Setting up a Private Limited Company in India is an exciting first step toward starting your business journey. But the process doesn't stop after you receive your Certificate of Incorporation (COI). There are several important post-incorporation steps every entrepreneur must take to keep the business legally compliant and operationally sound.

1. Obtain PAN and TAN for the Company

Once the company is incorporated, the government automatically begins processing your Permanent Account Number (PAN) and Tax Deduction Account Number (TAN). These are generally received within 7–10 days via post.

• PAN is required for financial and tax-related transactions.
• TAN is required if the company is deducting tax at source (TDS).

2. Open a Company Bank Account

To handle business transactions, you need a current account in your company’s name. Documents required include:

• Certificate of Incorporation
• PAN of the Company
• Address Proof
• Board Resolution
• MOA and AOA

3. File Form INC-20A: Declaration of Business Commencement

This must be filed within 180 days of incorporation for companies with share capital. It confirms that shareholders have paid for their shares.

Penalties: Rs. 50,000 for the company and Rs. 1,000 per day for directors for non-compliance.

4. Apply for GST Registration (If Required)

GST registration is mandatory if:

• Annual turnover exceeds Rs. 20 lakhs (or Rs. 10 lakhs in some states)
• You plan to sell online
• You are engaged in inter-state trade

5. Apply for Other Licenses

Depending on your business activity, you might need:

• Shop and Establishment License
• Import Export Code (IEC)
• FSSAI License (for food businesses)
• EPF/ESIC registration (if hiring employees)

6. Appoint a Company Auditor

The first auditor must be appointed within 30 days of incorporation. File Form ADT-1 to notify the Registrar of Companies (ROC).

7. Conduct the First Board Meeting

This meeting must happen within 30 days of incorporation to:

• Approve registration documents
• Confirm auditor appointment
• Approve bank account opening
• Discuss filing of INC-20A

8. Issue Share Certificates

Allot and issue share certificates to shareholders within 60 days of incorporation. Also maintain registers such as:

• Register of Members
• Share Allotment Register
• Other Statutory Registers

9. Maintain Books and Records

The company must maintain updated records of meetings, shareholders, and financial accounts. These must be stored at the registered office and be made available upon official request.

10. (Optional) Get Business Insurance

While not mandatory, insurance coverage is advisable. Consider:

• General Business Insurance
• Office and Property Insurance
• Employee Health/Accident Coverage
• Cyber Insurance (especially for tech startups)

11. Plan for Annual Compliance

Annual filings are mandatory and include:

• Annual General Meeting (AGM)
• Filing of Financial Statements (AOC-4)
• Annual Return (MGT-7A)
• Filing Income Tax Returns
• Quarterly Board Meetings

Conclusion

Incorporation is just the beginning. Completing the post-incorporation procedures ensures legal compliance, builds credibility, and avoids future penalties. Partnering with experienced consultants like NeuSource Startup Minds can ease the process, letting you focus on what matters — growing your business.

Janki Gupta

The internet offers opportunity, but only strategy builds success. Don't just exist online—dominate. Choose Neusource to craft your digital footprint and lead your business to its peak.