Post incorporation compliance checklist for Pvt Ltd Co.
Table of Contents
Post incorporation compliance checklist for Pvt Ltd company
- Nowadays, Registration for a company becomes easy However the compliance checklist does not get over here. rather it implies greater responsibilities to comply with certain provisions.. Once a business get registered what are the further steps involved in it.
- Companies Act, 2013 not only regulates the online registration process of a company but also regulates the registration process of the company.
- Once a business gets Indian the certificate of incorporation the private company can immediately start its business. These steps should be consider before handling the commercial activities such as opening of bank account for ensuring all transactions via banking channels.
- Through this article you will get to know about the post incorporation checklist, which is mandatory even if your private limited company is successfully registered. And if you have not registered your company then you will get to know the mandatory steps immediately after company registration.
Opening of Bank Account.
- The 1st Step is to open a Bank Account in the name of the company within the period of 30 days after getting registered to route all the commercial transactions of the company. In order to open a bank account one should submit the certificate of incorporation and Permanent Account Number along with the documents required according to the policy of Bank.
Issue shares of the company and deposit capital
- The company may issue the certificate to its subscribers within the period of 60 days after taking online registration. Further, the paid-up capital as mentioned in the memorandum of the company at the time of registration should be deposited by the subscriber of the company in the account of the company before the given time.
Appointment a statutory auditor
- The BOD can appoint a CA of the company U/s 139 within the during the period of 30 days from the date of incorporation. The Company auditor gets statutory appointed here will be known as the First Auditor whose term of audit will be limited to the conclusion of first AGM.
Intimation of the Address of the registered office
- In case company fails to provide the registered office address of the company at the time of registration, the company should intimate the same to the ROC. The intimation of the address should be files within 30 days from the registration of the company and also in ROC e-Form INC-22.
Other compliance and registrations
- Apart from online private limited company registration, few necessary registrations include the tax registrations based on the company size and activities registered. Such registrations are:
- Apart from the company registration as a private limited company, there are other important registrations include the tax registrations based on the size of the company and activities registered.
- Shop & Establishment license under the Shop Act
- GST Registration, if required
- Profession Tax Registration
- PF and ESI, if applicable
- Obtain Importer – Exporter Code
- Any other activity specific registrations
Registration of Intellectual Property
- The intellectual properties like as brand name or patent must be protected in this era of duplication and infringement. There should not be given any opportunity to the competitor or any third person that can affect your market share and brand value in a negative manner. The logo and the brand name must be registered to give the legal protection under the Act of Trade Marks. As per the need the patent and application of registration shall be made in a manner and is equally important.
Drafting company documents
- Standardised policies and procedures helps the company in the growth since commencement. As per the operational need, the company should set up the policies and enter into certain agreements. The agreements like Non-disclosure agreement, Shareholders and the terms and condition for the use of website etc, are the concerned agreements for any entity. The mostly preferred agreements are shareholders agreements or co-founder agreements for the purpose of making the role and responsibility of the co-founder clear for the company.
Exhibition of the name of the Company.
- Since the company name is exhibited it will add Private Limited or One Person limited as it forms the part in the name of the company. The company should show its name by affixing a boars or painting at the registered office of the company or may be the place from where the company operates its business. The name of the company, address of registered office, Corporate Identification Number, Telephone Number, e-mail should be mentioned at the website of the company.
Corporate Stationery:
- The corporate stationery like business letterheads, letter papers, bill, letter heads etc. must include the company name with the Corporate Identification Number, Contact number, web address and email. The details must be added in the notice or official publications of the company.
Declaration of Directors interest in the company
- At the time of online registration the directors interest in other company should be intimated to the Registrar of Company. The director must disclose/declare their interest in other business entity in the first AGM held within the period of 30 days. It is the responsibility of the company to maintain a registration Form- MBP – 1 to keep the same in the records. The disclosure should be made during the financial year and if there is any change in the interest of directors.
Keeping Statutory Registers and Records:
- According to the company act, 2013 every company shall keep the registers and records at the registered office of the company. The registers should include the register of debenture or security holders, register of directors disclosure and the register of member etc. Also, the Memorandum of Association and Article of Association should be maintained at the ROC.
- Also, the company should prepare and keep its books of accounts in the given format at the ROC. Some registrars and documents have to be open for inspection by the third person.
Maintaining Accounts and Book-keeping:
- As mentioned above, the company should maintain the books of accounts. The accounts of the company must be prepared in the format as may be prescribed in Schedule III of the Companies Act, 2013. Further, the accounting standards of the company should be complied with.
- The accounting shall start since the incorporation of the company and all the preliminary expenses, like incorporation expenses must be recorded properly.
Other important provisions:
- Aside from compliances on annual interval, there are event based compliance should be followed. Following is the general list of events arises when need of intimation or approval of Registrar of Company arises during the working of business. List include;
- Change in registered office
- Change in statutory auditor of the company
- Further issue of capital such as increase in capital
- Change of Object
- Change in Member of Board
- Alteration in Memorandum of Association or Change in Article of Association clause
- It is mandatory not to violate any of the below provision as per the structure of the company or the object.
- Approval of shareholders is required in case transfer of shareholders to any person other than the existing member
- Issue of securities to third party or public at large is not allowed
- Number of member should be up-to 200
- Further, not allowed to carry on any activity other than prescribed in object clause of Memorandum of Association.
Maintaining of the Statutory Registers & Records by the Company
Statutory Books:- The term statutory register means the specified records related to a directors, companies shareholders & details of the meeting held. These are the additional records which are maintained by the company. Mostly companies keep their records and statutory records in a bound book or loose-leaf binder but the company is liable to keep the records in any form such as computer record.
Conclusion
- The Indian government makes it quick and easy to register a company, but it is also essential for the person to adhere to the registration’s strict requirements. To avoid penalties, the organisation must adhere to the compliance. As a consequence, after the company registers, it must be aware of the next procedure. A professional is necessary whenever there are any alterations to the organisational structure of the business. In order to ensure that there is no chance of being non-compliant in any form. A specialist on retainer will be more advantageous for small businesses than recruiting full-time staff.
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