Post incorporation compliance for private company

For every private company after incorporation must be done the post incorporation compliance as per companies act and other relevant acts. Here the author discusses only those compliance which are performed initial by the company from the incorporation. The compliance are divided into three parts first is mandatory, miscellanies and event base compliance. Here the details of these :

1. Mandatory Compliance:

2. Maintain of Registered Office of the company : As per section 12 (1) A company shall within 30 days of its incorporation and at all times thereafter have a registered office capable of receiving and acknowledging all the communications and notices as may be addressed to it.

3. Preparation of Letter head: As per section 12 the company get its name, address of its registered office and the Corporate Identity Number along with telephone number, fax number, if any, e-mail and website addresses, if any, printed in all its business letters, billheads, letter papers and in all its notices and other official publications;

4. Holding of First board Meeting: As per section 173(1) every company shall hold the first meeting of the Board of directors within 30 days of the date of its incorporation. Basically the agenda of first board meeting is as follows: 

1. Appointment of first auditor

2. Opening of the Bank Account

3. Approval of draft share certificate

4. MBP-1 for the First Director

5. Fixing the financial year

6. Maintenance of statutory registers

5. Appointment of First Auditor of the company u/s 139 – The first auditor of the company shall be appointed by the board of directors within 30 days from the date of registration of the company.

6. Issue of share certificate: as per section 56(4) (a) every company within two months from the date of incorporation, issue a share certificate to the subscriber of the Memorandum.

7. Declaration of Commencement of Business: Every Company is required to file e form INC-20A to the ROC within 180 days from the date of incorporation the receipt of subscription money. Due to not filling of this form company can’t start its business, can’t take loan and not make any agreements.

8. Payment of stamp duty on share certificates: As per Indian stamp act, 1899 the company shall pay the stamp duty within 30 days after issue of share certificate.

9. Miscellaneous compliance done by the company after incorporation:

1. Applying for the physical copy of PAN card: The first part of the work to be performed by the company to initiate for the hard copy of PAN card. We get the PAN no. on the certificate of incorporation of the company. The company shall apply for the same through income tax site and get the hard copy at the registered office address of the company.

2. Preparation of Stamp : After incorporation the another compliance to make the rubber stamp of the directors/company/authorised signatory to certified the forms and documents i.e. bank opening forms, PAN application form, GST registration forms etc.

3. Maintain the documents of the company: As per section 7(4) the company shall maintain and preserve at its registered office copies of all documents and information as originally filed till its dissolution under this Act.

4. Applying for obtain licenses to run the business: This is noted that every company who needs obtain some certificates or licenses from government authorities to start the business. Must be apply after the incorporation these licenses are helpful to run the business such as start up license, Shop Act License, Import Export Code etc.

5. Opening Bank Account and deposit the subscription money

6. Application for GST no(if any)

7. Application for MSME certificate (if any)

8. Application for Trademark Registration (if any)

10. Event base compliances:

These are the compliance which are perform in the company if the event will be happen, we can understand some events are here :

Note: This is noted that the director KYC will be updated every year the due date for updating is 30the September of immediate the next year.