Post Set-up/ Incorporation Compliances
After registration/ incorporating a company in India, there are some compliances which needs to be done immediately:
First Board Meeting:
A Company shall hold its first Board meeting within 30 days of Incorporation to consider the following matters:
- Design Share Certificates, signboard, nameplate, letterhead, etc.;
- Rubber stamp of the Company;
- Ratification of Pre-incorporation expenses;
- Printing of MoA, AoA, Share Certificates of the Company, etc.
Maintain a Registered Office:
The Company shall have a registered office on or after the 15th day of its Incorporation. Verification of the registered office is to be filed within 30 days of Incorporation if the Company has not provided the same at the time of Incorporation.
Shop for Corporate Stationery
Name Board- Companies must affix the name of the Company and the address of its registered office outside every office or place in which it carries on business.
Letterhead- Fix the letterhead of the Company as per the provisions of the act.
Statutory Registers- Statutory registers for the Company containing information like the register of members, list of Directors, charges, debentures, and other matters about the shareholders and management of the Company.
Opening of Bank Account:
The Company shall maintain a current Bank Account after incorporation in India.
Appointment of Statutory (First) Auditor:
The First Auditor of the Company shall be appointed within 30 days of the incorporation date.
For more understanding, please refer to our blog.
Disclosure of interest by Director:
Every Director shall, at the first Board Meeting in which he participates as Director & after that at the first Board Meeting in every financial year or whenever there is any change in the disclosures, then at the first Board meeting held after such modification, disclose his interest in form MBP-1.
Issue Share Certificates:
Every Company shall issue share certificates within two (2) months from the date of Incorporation to the subscribers of the Company.
Payment of Stamp Duty:
Stamp duty on share certificates is to be paid within 30 days from the date of issue of share certificates.
GST Registration:
Without GST registration, a person can neither collect tax from his customers nor claim any input tax credit of tax paid by him.
To read the details of GST, please refer to Understanding of GST.
Appoint a compliance Management team.
Compliance Team refers here to the Secretarial Team, the secretarial team helps the Company to grow with compliance, the team acts like parents of a child, to understand the role and activities of the compliance team, refer to Corporate Secretarial Services.