Post incorporation compliances under Companies Act, 2013

1. First meeting

As per Section 173(1), of The Companies Act 2013, the company shall hold a meeting of the Board of Directors in less than 30 days from the date of its incorporation. There should be four board meetings conducted in one calendar year. 1/3rd of the total number of directors or minimum 2 whichever is greater should be present at the meeting. The gap between two Board Meetings should not be more than 120 days. (For small Company only Two board meetings conducted in one calendar year).

2. Bank account

Companies need to have a bank account even before approaching the authorities for company incorporation. Since the company is an artificial entity, the transactions cannot be done in the name of any natural person.

3. Official address

As per Section 12(1), a company shall have a registered office within 15 days from the date of incorporation. This address shall be used to receive all official communication from the various authorities. The company shall inform the same to the registrar within 30 days from the date of incorporation.

4. Preparation of letter heads, seal etc.

It’s all in the name every company shall be required to affix its name at all places from where it carries on its business operations. It shall be displayed in the language which is generally used in the locality. Additionally, the company has to get a seal with its name engraved on it, letterheads with appropriate information and printed negotiable instruments.

5. Auditor Appointment

Auditor According to Section 139(1), the first auditor shall be appointed by the Board of Directors (BOD), except for a government company, within 30 days from the time the company is registered. Failing which, the members shall appoint the auditor within 90 days at an extraordinary general meeting. The term of the first auditor shall be until the conclusion of the first annual general meeting. Filing of ADT-1 is not mandatory.

6. Director Disclosure

Interest disclosure at the first board meeting, every director shall disclose his interest in any company/firm/body corporate/association of individuals as outlined in section 184(1) of the Companies Act 2013. Such a disclosure is to be made every year in the first Board Meeting or Whenever there is change in disclosures of the Company in Form MBP-1.

Note: Form MBP‐1 shall be kept in the records of the Company.

7. Statutory registers and records

The company shall be required to maintain statutory registers, Minutes of Board Meeting books, Minutes of AGM books at the registered office of the company.

8. Share certificate

The share certificate shall be issued to a shareholder within 60 days from the date of incorporation. In case of additional shares being allotted, the time period is taken as 60 days from the date of allotment.

9. Books of Accounts

As per section 128, every company shall maintain proper books of accounts which shall represent an accurate and fair view of the state of affairs of the company. The double entry system shall be followed, and the accounting is done on an accrual basis.

10. Declaration of Commencement of Business

Within 180 days, the company shall obtain a certificate of commencement of business. There is a requirement to file a disclosure made by the directors of the company stating that every subscriber has paid the amount due on the shares.

11. Annual General Meeting (AGM)

It is mandatory that one Annual General Meeting be held every year. The purpose is to discuss financial statement, appointment of auditor, declaration of dividend, remuneration, etc. The gap between two AGMs should not be more then 15 months. The purpose is to discuss financial statement, appointment of auditor, declaration of dividend, remuneration, etc.

Note: In case of the first Annual General Meeting, it shall be held within a period of nine months from the date of closing of the first financial year of the company and in any other case, within a period of six months, from the date of closing of the financial year other case, within a period of six months, from the date of closing of the financial year

12. Form AOC-4 (Financial Statements)

Every Private Limited Company is required to file its Balance Sheet along with statement of Profit and Loss Account and Notice of AGM, Director Report and MGT-9 in this form within 30 days of holding of AGM.

13. Form MGT-7 (Annual Return)

Form MGT-7 is required to be filed within 60 days from the Date of AGM. Company having paid-up share capital of ten crore rupees or more or turnover of fifty crore rupees or more, shall be certified by a Company Secretary in practice and the certificate shall be in Form No. MGT-8.

14. Form DPT-3

All the Company having any outstanding loan/amount as on 31st March of every financial year has to furnish details and bifurcation of such outstanding amount irrespective of the fact whether such amount is falling under the definition of deposit or not by 30th June

15. E –FORM MSME (HALF YEARLY)

Every Company having outstanding payments dues to micro and small enterprises and in case the payment of the same is pending beyond 45 days, then the Company has to furnish details as per the following timeline:

For April to September by 31st October For October to March by 30th April

16. Form DIR-3 KYC

DIR-3 KYC is required to be filed for all the DIN whose DIN is obtained before 31/03/2020. Incase if yet not filed then Penalty is Rs. 5000/- for the same.

(If not filed then DIN Status will be DIN-Deactivated)

WEB DIR-3 KYC on second time (Next Year) required to File Web DIR-3 KYC (if no change last DIR-3 KYC.)

17. MINUTES

As per section 118 of companies act, 2013 required Maintained Board Minutes, annual General Meeting Minutes and other. Statutory Registered required to maintained as per the Various Section of Companies Act, 2013.

Also specified in table form