Post Incorporation Compliances

Documents Required

  • Certificate Of Incorporation
  • Memorandum And Articles Of Association
  • Board Resolution
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Post Incorporation Compliances

After incorporation, tasks entail convening board meetings, establishing a bank account, registering an official address, selecting an auditor, keeping records, distributing share certificates, and securing a commencement of business certificate.

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Post-Incorporation Compliances for a Private Company in India

Introduction

Once your private company is incorporated in India, there are several legal and regulatory obligations you need to fulfill to ensure compliance with the law. These post-incorporation measures are crucial for the smooth functioning and legitimacy of your business operations. Below, we outline the key post-incorporation compliances that private companies in India need to adhere to.

1. Convening Board Meetings

Following incorporation, it is essential to convene the first board meeting of the company within 30 days. During this meeting, directors are appointed, and various administrative matters such as the adoption of company bylaws and the appointment of officers may be addressed.

2. Opening a Bank Account

A private company must open a bank account in its name to carry out financial transactions. This account should be opened as soon as possible after incorporation and must comply with Reserve Bank of India (RBI) regulations and the requirements of the chosen bank.

3. Registering an Official Address

The company's registered office address must be registered with the Ministry of Corporate Affairs (MCA) within 30 days of incorporation. Any change in the registered office address must also be communicated to the MCA within the prescribed timeline.

4. Appointment of Auditor

Within 30 days of incorporation, the company must appoint its first auditor, who will hold office until the conclusion of the first Annual General Meeting (AGM). Subsequently, auditors are appointed annually at the AGM.

5. Maintaining Registers

Private companies are required to maintain various statutory registers, including registers of members, directors, and debenture holders. These registers must be kept updated and made available for inspection as required by law.

6. Issuing Share Certificates

Share certificates must be issued to shareholders within 60 days of incorporation or within two months of the allotment of shares. These certificates serve as evidence of ownership and should contain essential details such as the shareholder's name, the number of shares held, and the company's seal.

7. Obtaining a Commencement of Business Certificate

Before commencing business activities, private companies are required to obtain a Commencement of Business Certificate from the Registrar of Companies (ROC). This certificate confirms that the company has complied with all legal requirements for commencing business operations.

Documents Required For Post Incorporation Compliances

Certificate Of Incorporation

A copy of the company’s certificate of incorporation

Memorandum And Articles Of Association

A copy of the company’s memorandum and articles of association

Board Resolution

A copy of the company’s board resolution authorizing the filing of Form INC-20A

Bank Statement

A copy of the company’s bank statement showing that the minimum paid-up capital has been deposited into the company’s bank account

Private companies in India must convene their first board meeting within 30 days of incorporation. During this meeting, directors are appointed, and administrative matters are addressed.

It is advisable for a private company to open a bank account in its name as soon as possible after incorporation. This account is crucial for conducting financial transactions and must comply with RBI regulations and bank requirements.

The registered office address of a private company must be registered with the Ministry of Corporate Affairs (MCA) within 30 days of incorporation. Any subsequent changes to the registered office address must also be communicated to the MCA within the prescribed timeline.

Within 30 days of incorporation, a private company must appoint its first auditor. This auditor will hold office until the conclusion of the first Annual General Meeting (AGM). Subsequently, auditors are appointed annually at the AGM.

Yes, private companies in India are required to obtain a Commencement of Business Certificate from the Registrar of Companies (ROC) before commencing business activities. This certificate confirms compliance with all legal requirements for initiating business operations.

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