The Benefits of Private Limited for Annual Filing in Chennai

The Benefits of Private Limited for Annual Filing in Chennai


A private limited company is a legal entity with its own identity. Its owner is protected from liability to the company or its creditors. It has the ability to raise funds from venture capitalists or other financial investors. Moreover, it provides the image of a legitimate and safe business to banks and other financial institutions.

A private limited company is an ideal choice for a startup. It is quick to start and easy to incorporate. However, it requires a number of steps to ensure its annual compliance. The steps include obtaining a Director Identification Number (DIN) and filing mandatory ROC forms.

In addition, a private limited company must also meet certain legal requirements. In the first place, the company must be registered with the Registrar of Companies. This is the entity that will issue the Incorporation Certificate. Besides, a company must circulate its financial statements at least 21 days before the AGM, a meeting of shareholders.

The process of registration is governed by several statutes and acts. The Registrar of Companies is under the Ministry of Corporate Affairs. In order to be eligible for the registration, a minimum of two persons are required to be directors.

A private limited company must file its annual return. This return is mandatory for all companies in Chennai. In this regard, the company must submit a bank statement to the MCA. Moreover, the company must provide the PAN number of the individual directors.

In addition, the directors of the company must sign digitally. To do so, they must get a Digital Signature Certificate from an authorized agency.

 

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