Post incorporation process

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Nithya V

Nithya V (Querist)

26 July 2014 what are the process to be carried out by the company after incorporation?????????/

Ankur Garg

Ankur Garg (Expert)

27 July 2014 After incorporation just start the business and maintain proper books of accounts.

If you want to know any specific thing, please revert.

Thanks

Aashok Kumar Sharma

Aashok Kumar Sharma

(Expert)

10 August 2024 After the incorporation of a company, several processes and compliance requirements must be carried out to ensure smooth operations and adherence to legal and regulatory requirements. Here’s a comprehensive guide on the steps to be taken:

### **1. **Obtain Company’s PAN and TAN:**
- **PAN (Permanent Account Number):** Apply for PAN with the Income Tax Department.
- **TAN (Tax Deduction and Collection Account Number):** Apply for TAN to deduct or collect tax at source.

### **2. **Open a Bank Account:**
- Open a company bank account in the name of the company to handle all financial transactions.

### **3. **Register with Relevant Tax Authorities:**
- **Goods and Services Tax (GST) Registration:** If applicable, apply for GST registration.
- **Profession Tax Registration:** Depending on the state regulations, register for profession tax.
- **Import-Export Code (IEC):** If your company plans to engage in import/export activities, obtain IEC from the Directorate General of Foreign Trade (DGFT).

### **4. **Maintain Statutory Registers and Records:**
- **Register of Members:** Maintain a register of shareholders.
- **Register of Directors and Key Managerial Personnel (KMP):** Keep a record of directors and KMPs.
- **Register of Charges:** Maintain details of any charges or mortgages on company assets.
- **Minutes Books:** Record minutes of meetings of the Board of Directors and General Meetings.

### **5. **Issue Share Certificates:**
- Issue share certificates to the subscribers of the memorandum and any other shareholders.

### **6. **File Compliance Forms with Registrar of Companies (ROC):**
- **Form INC-22:** If the registered office address has changed after incorporation, file the form.
- **Form MGT-14:** For filing resolutions passed by the company.
- **Annual Returns:** File the annual return in Form MGT-7 and financial statements in Form AOC-4.

### **7. **Appoint Auditors:**
- Appoint an auditor within 30 days of incorporation, and file Form ADT-1 with the ROC.

### **8. **Hold the First Board Meeting:**
- Conduct the first board meeting to approve various matters, such as issuing share certificates, appointing key officers, and authorizing bank signatories.

### **9. **Comply with Labor Laws:**
- Register for Employee Provident Fund (EPF) and Employee State Insurance (ESI) if applicable.
- Ensure compliance with labor laws and regulations, including payment of minimum wages and maintaining records.

### **10. **Prepare for Statutory Compliance:**
- **Books of Accounts:** Maintain proper books of accounts and financial records.
- **Accounting Software:** Implement accounting software for efficient financial management.

### **11. **Register for Other Necessary Licenses/Permits:**
- **Trade License:** Obtain a trade license from the local municipal authority.
- **Environmental Clearances:** If applicable, obtain necessary environmental clearances.
- **Industry-Specific Licenses:** Depending on the nature of the business, obtain any industry-specific licenses.

### **12. **Establish Company Policies:**
- Draft and implement company policies and procedures for internal governance, including employee policies, code of conduct, and business operations.

### **13. **Ensure Compliance with Securities Regulations:**
- If the company plans to issue securities or raise capital, comply with regulations laid down by the Securities and Exchange Board of India (SEBI).

### **14. **Communicate with Shareholders and Stakeholders:**
- Regularly update shareholders and stakeholders about the company's progress and any significant developments.

### **15. **File Tax Returns:**
- File periodic income tax returns, including quarterly TDS returns and annual income tax returns.

### **Example Summary of Initial Actions Post-Incorporation:**
1. **Obtain PAN and TAN**
2. **Open a Company Bank Account**
3. **Register for GST and Other Taxes**
4. **Maintain Statutory Registers**
5. **Issue Share Certificates**
6. **File Compliance Forms with ROC**
7. **Appoint Auditors**
8. **Hold the First Board Meeting**
9. **Register for Labor Laws Compliance**
10. **Prepare for Statutory Compliance**
11. **Obtain Necessary Licenses/Permits**
12. **Establish Company Policies**
13. **Ensure Compliance with Securities Regulations**
14. **Communicate with Shareholders**
15. **File Tax Returns**

Ensure that these steps are executed diligently to set a strong foundation for the company's operations and compliance.

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