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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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.
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.
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.
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.
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.
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.
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.
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.
A copy of the company’s certificate of incorporation
A copy of the company’s memorandum and articles of association
A copy of the company’s board resolution authorizing the filing of Form INC-20A
A copy of the company’s bank statement showing that the minimum paid-up capital has been deposited into the company’s bank account
What is the timeline for convening the first board meeting after incorporation?
When should a private company open a bank account after incorporation?
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.
What are the requirements for registering the official address of a private company?
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.
When should an auditor be appointed for a private company?
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.
Is it mandatory to obtain a Commencement of Business Certificate before starting business activities?
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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