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Procedures for running pvt ltd company

Entrepreneur (Working) (47 Points)

04 September 2011

Hi All,

I am planning to start a software business. For this, i incorporated my company. Now, one of the auditors, told to me that, you need to,

1. Have export license for FOREX

2. You need to conduct board meeting once in 3 months and submit the report

3. IT Should be filed once in 3 months

His words are just scaring me... I did the incorporation without informing him.

Could you please advise me, what r all the things that i should follow to run this company?

Thanks in advance!

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4 Replies

CS Bijoy (Expert) (6394 Points)
Replied 15 September 2011

There is nothing to worry...

For doing import export business licence is must to obtain from RBI and about Board meeting 1 meeting is compulsory for every 3 month.

CS Shivi Reddy (COMPANY SECRETARY) (175 Points)
Replied 15 September 2011

Dear sir,

its easy to run a pvt. ltd. co. and there is really nothing to worry about. Its very simple but ou have to comply withy some statutory guidelines like:

1. obtaining necessary licenses from the relevant authorities for running a software business,

2. board meetings and general meetings as per companies act, 1956 are compulsory and 4 meetings has to be held in a financial year. and one Annual General meeting for placing the annual accounts before shareholders.

3. any other general meetings for taking up some special business if there is one.

4.some statutory registers have to be maintained like register of assets, shareholders, charges, allotment of shares, directors, etc.

4. Annual filing in form 23AC, 23ACA, Form 20B has to be done once in a financial year before due dates

5. maintaining of minutes book of all the resolutions of the meeting.

6. and some other small small matters wich are required to be taken care of.

These all may look complicated but if followed are very easy. just go according to Company Law.

There is nothing to fear.

Regards

Shivi