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POST INCORPORATION COMPLIANCES OF PRIVATE LIMITED COMPANY!!
Well! It is very exciting to start a new business and everybody wants to take their business on another height. We have many options to start our business. It could be in the form of a company (whether public or private), a partnership firm, a limited liability partnership firm, an association of persons, a body of individuals etc. If we think to commence our new business in the form of a company (whether public or private), the first step is to incorporate a company as per the Companies Act, 2013 and it is really an exhilarating moment for business startup journey to obtain a Certificate of Incorporation. Once the company has incorporated, it has to be adhered with timely compliances under various applicable laws, after incorporation and till it dissolution.
Just to incorporate a company and start business is not enough, to run a successful business one has to take care about regular and timely compliances for smooth functioning of the business and avoidance of penalty & fine for non- compliances.
Here, we will talk about the compliances which are required to be done by a Private Limited Company after its incorporation. Following are the various compliances under the Companies Act, 2013 and other laws which are required to be complied by the private company on timely basis after its incorporation, for running hustle free business.
| S no. | SHORT TITLE | DESCRIPTION |
| 1 | Display Name | The name of company, CIN, address of its registered office, mobile number, email address, website (if any) shall be displayed whether printed or affixed outside the every place of business in the legible character. |
| 2 | Bank Account | The name of company, CIN, address of its registered office, mobile number, email address, website (if any) shall be displayed whether printed or affixed outside the every place of business in the legible character. |
| 3 | Registered Office | If a company has not given the name of registered office address while incorporation then it shall have a registered office within a period of 30 days from its incorporation and shall intimate to Registrar of Companies (ROC) in form INC-22. All the communications with the company shall be made through its registered office. The registered office of the company is required for receiving and acknowledging all the documents as may be addressed to it. |
| 4 | Goods and Services Tax Identification Number (GSTIN) | If the company deals in interstate supply of goods or services then it shall require to have GSTIN just after its incorporation and shall display GSTIN outside its place of business, letter heads, billboards etc in legible manner. |
| 5 | Board Meeting |
First Board Meeting: Hold first meeting of the Board of Directors within a period of 30 days from the date of incorporation of the company. Subsequent Board Meetings: Hold minimum 4 Board Meetings in one calendar year and the gap between two Board Meetings shall not exceed 120 days. |
| 6 | Disclosure of Interest | The Board of Directors in the first meeting and thereafter in the first meeting of every year shall give disclosure of interest in Form MBP-1. |
| 7 | Appointment of auditor |
First Auditor: The first auditor shall be appointed by the board of directors within a period of 30 days from the date of incorporation of the company and if there is failure in appointment then Board shall intimate to the members & members shall appoint first auditor within a period of 90 days in the extra ordinary general meeting. The office of first auditor shall be up to the conclusion of first annual general meeting. Subsequent Auditor: The subsequent auditor shall be appointed in the annual general meeting for a period of 5 years. |
| 8 | Form – FC-GPR | When there are foreign investors or subscribers in the company, the Form – FC-GPR shall be filed within a period of 30 days from the date of allotment of subscription money, on the FLAIR portal of the Reserve Bank of India (RBI). |
| 9 | Issuance of Share Certificate | The company shall issue Share Certificate within a period of 2 months from the date of incorporation to the subscribers of the Memorandum of Association. |
| 10 | Certificate for commencement of Business | Every company shall obtain certificate of commencement of business within 180 days from the date of incorporation by filing an e-form INC 20A. In case company does not obtain certificate then it may face hefty penalty for non-compliance. |
| 11 | Maintenance of Books of Accounts | Every company shall prepare & maintain proper books of accounts & other financial records at its registered office or some other place (by passing board resolution in the Board Meeting and intimation to the Registrar of Companies). |
| 12 | Maintenance of Statutory Registers | The companies are required to maintain all statutory registers as per the Companies Act, 2013 on timely basis. Eg. Maintenance of Register of Members, Register of Investments, Register of Charges, Register of Directors and other KMPs etc. |
| 13 | Maintenance of Minutes | The minutes of every meeting of Board of Directors & Members shall be maintain as per Section 118 of the Companies Act, 2013 and Secretarial Standards 1 & 2 and kept at registered office of the company. |
| 14 | Return of Deposits | Every company who has outstanding receipts/deposits shall file a Return of Deposit on or before 30th June of year with ROC in e-form DPT-3. |
| 15 | Return of Foreign Liabilities and Assets | Where the company held liabilities or assets overseas and/or received Foreign Direct Investment in the previous year shall file Return of Foreign Liabilities and Assets in current financial year up to 15th July at the FLAIR portal of RBI. |
| 16 | Income Tax Return | Every company shall file its return of income of Previous Year in the Assessment Year as per Section 139 of the Income Tax Act, 1961. |
| 17 | Directors KYC | The KYC of every Director who has obtained DIN on or before the end of Financial Year would be mandatorily required to file e-form DIR – 3KYC on or before 30th September of the immediately next financial year. |
| 18 | Annual General Meeting and Filing of Financial Statement and Annual Return to Registrar of Companies |
First Annual General Meeting: It shall be held within 9 months from the end of first financial year. Subsequent Annual General Meeting: It shall be held within 6 months from the end of financial year. Every Company shall file a copy of financial statements adopted by members in the annual general meeting within 30 days from the date of annual general meeting in e-form AOC - 4 and annual return within 60 days from the date of annual general meeting in e-form MGT – 7. |
Apart from above mentioned compliances, there are many more compliances under various laws which are required to be complied by a company time to time.
Hope you have liked our article. Wishing you good and healthy company with ahead!!
To wrap up for any further information you may contact on the below mentioned details:
Email Id Swati@neusourcestartup.com and Phone Number 9540026175.
The NeuSource Startup Mind is the finest business startup consultant that offers various services of registration like Proprietorship Firm Registration, Partnership Firm Registration, LLP Registration, Company registration, GST Registration, Copyright Registration, ISO Registration Trademark registration and other FSSAI License etc.
22 Jul
Life is too short to complain. If you are one who love to run your own business and want to make a lot of it. So, what are you waiting for? Get Up!! Register your own start up and be an entrepreneur. “CHASE your VISION, STOP WORRYING about the compliances. NEUSOURCE is HERE for you”
