for PVT & LLP Companies by Lastmin advisors
Ensure your business stays compliant with Lastmin Advisors—your trusted partner for stress-free annual filings.
Expert Compliance Filing Services
360° Corporate Legal Assistance
Quick & Efficient Process
Step 1
Choose Your Plan
Select a compliance package tailored to your business needs, whether you’re a Private Limited or LLP company.
Step 2
Get Expert Assistance
A dedicated account manager will handle all your filings, ensuring accurate and hassle-free compliance.
Step 3
Stay Compliant,
Stress-Free
Count on our experts to meet deadlines and keep your business fully compliant, so you can focus on growth.
Choose the Right Plan For Your Business
Starter
Ideal for handling only the mandatory annual compliance
Starts From
₹10,999
What you'll get
Form 8 & 11 filing(One year)
DIR 3 KYC (For 2 directors)
One Year Income Tax filing(Upto turnover of 20 lakhs)
Accounting & Bookeeping(Upto 100 transactions)
Financial statement preparation
Accounting software (1-year license)
Standard
Ideal for handling the mandatory annual compliance + GST compliance
Starts From
₹19,999
What you'll get
Form 8 & 11 filing(One year)
DIR 3 KYC (For 2 directors)
One Year Income Tax filing(Upto turnover of 20 lakhs)
Accounting & Bookeeping(Upto 100 transactions)
Financial statement preparation
Accounting software (1-year license)
Dedicated account manager
GST Returns Filings (12 Months)
Elite
Comprehensive package that covers company annual, GST & statutory compliance
Starts From
₹29,999
What you'll get
Form 8 & 11 filing(One year)
DIR 3 KYC (For 2 directors)
One Year Income Tax filing(Upto turnover of 20 lakhs)
Accounting & Bookeeping(Upto 100 transactions)
Financial statement preparation
Accounting software (1-year license)
Dedicated account manager
GST Returns Filings (12 Months)
Statutory regulations PF, ESI
TDS filing for 1 year
Payroll service (Up to 5 employees)
Mandatory Annual Compliance for Private Limited Companies
Like any business, private limited companies must take annual compliance seriously to avoid penalties. All required filings must be completed on or before their due dates. Below is a list of essential compliances every private limited company must adhere to:
1. Business Commencement Certificate
Requirement: A business commencement certificate must be obtained within 180 days of incorporation. This applies to companies registered after November 2019 with share capital.
Penalty for Non-Compliance:
Company: ₹50,000
Director: ₹1,000 per day of default
2. Appointment of an Auditor
Requirement: An auditor must be appointed within 30 days of incorporation, as per ROC compliance rules.
Penalty for Non-Compliance:
₹300 per month
The company cannot conduct business until an auditor is appointed.
3. Filing Income Tax Returns (ITR)
Requirement: Filing of income tax returns annually, on or before the due date, is mandatory. This is a critical compliance for private limited companies.
4. Submission of MCA Form AOC-4
Requirement: Companies must file Form AOC-4 with the MCA to report financial statements, on or before 13th November.
Penalty for Non-Compliance: ₹200 per day of default.
5. Filing MCA Form MGT-7
Requirement: Companies must submit Form MGT-7 to the MCA for the annual return, detailing the shareholding structure and other relevant information.
Deadline: 13th November.
Penalty for Non-Compliance: ₹200 per day of default.
6. Filing for DIN eKYC
Requirement: Every director must file their Director Identification Number (DIN) eKYC within the specified period to ensure smooth business operations.
7. Holding Annual General Meetings (AGM)
Requirement: An AGM must be held within six months of the end of the fiscal year, as per ROC compliance. During the annual filing, details of the AGM must be submitted.
8. Submission of Directors’ Report
Requirement: Directors must provide a Directors’ Report as per Section 134 of the Companies Act. This report should be submitted to both the ROC and MCA on time.
Other Annual Compliance for Private Limited Companies
In addition to the mandatory company compliances mentioned earlier, businesses must also complete several other periodic filings and obligations to remain fully compliant. These include:
1. GST Returns
Filing monthly, quarterly, and annual GST returns as per the GST regulations to ensure tax compliance.
2. Periodic TDS Return Filing
Regular filing of Tax Deducted at Source (TDS) returns to avoid penalties and maintain tax accuracy.
3. Advance Tax Calculation
Advance tax liability must be calculated and paid periodically to meet the required income tax obligations.
4. Income Tax Return Filing
Filing income tax returns annually as per the applicable tax slab or exemptions to avoid legal complications.
5. Tax Audit Report Submission
Submission of tax audit reports to verify financial accuracy, as mandated by the Income Tax Act for specific businesses.
6. Semi-Annual Easy Returns
Filing semi-annual easy returns to comply with statutory guidelines applicable to certain sectors or industries.
7. Provident Fund (PF) Returns
PF return filings must be submitted regularly to comply with employee benefit regulations under EPFO.
8. Professional Tax Return Filing
Filing professional tax returns as required by the respective state laws to avoid penalties.
9. Regulation Evaluation and Reporting
Periodic evaluation and reporting under various laws, including:
Environment and Protection Act
Competition Act
Factory Act
And other sector-specific regulations
1. Financial Statement
Preparation
We help maintain accounts and create accurate financial statements at the end of the fiscal year.
2. Secretarial Compliance
Support
Our team assists with drafting board meeting minutes, AGMs, director’s reports, and annual reports to ensure compliance.
3. MCA Annual Return Filing
We handle the timely preparation and submission of your MCA annual return before the 30th September deadline.
4. Hassle-Free Income Tax Filing
From paperwork to filing, we ensure your company’s income tax returns are submitted correctly, even for inactive companies.
Understanding Business Compliance:
A Complete Guide
Online accounting and compliance services streamline processes, ensure legal adherence, and foster transparency. Partner with experts to stay compliant and focus on growing your business.
What is Business Compliance?
Business compliance refers to the practice of ensuring that companies and their employees adhere to all applicable laws, regulations, ethical standards, and internal policies. Key components of compliance include:
Adhering to internal policies and federal/state laws
Preventing and detecting rule violations to avoid penalties and lawsuits
Why is Business Compliance Important?
Compliance protects businesses from legal risks, promotes ethical behavior, and fosters transparency. It’s an ongoing process, supported by compliance programs that ensure consistent and accurate implementation over time.
Why Online Accounting and Compliance Services Matter in India
1. Efficient Budget Management
Online accounting services help businesses manage income and expenses while ensuring alignment with financial goals and policies.
2. Accurate Business Performance Evaluation
These services provide insights into essential metrics like net profit, sales growth, and operational efficiency, enabling better decision-making.
3. Improved Cash Flow Management
Tracking incoming and outgoing cash ensures smooth operations, timely payments to employees and suppliers, and better financial planning.
4. Financial Transparency for Investors
Providing clear financial data enhances investor confidence by showcasing the company’s solvency, liquidity, and creditworthiness.
5. Legal Compliance and Avoiding Penalties
In India, companies must maintain accurate records and file income tax returns with the Registrar of Companies (ROC). Failure to comply can lead to penalties or fines.
Why Company Compliance Services are Crucial for Business Growth
Comprehensive company compliance services protect your business, reduce legal risks, improve internal operations, and build a positive brand image. Stay compliant and boost business growth with expert assistance.
1. Compliance Demands Increase as Your Business Grows
As your business expands, the complexity of compliance increases. Compliance refers to fulfilling legal obligations designed to protect public welfare, safety, and health. While small businesses must comply with basic regulations like obtaining a business license and paying taxes, larger businesses face more intricate compliance challenges. These include:
Hiring, firing, and discrimination policies
Health and safety standards
Wages, payroll, and employee benefits
Regulations on product creation and marketing, such as health department requirements for restaurants
2. Minimize Legal Risks and Liabilities
Proper compliance minimizes the risks of legal troubles such as fines, penalties, work stoppages, or lawsuits. Ignoring compliance requirements, like posting a job advertisement incorrectly, can lead to warnings, while serious violations, such as failing to meet safety or advertising regulations, may result in hefty penalties or lawsuits. Hiring a compliance expert ensures that your company meets all legal obligations and reduces the chance of costly legal issues.
3. Boost Operational Efficiency and Workplace Safety
Many business regulations are designed to improve operational efficiency and create a safer workplace. By adhering to:
Discrimination and harassment laws, you foster a respectful and productive work environment
Safety guidelines, you prevent workplace injuries, accidents, and disruptions that can negatively impact profits
For more comprehensive practices, refer to organizations like the Occupational Safety and Health Administration (OSHA) and the Equal Employment Opportunity Commission (EEOC) for best practices.
4. Enhance Your Brand’s Public Image
Publicizing your commitment to compliance not only protects your business legally but also enhances your public image. By showcasing:
Equal opportunity employment in job ads
Your commitment to non-discrimination policies in mission statements
Employee benefits like extended maternity leave and wellness programs
You can build trust with customers, employees, and investors, improving your overall public relations.
These are the types of Business Compliance to adhere to:
A sole proprietorship is an unincorporated business structure owned and operated by a single individual. Its legal status in India has specific characteristics:
1. Regulatory Compliance: Adhering to Laws and Regulations
Regulatory compliance ensures that a business follows local and international laws relevant to its operations. These regulations vary based on industry and location. By adhering to these rules, businesses build trust with employees, customers, and suppliers. A company’s reputation grows as it follows legal and ethical practices, ensuring long-term success and credibility.
2. HR Compliance: Upholding Employment Laws and Employee Welfare
HR compliance ensures that your business operates in full accordance with employment laws, protecting both the company and its employees. Key areas of HR compliance include:
Employee documentation
Hiring procedures
Overtime pay regulations
Recruitment processes
Employee benefits
By following these standards, businesses create a positive, productive work environment while reducing the risk of legal issues or employee complaints.
3. Data Compliance: Safeguarding Customer and Employee Information
Data compliance is critical in today’s data-driven world. With businesses collecting vast amounts of personal data, ensuring its secure collection, storage, and use is essential. Data compliance means:
Legal collection and management of data
Protection from theft, corruption, and misuse
Adhering to privacy laws and regulations
Failing to maintain data compliance can damage a company's reputation, harm relationships, and even lead to severe penalties. Safeguarding data ensures both trust and business continuity.
4. Health and Safety Compliance: Protecting Employees and Operations
Health and safety compliance goes beyond the healthcare industry. While doctors and nurses face strict regulations, all businesses must provide a safe working environment to avoid accidents and ensure employee well-being. Compliance with safety standards is essential for:
Protecting employees from workplace injuries
Ensuring a safe and efficient work environment
Reducing liability risks
Failure to comply with health and safety regulations can result in serious consequences, including costly accidents and disruptions to business operations. Ensuring a safe workplace is not only a legal obligation but also key to maintaining a productive and healthy workforce.
Process of Filing Annual Compliance Services for Your Business: A Step-by-Step Guide
At LastMin Advisors, our team of expert chartered accountants, accounting and taxation professionals, and company secretaries ensures that your business meets all mandatory annual company compliance requirements. We provide top-notch legal consultation to handle all the compliance needs as mandated by the Ministry of Corporate Affairs (MCA). Below is a step-by-step process for filing annual compliance services:
Facilitation of Board of Directors' Meetings
First Meeting: A board meeting must be conducted within 30 days of incorporating a business.
Subsequent Meetings: At least four meetings must be held every year, with no more than 120 days between any two consecutive meetings.
Regular meetings ensure effective corporate governance and decision-making.
Preparation of Minutes for Meetings
Every company is required to maintain the minutes of proceedings for board meetings.
These minutes must be preserved permanently at the registered office and filed with the authorities when required.
Maintaining these minutes ensures legal protection and value in case of any disputes.
Issuance of Share Certificates
The company must issue share certificates to the subscribers of the memorandum within 60 days of incorporation.
Issuing share certificates establishes ownership and legal rights for shareholders.
Filing of Disclosures of Directors’ Interests and Declarations of Disqualification
In the first board meeting, directors must disclose any interests they have in other business entities.
This ensures transparency and compliance with corporate governance standards.
Filing Declarations of Commencement of Business with the RoC
After company registration, the Form INC 20A must be filed within 180 days of incorporation to declare the commencement of business.
This step ensures that your business is officially recognized as operational.
Facilitation of Annual General Meetings (AGM)
Companies must conduct at least one AGM each year.
First AGM: Must be held within nine months from the close of the first financial year.
Subsequent AGMs: Must occur within six months from the closing of the financial year.
Filing Compliance: The annual compliance returns must be filed with the RoC within 60 days of the conclusion of the AGM.
AGMs provide an opportunity for shareholders to discuss company performance and future plans.
Quarterly Compliance: Board Meetings
At least four board meetings must be held each year (one per quarter).
Maintaining regular meetings ensures ongoing compliance with corporate governance standards.
Statutory Registrations
Ensure completion of all statutory registrations such as:
GST Registration
Provident Fund (PF) Registration
Employee State Insurance (ESI) Registration
Import Export Code (IEC) Registration
These registrations are necessary for legal operations and employee welfare.
Compliances under the Companies Act, 2013:
A Guide for Businesses
Strict adherence to the Companies Act, 2013 is vital for ensuring legal compliance, enhancing corporate governance, and promoting financial transparency. Businesses that comply with these provisions reduce the risk of legal issues and build a solid foundation for long-term growth.
The checklist for registering a sole proprietorship in India are:
1. Governance of Directors
The Companies Act, 2013 outlines essential guidelines for the governance of company directors, including:
Appointment: Procedures for appointing directors
Qualification: Requirements for the eligibility of directors
Remuneration: Guidelines on how directors' remuneration should be structured
Retirement: Rules regarding the retirement or removal of directors
Ensuring compliance with these regulations is crucial for maintaining corporate integrity and governance.
2. Conducting Board and Shareholder Meetings
The Act defines how board meetings and shareholder meetings must be conducted, ensuring transparency and proper decision-making processes. Compliance includes:
Proper notice and agenda for meetings
Documentation of minutes and resolutions passed
Quorum requirements for meetings to be valid
By adhering to these guidelines, companies promote healthy corporate governance and strengthen their operations.
3. Preparation and Presentation of Financial Statements
Companies must prepare and present accurate annual accounts in compliance with the Companies Act, 2013. This includes:
Regular upkeep of accounting books
Preparation of financial statements such as the balance sheet, profit & loss account, and cash flow statement
Annual filing with the Registrar of Companies (ROC)
Adhering to these requirements ensures financial transparency and promotes stakeholder confidence.
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