Article explains Post Incorporation Compliances For Private Limited Companies which includes Compliances under Companies Act, 2013, Compliances under GST Law, Compliances under FEMA, RBI/FDI Reporting and Compliances with DGFT (Director General of Foreign Trade).

Part I: Compliances under Companies Act, 2013

♠ Hold first Board Meeting of the Company within 30 days from the date of Incorporation to discuss the agenda as written below in explanation I

♠ Opening of Bank Account within 60 days from the date of Incorporation

♠ Injection of Subscription money in the Bank Account of the Company within 60 days from the date of Incorporation

♠ Upon receipt of Subscription money, the Company shall issue share certificates in form SH-1 to the first subscribers within 60 days from the date of Incorporation

♠ Payment of Stamp Duty on Share Certificates within 30 days from the date of issue of share certificates

Part I Compliances under Companies Act, 2013

Explanation I:

Within 30 days from the date of incorporation of the Company, the company shall hold first Board Meeting of the Company and the following agendas are required to be discussed:

Post Incorporation Compliances

Within 30 days from the date of incorporation of the Company, the company shall hold first Board Meeting of the Company and the following agendas are required to be discussed:

Part II: Compliances under GST Act

GST registration

Company in India is required to register under GST Act i.e Goods & Service Act. The government will issue a GSTIN to be used for the future correspondences of the business of the company

Filing of returns

The Company is required to file the periodical (monthly & annually) returns as prescribed by the government on the prescribed due dates to provide detail regarding sale and purchase of goods & services and for claiming the input credit also.

Part III: Compliances under FEMA, RBI/FDI Reporting

Within 30 days from the date of allotment of subscription money, Form FC-GPR has to be filled on FIRMS, RBI Portal. And to report the FDI, the Company should register itself with the Entity User and Business user on FIRMS, RBI Portal.

Filling of Annual Return of Assets and Liabilities (“FLA Return”) by 15th day of July every year in respect of FDI on FLAIR portal of RBI and to file FLA Return, the Company should register itself on the FLAIR portal of RBI

Note: In case the subscribers to the memorandum of association of the Company are foreign nationals or the funds have been received by the Company from the country other than India, then the FDI Reporting under FEMA Regulations, 1999 has to be complied with.

Part IV: Compliances with DGFT (Director General of Foreign Trade)

Application to obtain Import Export Code (“IEC”)

Govt. Fees for application for registration is Rs. 500/-.

Application for modification in IEC

The Company is required to intimate about the changes in the details given initially at time of applying IEC to the department for modification in the IEC.

About the Author

ACS Divya Goel

Author is Divya Goel, ACS working as Assistant Manager- Company Secretary with Neeraj Bhagat & Co. Chartered Accountants, a Chartered Accountancy firm helping foreign companies in setting up business in India and complying with various tax laws applicable to foreign companies while establishing their business in India. Author can be reached at [email protected]

Author Bio

Qualification: CA in Practice
Company: Neeraj Bhagat & Co.
Location: New Delhi, New Delhi, IN
Member Since: 28 Feb 2019 | Total Posts: 95
Neeraj Bhagat & Co. is helping foreign companies in opening up of Liaison/ Branch Office in India and complying with various tax laws applicable to foreign companies while establishing a business in India. Neeraj Bhagat is the founder of Neeraj Bhagat & Co. Chartered Accountants, a Chartered View Full Profile

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