Post Incorporation Compliance for Private Limited Company
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Post Incorporation Compliance for Private Limited Company

1. Appointment of First Auditor of the corporate with 30 Days of Registration of the corporate
As per Section 139 of the businesses Act, 2013 every auditor before his appointment shall provide his consent for such a meeting and submit a certificate that satisfies the standards as mentioned under Section 141 of Companies Act, 2013 and Rule 4 of Companies (Audit and Auditors) Rule, 2014.

The Following are mandatory attachments

  • Board Resolution for appointment
  • Consent letter From Auditor
  • Certificate from auditor concerning eligibility
  • Issue a meeting letter to the auditor of the corporate
  • Filing of ADT 1 isn’t mandatory for appointment of the primary auditor, but a matter of additional caution the shape must be filed with the registrar of companies through the Ministry of Corporate affairs portal

2.Certificate Of Commencement Of Business Inc 20A
As per Section 10A of the businesses Act, 2013 every subscriber has got to deposit the subscription money in Company’s checking account within 180 days of incorporation and submit such a declaration to concerned ROC in form INC 20A

All shareholders of the corporate must usher in the share capital subscribed individually for instance there are 3 Shareholders all 3 shareholders should separately usher in capital into the corporate account

3. GST Registration as a neighborhood of company post-incorporation compliance
GST Registration in mandatory for all companies if they incur any transaction under Reverse Charge, so after the corporate is registered its important to register under GST laws

4. Shop & Establishment Act Registration (GUMASTA LICENSE)
The shop & establishment act is applicable to each office and shop where commercial activities are carried on even on employing one employee or maybe if the corporate has one director.

Your Office /Corporate office are going to be covered under the Shop & Establishment Act. and therefore the provision of leave and other rules shall be applicable, even when your company is registered under the businesses Act.

5. Professional Tax Registration (PT)
Every employer in specific states is required to deduct taxes from salary when paid to at least one or more employees when payment made exceeds Rs 5000(this limit is for Maharashtra) and deposit with government . That entity is required to get a registration certificate. When person is used during a profession by two or more employers and is getting salary/wages exceeding Rs. 5000 but the employer isn’t deducting professional tax then the individual must get an enrolment certificate from authority.

6 Issue of Share Certificate and Payment of stamp tax
Within 60 days of Registration, the corporate should issue share certificate to all or any shareholders with a definite share certificate, stamp tax must be paid on the share certificate

Except for Karnataka, Maharashtra, Delhi where share certificate must be franking must be wiped out remainder of the states the stamp tax must be a stamp

7. Infusion of Initial Capital by Subscribers to Memorandum
The subscribers to the Memorandum of Company has got to bring the quantity of subscribed capital as stated within the Memorandum of Association at the time of company registration within 60 days of incorporation.

There is no explicit conditions in Companies Act on this point limit 60 days for bringing the capital. However, the corporate is required to issue share certificate to the shareholders within 60 days of incorporation. so as to comply requirements of issue of share certificates in time, it’s advisable to bring the subscribed capital with 60 days of incorporation.

Infusion of capital to the corporate checking account should happen preferably from the respective shareholders account. Also, the shareholder has got to bring the whole amount of subscribed capital as stated within the Memorandum of Association.

In addition to the above-mentioned procedure the corporate must conduct a committee meeting quarterly and maintain the requisite statutory registers and minutes under the corporate act 2013