Post Company Incorporation Compliance Checklist

Every company, after getting its Certificate of Incorporation from the Registrar of Companies, has to comply with certain rules and regulations with Ministry of Corporate Affairs as required by Companies Act, 2013 and Income Tax Act, 1961:

Action/Compliance need to be taken
 
Detail description of the requirement/compliance
Application for PAN
 
Every Company must have PAN to open the Bank account and initiate tax based compliance
 
Holding First Board Meeting
Prepare Minutes of First Board Meeting
 
Appointment of First Auditors (Statutory)
Prepare Proposal & Appointment letters and File e Form ADT 1 within 30 days of appointment (optional)
 
Opening of Bank Account
Open a Current Bank Account in the name of the Company
 
Common Seal of the Company
To be prepared and affixed on certain documents
 
Receiving of Subscription amount from Promoters (Subscribers)
Once Bank A/c open, payment thru online transfer or Cheque from First Subscribers (cash strictly prohibited)
 
Issuance of Subscription Equity Shares to Promoters
After acknowledging the amount, issue of equity shares
 
Issuance of Share Certificates to Promoters (Subscribers)
Prepare and issue the Share Certificate duly signed by TWO Directors and One Signatory and affixed Common Seal thereon
 
Post incorporation requirements are obligations, which limited companies are supposed to fulfill subsequent to incorporation. You will now need to follow the basic regulations and compliances which are necessary and essential for a Company to operate smoothly.
(1)    Accounting and Auditing
(2)    Income Tax filing
(3)    Corporate Secretarial Compliance or Annual Filing with the ROC
(4)    PF/ESI and other labour laws
(5)    Payroll processing
The Govt. of India imposes strict penalties and fines for companies which do not comply, so we advise you to start with the compliance as early as possible. 

 

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