Post Incorporation Compliances for Private Limited Company

Founders/Management/Professionals are still unaware about the basic post incorporation checklist which a Private Limited Company has to do immediately after registration. In this article, we will delve into the basic aspects of post incorporation compliance formalities

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1.?Calling of Board Meeting?– A Board Meeting to be called within 30 days of the Incorporation to discuss the important agendas.

2.?Confirmation of Registered office with Ministry of Corporate Affairs in e-form INC-22?- The company should have a registered office capable of receiving communications within 30 days of the Incorporation. To report the same with the Ministry of Corporate Affairs, we require rental agreement, Utility bill like electricity bill, telephone bill not older than two months and NOC from the Owner. The Photos of the registered office showing the internal and external Building, one director should be there while taking a photo of the internal?building. Photos could be taken where GPS coordinates can be captured by using the app. The Name Board of the company is Mandatory outside the building depicting?the Name, CIN, Registered office address and email id/ Phone number.?

3.?Filing of e-form INC-20A & Share Capital to be brought in bank of the Company- You can’t commence business until share capital money has come into Company’s bank account and Form INC-20A is filed with ROC. The Subscribers have to bring the money as agreed under MOA after opening the Bank Account of the Company. INC-20A has to be filed within 180 days of the date of Incorporation.

4.?Appointment of First Auditor of the Company- The Company has to appoint a First Auditor of the Company who is a Chartered Accountant in practice within 30 days of the Incorporation of the Company.

5. Issue of duly stamped share certificates- The share certificates have to be issued within 60 days from the date of incorporation and shall pay stamp duty within 30 days from the date of issue of share certificate.

6.?Company Seal and Director seal- it has to be obtained for authentication of documents by the Company for various purposes.

7.?Company letterhead and Name Board of Company?- The letterhead/ Name Board of the company is mandatory. Kindly note that CIN Number, Address of the Registered office and e-mail id/ contact number of the company has to be mentioned in the letterhead/ Name Board.

8.?Website Disclosure:?Every company which has a website for conducting online business or otherwise, shall disclose/publish its name, address of its registered office, the Corporate Identity Number, Telephone number, fax number if any, email and the name of the person who may be contacted in case of any queries or grievances on the landing/home page of the said website.

09.?Maintenance of Minutes Books and Statutory register which is required the company law.

10. Obtaining the Post registration Licenses such as GST, Shop and Establishment, IEC Code and start up registration, Trademark registration depending on the business requirements of the Company

11. Compliances required FEMA – In case of Foreign Subsidiaries/ WOS / Foreign Nationals investing in India, there is a requirement to file FCGPR with Reserve Bank of India within 30 days from the date of issue of shares with all required documentation.

12. Reporting of Significant beneficial Owner and disclosure of beneficial Interest with MCA in case of Body Corporates as investor/ persons who hold Beneficial interest in such shares within 30 days of receipt of relevant declarations.

In the above discussion, I discussed only about the compliance checklist which is to be completed immediately after registration. Annual compliances and Event based compliances shall be covered separately in a different article.