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Formalities after forming a pvt ltd company

(Guest)

Hello Everybody,

Hope everything is well with you!

I have a question on mandatory requirements after setting up a private limited company.

I had formed a company in August 2013. I was planning to start some business but due to some family conditions I could not do any work at all. The only thing I got is Certificate of Incorporation. I have not taken PAN or any other Service tax ID till now.

Therefore, I want to know the minimum formalities I need to complete before March 31st and how much will it cost?

I appreciate your time and efforts.

Thanks

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5 Replies

Arvind Ray (Practising Advocate CS LLB) (339 Points)
Replied 18 February 2014

A number of compliances are required. You should seek professional advice in this regard.

P C Agrawal (Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad) (8229 Points)
Replied 19 February 2014

The various compliances include:

- Getting common seal prepared, printing letter heads, making rubber stamps

- Issuing share certifictes to subscribers

- Getting PAN

- Getting registration under applicable laws (Service tax, Shop Act, Professional Tax etc.)

- Deciding financial year of the company

- Appointment of auditors

- Preparing minutes of Board meetings and maintaining various statutory registers

- Maintaining books of account

etc. etc. ....

You have to take help of some practising professional for the same.

(Guest)

Thank you Mr Agrawal! I would like to clear one more thing. I have just got certificate of incorporation. I have not started any business till now, no PAN number and no service tax id. In other words everything in NIL. Do I still need to complete all things mentioned above. Also approximately how much would it cost to me?

I am sorry if I asked something very simple. I am a newbie and don't understand these things as of now.

Regards

P C Agrawal (Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad) (8229 Points)
Replied 21 February 2014

Every company - whether private or public - has to appoint auditors and file Balance Sheet and annual return with ROC irrespective of its size and whether or not it has started any activity. It is also required to maintain various statutory records. Hence I would advise you to contact some practising chartered accountant in your area who will help you in completing the formalities without much cost.

SkDash (CS (Member) CWA (Final)) (909 Points)
Replied 21 February 2014

Dear TTSS

I think you are asking the minimum formalities to be completed before MARCH 2014 (not March 2015). If this is so, you need to appoint only the Auditor which needs to be appointed within 30 days. Other things you can postpone. Also for you and for MARCH 2014, Balance Sheet and PL is not mandatory.

In case of any issue, please contact me.

T&R

Santosh