Post-Incorporation Compliance for a Private Limited Company
First meeting
Post-Incorporation Compliance for a Private Limited Company
A private limited company must hold a board meeting within 30 days of incorporation, discussing agenda items like appointing first auditors and issuing share certificates.
Bank account
Company incorporation requires a bank account for companies to operate as an artificial entity, ensuring transactions cannot be conducted in the name of a natural person.
Official address
Section 12(1) mandates a company to establish a registered office within 30 days of incorporation, which is responsible for receiving official communication from authorities.
Auditor
Section 139(1) mandates the Board of Directors (BOD) to appoint the first auditor within 30 days of company registration, unless a government company is registered, and for 90 days.
Interest Disclosure
Directors must disclose their interest in a company at the first board meeting, with changes informed by the board each financial year. Independent directors must declare independence.
Statutory Registers
The company must maintain statutory registers at its registered office, and failing to do so may result in penalties.
The statutory registers to be maintained include the Register of Members, Register Relating to Directors and KMP, Register of Charges, Registers Relating To Renewed and Duplicate Share Certificates, Register Relating To the Employee Stock Options, and Register Relating To Shares/Other Securities Buyback.
Share certificate
Share certificates must be issued within 60 days of incorporation, and additional shares must be allotted within the same time frame.
Books of Accounts
Section 128, mandates companies to maintain accurate and fair books of accounts using a double entry system and accrual accounting.
Commencement of business certificate
The company must obtain a certificate of business commencement within 180 days and file a disclosure from its directors confirming all subscribers have paid the due amount on shares.
FAQ
What are the compliance required for private limited company?
Annual Compliances for Private Limited Company
Financial Statement. Objective: Financial statements are a set of formal records and reports that present the financial performance and position of a business or an organization
Income Tax Return (ITR)
Annual General Meeting
Auditor’s Appointment
Annual Returns
What is annual compliance for Pvt Ltd company?
Annual Compliance defines a set of needed that an organization must meet in order to start and maintain operations after incorporation. The Companies Act of 2013 mandates that a number of compliances be fulfilled annually.
What is the compliance charges for Pvt Ltd company?
Subject to Volume
What is post compliance after name change of company?
Rename each document, including the memorandum of association. printing of new names on every item of paper, including documents, bills, and letterheads. announcement of the new name in the workplace. Update bank accounts and licenses with the new name.
What is mandatory statutory compliance for private limited company?
Within 30 days after the annual general meeting, all private limited companies must file their balance sheet, statement of profit and loss, and director report in this form. Every Private Limited Company is required to hold an Annual General Meeting (AGM) each calendar year.
What is private compliance?
A company’s commitment to established regulations, requirements, or rules regarding the protection of personal information can be referred to as privacy compliance.
What is the full form of ROC compliance?
The Indian Ministry of Corporate Affairs oversees the Registrar of Companies, or ROC Compliance, office, which is responsible for managing the Companies Act of 2013.
What is post incorporation?
According to the Companies Act of 2013, a company has to complete a number of compliance-related formalities after it is incorporated in order to stay in compliance. The Directors and the Company may be subject to fines and penalties for noncompliance.