Post Incorporation Compliance for a Private Limited Company in India


Post Incorporation Compliance for a Private Limited Company in India

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After the incorporation of a company in India, there are a lot of other compliances to be fulfilled for the smooth functioning and ease of doing business. These post-incorporation compliances include opening of bank account, appointment of auditor, issuance of share certificates and so on. All the above-mentioned compliances have to be fulfilled within a specific time limit as per the rules of the Companies Act, 2013. If anyone fails to comply with these regulations, then they will have to face heavy penalties or even imprisonment under the law. Hence, it is important to be well aware of these requirements for the better growth of your company.

The first step of post-incorporation compliance for a Private Limited Company in India includes filing the Form INC-22A with the Registrar of Companies. This declaration must be filed by every company which has received a subscription amount for the capital of the company. Failure to file the same will make the company ineligible to start its operations.

In addition, the Company must also file an e-form INC-20A with the ROC to inform that it has commenced its business. This is a mandatory compliance under Section 182 of the Companies Act. Failure to file the same will make the Company ineligible to take up loans, or enter into any agreements.

Also, the Company must register its address, statutory register and disclose interest of directors with the ROC as per Sec 139(1) of the Companies Act. It is also essential to get the Professional Tax (PT) and Employee State Insurance Corporation (ESIC) registration. Moreover, if the Company's turnover is above Rs 20 lakh, it is mandatory to obtain GST Registration as per the Goods and Services Tax Act and Rules.

 

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