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Compliance required immediate after incorporation of Pvt. Ltd Co.

Amit Agarwal (Sr. Manager - Accounts) (51 Points)

09 January 2020

What kind of procedure and compliance required immediately after incorporation of a Pvt. Ltd co.

Plz reply

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6 Replies

Chirag (Professional) (1979 Points)
Replied 10 January 2020

First Board Meeting (Noting items/Appointments/Bank accounts /Authorisation/Ratification of Pre-Incorporation contracts)

Get DSC to file ROC forms..

File INC-20A, once received shares Money to commence business and borrowing powers(within 6 months)

Finalisation of Office space and file INC-22,if correspondence address is not Regd Address

Create &Maintain Stat Register

You may do google and also refer guideance notes on SS-1,(However NA to Pvt Startups )but will give fair idea for first board meeting

You can also download public data by paying Rs. 100/- per company(pvt) incorporated within 12 Months to get idea what forms have been filed..

Anjali lakra (473 Points)
Replied 15 January 2020

Post Incorporation compliances:-

1. Open a bank account and receive subscripttion amount in that account.
2. File INC-22A for commencement of business and attach proof of payment of subscripttion money (note: Without filing this form you will not be able to file any other form)
3. File form ADT-1 for appointment of first auditors
4. Pay Stamp duty for share certificates issued to subscribers

Chirag (Professional) (1979 Points)
Replied 16 January 2020

@ Anjali, It's INC-20A( applicable W. e. f. 2/11/2018)

INC-22A is ACTIVE form, Which is required to be submitted by companies registered up-to 31.12.2017

ADT-1 shall be filed after confirmation of appointment of auditors in first AGM .(MGT-14 is also not applicable in this case u/s179)

Anjali lakra (473 Points)
Replied 17 January 2020

INC 22A was a typo error.
secondly earlier there was no option for filing of form ADT1 for first auditor that why the companies were avoiding such filing. Now there is an option in form ADT for filing for first auditors appointed in the Board Meeting. Therefore it is required to file.
Also the auditors are asking for the form ADT 1 filed for their appointment as first auditor for the audit of 1st financial year. To ensure proper compliance one should also file ADT 1 for first auditor.

Thanks
CS Anjali Lakra
Anjali Lakra and Associates