There's a saying "The end is the beginning' … so it goes with Companies also.
There goes a lot of compliances we need to do before incorporation of a company. However, this is not the end – it is only a beginning of several formalities and compliances. A company can function effectively only after fulfilling these formalities and compliances.
Here is the List of Some major Compliance after Incorporation of a Company.
1. Opening a Bank Account
First and Foremost task should be to open a Bank Account in the company’s name within 30 days of registration to route all the commercial transactions of the company.
2. Deposit of Capital, Issue of Shares & Payment of Stamp Duty
The company shall issue certificates to subscribers of the company within 60 days of online company registration and pay the stamp duty within 30 days of allotment of shares as per the relevant stamp act applicable on the state.Hence the paid-up capital as mentioned in the MoA while company registration must be deposited by the subscriber in the account of the company before the deadline.
3. Appointment of Auditor within 30 Days of Incorporation:
As per Section 139 of the Companies Act, 2013 every company is required to appoint its first auditor within 30 days of incorporation by its board of directors and in case the board of directors fails to appoint the auditor within said period of 30 days then they shall call an extraordinary general meeting of shareholders for appointing an auditor. The appointment of auditor through shareholder must be completed within 90 days.
4. Intimation of Registered Office Address
If the company has not provided an address for the registered office during the registration process, the company must inform the Registrar about it. The intimation of the address must be filed within 30 days from registration and in e-form INC – 22.
5. Filling of Form INC-20A- Commencement of Business
As per the Companies (Amendment) Ordinance 2018, Section 10A, a new section inserted after Section 10 of the Companies Act 2013, a company which has been incorporated on or after 02/11/18 and which has share capital, can not commence business or exercise its borrowing powers unless its directors file a declaration within 180 days from the date of incorporation of the company in form 20A with the ROC. The statement says that every subscriber to the MOA has paid the value of the shares agreed to be taken by him on the date of making of such a declaration.’
6. Preparation of Statutory Registers
The company shall maintain the registers and records at the registered office of the company. The registers include the register of members, register of debenture or security holders, register of directors’ disclosure, etc. The MoA and AoA of the company shall also be maintained at the same place. Additionally, the company shall also prepare and maintain its books of accounts in the prescribed format at the registered office. Few registers or documents are open for inspection by third parties.
7. Other Compliance
There are some need based compliance as well such as:
*Shop & Establishment license under the Shop Act
*GST Registration, if required
*PF and ESI, if applicable
*Any other activity specific registrations
Therefore as soon as the company is registered, these Post Incorporation Compliance must be adhered strictly.
Further the above list is only inclusive and there are other compliances need to be done based on requirement of the company.
Tags Corporate Law