What Are the Post Incorporation Compliance for a Private Limited Company in India?
What Are the Post Incorporation Compliance for a Private Limited Company in India?
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As per the Companies Act, every Company needs to comply with a number of compliances. Non-compliance with these laws attracts heavy financial and non-financial penalties from the Ministry of Corporate Affairs. In this article, we shall discuss what are the Post Incorporation Compliance for a Private Limited Company in India.
1. Registered Office Address: It is mandatory for a Private Limited Company to have a permanent registered office address in India. It should be able to receive and acknowledge communications and notices from all concerned authorities. Moreover, the Company has to verify its registered office within 30 days of incorporation in form INC-22.
2. Share Certificates: After the company gets incorporated, it needs to issue share certificates to its subscribers who have paid their initial subscription capital. The company has to pay stamp duty on the shares as per the relevant stamp act applicable on the state of origin.
3. Bank Account: The Company needs to open a bank account in its name after getting the PAN and TAN. All the transactions of the Company must be done through this bank account only.
4. First Board Meeting: The Company must conduct its first board meeting within 30 days of its incorporation. This meeting can be conducted in person or through video conference.
5. Professional Tax Registration: The Company must obtain its Professional Tax Registration number within 30 days of incorporation. The Company must also appoint its first auditor and file the appointment notice with the ROC through SPICe form. This is a State specific compliance and if not obtained on time, it will attract a penalty to the Company on a yearly basis.
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