Starting a Pvt Ltd company in India is a thrilling step for an entrepreneur but once your company is registered, the real work begins.
There are some certain important legal and financial rules you must need to follow to stay amenable with the Indian law. There are some Post Incorporation Compliances After Pvt Ltd Registration that you need to follow to ensure your company runs smoothly and issue free.
These mandatory compliances for a Private Limited Company in India further helps in avoiding penalties and making brand reputation in the market.
In this article you will get the complete information related to post incorporation compliance for private limited company in very simple and easy to understand terms.
Post Incorporation Compliances Under Companies Act 2013
Post-incorporation compliances are rules that a company must follow after registering officially this necessary step to ensure that the company is legally ready to start doing business.
After incorporation under the Companies Act, 2013 it must follow certain compliances to stay legally valid and active. These include various steps like obtaining incorporation certificate, opening bank account, depositing capital shares, and filing a declaration of the commencement of the business.
The company must appoint its first auditor within 30 days, issue share certificates to stakeholders, and hold the first board meeting within 30 days of incorporation of the business.
Key Sections of Post-Incorporation Compliance
Here are some of the key mandatory compliances sections that you must need to look at:
| Section | Compliance Requirement |
| Section 10A | Commencement of Business (Filing of Form INC-20A) |
| Section 12 | Registered office of the company and its verification |
| Section 13 | Alteration of Memorandum, if applicable |
| Section 14 | Alteration of Articles of Association, if applicable |
| Section 39 | Allotment of securities (Issue of shares) |
| Section 46 | Issue of share certificates |
| Section 118 | Minutes of meetings |
| Section 128 | Books of accounts to be kept by the company |
| Section 129 | Financial statements |
| Section 133 | Central Government to prescribe accounting standards |
| Section 134 | Financial statement, Board’s Report, etc. |
| Section 139 | Appointment of auditors |
| Section 173 | Meetings of the Board (First Board Meeting within 30 days) |
| Section 184 | Disclosure of interest by directors |
| Section 185 | Loans to directors (Restrictions and compliance) |
| Section 187 | Investments of company to be held in its own name |
| Section 189 | Register of contracts or arrangements in which directors are interested |
| Section 203 | Appointment of Key Managerial Personnel |
| Section 92 | Annual Return (Form MGT-7/MGT-7A) |
| Section 96 | Annual General Meeting |
| Section 128 & 129 | Maintenance and presentation of accounts |
| Section 137 | Filing of Financial Statements (Form AOC-4) |
Importance of Post Compliances for a Pvt. Ltd. Company
We all know how important compliances will become after company registration, maintaining transparency helps you in smooth functioning of your business. For any Pvt. Ltd. obeying to mca compliance for private limited company and ROC compliance for private limited company ensures that legal requirements such as financial statements, annual returns, and board resolutions need to be properly filed with the registrar of companies.
These things help you avoid future penalties, maintain company legacy and credibility, and uphold investors confidence. Similarly post incorporation compliances for public company are vital to meet corporate governance standards and protect shareholders interests.
Annual Compliance for a Private Limited Company
Think of annual compliance for a Pvt. Ltd. company like giving your business a yearly health checkup! Just like you can not skip the appointment, you can not skip your private limited company annual filing; it keeps the company legal, stress-free, and penalties-free. These mandatory filings for private limited company make sure that your company stays clean and its reputation stays strong.
Now with the help of digital channels, businesses now have the upper hand to easily complete online company compliance filing in India, making it more faster, reliable, and easy to process for owners.
Actions You Should Take After Company Registration
So, if you have read the blog till here i assume you have successfully registered your company – congratulations. But this is just the beginning of a dream. From now on you have some more things that you need to handle that make your business much stronger than before.
Here i am providing 5 steps after incorporation of company in india that you must follow:
Step – 1. Open a Business Bank Account :
After registering a proper business, open an exclusive bank account under the company name. This way, you could maintain personal cash aside from the business cash. This not only makes income scoring easier and bill paying simpler but also helps in receiving such payments from clients and managing accounting. A business account also gives a better professional view when colliding upward with suppliers and customers.
Step – 2. Register it for Taxes
These registrations vary from country to country, but proper registration of your business with the relevant tax office is necessary if it must operate completely legally. It is best to apply for all necessary registrations ranging from GST, PAN, or TAN depending on your country and the laws governing such registration. All these will ensure that your business is in compliance with the tax regulations, thus saving you from being fined or getting into serious legal troubles later in the future. This registration also makes it possible for you to make input tax credits and to provide valid invoices.
Step – 3. Keep Accounting and Financial Records
Keep accurate records of all your income, expenses, and invoices right from the first day in business. You can purchase accounting software or hire a bookkeeper to maintain your records.
Fine financial records allow easy tax preparation and income monitoring-brought to light-the financial condition of the company. This is also beneficial when you need to show records to banks or investors.
Step – 4. Get Required Licenses or Permissions
Licenses could be required depending on the type of business for legal operations. Examples include the FSSAI license for food businesses, a trade license for shops, and environmental clearances for manufacturing units. Check your local requirements early on and obtain the licenses in good time to avoid delays or penalties.
Step – 5. Have an Online Presence
In this digital age, the online presence matters a lot. Create a simple company website with business profiles on Google, Facebook, or Instagram. Such presence allows customers to easily find you, hence gaining trust toward your brand. Even a basic page containing details about the company, services provided, and contact info has the power to impact much.
Summary
Starting a company is just the beginning of your dream, what really matters is staying till the success. Regible Post Compliance Solution helps new businesses handle all the post incorporation compliances for llp and Pvt. Ltd. Companies.
From company compliance services in India to annual filling and license management, Regible ensures your business stays legally strong and penalties free. Our experience team will take care of each and every queries after registration so you can only focus on growing your business. To learn more Click Here.
FAQs
Who does ROC filing in Guwahati Assam?
Regible is your trusted ROC filling service provider in Guwahati Assam. Contact them for corporate related solutions.
What next after company registration?
There are various steps after business registration like opening a company bank account, Obtaining PAN or TAN for tax related stuff and other more.
After incorporation, is it necessary to file an INC. 22?
Filling INC. 22 is required only in the situation where the office address is not provided during the incorporation process.
What are some annual compliances for a Private Limited Company in India?
Yearly compliances include filing the AOC-4 and MGT-7, holding board and annual general meetings and so on.
What is the best time to appoint an auditor in Pvt Ltd Company?
By rules you need to appoint an auditor for your company within the 30 days of incorporation.
