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Post Incorporation Compliance for Private Limited Company

Once the Company is incorporated, we forget about the various compliances which needs to be followed. Obtaining the Certificate of Incorporation is only a starting point for a series of compliances a company has to follow under various legislations in India from time to time. Non-compliance would lead to fines and penalties on the Directors and the Company.

Following are the basic compliances which needs to be followed once the Pvt Ltd Company is incorporated.  Further depending on the type of business organization and nature, the compliances may vary.

1. First Board Meeting

As per the Companies Act, 2013 a company requires to hold its First Board Meeting within 30 days of its incorporation. The meeting shall be conducted to discuss the business activity, registered office, auditors etc. in short the 1st board meeting conducted emphasis the manner of commencement of the business for which it has been incorporated along with other secretarial compliances.

2. Filing of INC-22 

Filing of INC-22 is mandatory only when while incorporating the Company, correspondence address has been given instead of registered address.

Proofs required:

1. Rent Agreement or NOC along with utility bills where the premises has been rented or

2. Sale deed where the premises has been owned.

The Form needs to be filed within 30 days of incorporation

3. Opening of Bank Accounts

Opening of Bank Account is very important as the subscriber will deposit their capital to be brought in for incorporating of company.

4. Filing of INC-20A

Every Company incorporated after the commencement of the Companies (Amendment) Ordinance, 2019 and having a share capital shall not commence any business or exercise any borrowing powers unless it has filed with the Registrar within 180 days of its incorporation, a declaration by Director in Form 20A stating that all the subscribers have brought in the capital as agreed in the MOA.

It means all the subscribers are mandatory to bring in their capital 180 days post its incorporation. Failure to bring in capital within 180 days would lead to penalties and fines.

5. GST Registration

GST Registration is Voluntary in case your turnover is below the specified limited by GST Council . You can obtain GST Registration Certificate post incorporation separately if the same was not filed with SPICe+ form (in Form AGILE PRO).

6. Appointment of First Auditor and filing ADT-1

The Board of Directors at their First Board Meeting shall appoint First Auditors of the Company within 30 days of incorporation who shall hold office till the conclusion of 1st Annual General Meeting of the Company.

Once the Auditors have been appointed, file Form ADT-1 within 15 days of appointment.

7. Printing of Letterheads

As per section 12(3)(c) of Companies Act, 2013 every company shall print its Letterheads and Bill heads and letter papers and in all its notices and other official publications with name of the company along with registered office address, Corporate Identification Number (CIN), telephone number, fax number, if any, e-mail and website addresses, if any

8. Common Seal & Rubber Stamps

Obtain Common Seal and Rubber stamps in name of the Company.

9. Obtaining Shops & Establishment License.

As a company is a legal entity and form of commercial establishment, registrations under Shops & Establishment Act is issued by State Authority.

10. Obtaining PT, ESIC, PF Licenses etc.

Obtaining licenses under various other statues (as and when event occurs) based on state of Registered Office of company.

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Note: This Post was last updated on January 26, 2022

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eTaxFinance Editorial
eTaxFinance Editorial

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