Introduction: Once a company is incorporated, it is essential to understand and adhere to a list of compliance activities. Failing to comply can result in penalties and other consequences. In this comprehensive guide, we will explore the key compliances that every newly incorporated company should be aware of and follow diligently.
Prepare the rubber stamp on the name of the company. (Not Mandatory)
In case company fails to provide the registered office address of the company at the time of incorporation, the company should intimate the permanent address of the same to ROC within 30 days from the date of Incorporation, in the form “INC-22”
Convene and hold the board meeting of the company within 30 days from the date of incorporation.
Agendas of the Board Meeting:
1. Take note of certificate of incorporation and memorandum and articles of association and PAN, TAN, GST, EPFO, ESIC of the company.
2. Take note of appointment of first directors of the company.
3. Take note of Registered Office of the company.
4. Discuss and appoint First Auditors of the company.
5. To discuss and fix Financial Year of the company.
6. To approve the share certificate formats and authorize directors to sign them.
7. To take note of painting of name plate/board, adoption of letter head, business letters and other official publication as per the requirement of Section 12(3) of Companies Act, 2013.
8. To get the stationary printed letter pad, visiting cards, shares certificate, statutory books and registers, minutes book and authorize a director to maintain the same.
9. To discuss and open Bank Account of the Company.
10. Authorization to directors to sign the share certificates to be issued to the subscribers of memorandum
11. Authorization to directors to sign the share certificates to be issued to the subscribers of memorandum
12. To approve and reimburse preliminary expenses to the promoters of the company.
13. To take note of the duties of Directors u/s 166 of The Companies Act, 2013 and rules made there under.
14. To take note of disclosure of interest under section 184 of The Companies Act, 2013.
15. To take note of directors disqualification.
16. To appoint company law consultant.
17. To authorize director to sign and submit e-forms with Ministry of Corporate affairs.
18. Any other matter with the permission of the Chair.
19. To Take Note of Subscribers To The Memorandum
20. To Give General Power To Directors To Sign And Execute Different Documents
21. To Give Power To Borrow as per section 179 of the companies Act.
Open Bank Account of the Company, within 30 days from incorporation.
Subscriber of company deposit subscription money in the bank account of the company and file e-form “INC-20A” to the ROC within
180 days from the date of Incorporation.
Appoint first statutory auditor within 30 days from the date of incorporation, and file form “ADT-1” to ROC.
Issue Share Certificates to the subscribers of the memorandum within a period of 2 months from the date of incorporation.
Conclusion: Complying with the necessary activities and compliances after incorporating a company is crucial to avoid penalties and legal consequences. From registering the office address to conducting board meetings, opening a bank account, appointing auditors, and issuing share certificates, following these steps ensures a smooth and compliant journey for the newly incorporated company.