What Are the Post Incorporation Compliance for a Private Limited Company in India


What Are the Post Incorporation Compliance for a Private Limited Company in India

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Incorporating a Company gives you access to crucial benefits like raising loans easily, adding shareholders and attracting top talent. However, incorporating your business is only the first step in the journey of becoming a registered entity. There are several post-incorporation compliances which the Company must follow to avoid late filing fees and penalties.

In this article we will talk about what is the Post Incorporation Compliance for a Private Limited Company in India, so that you can be sure that your new business is following all the legal requirements.

One of the most important post-incorporation compliances is opening a bank account for your business. This ensures that all your commercial transactions are routed via banking channels. It also allows you to get access to various facilities such as tax benefits and credit.

Another essential compliance is obtaining the hard copy of your Company's PAN card which is an integral part of your taxation system in India. You can apply for this by visiting the income tax website or using the PAN number mentioned in the Certificate of Incorporation.

After the PAN is obtained, you must also prepare and issue share certificates to your shareholders. These documents serve as proof of the amount of shares that a shareholder holds in the Company. The stamp duty on these documents must be paid according to the state laws.

Within 30 days of incorporation, you must conduct the first board meeting for your Company. This can be done in person or through video conferencing.Directors of a company need to file INC-20A form within 180 days of the date of incorporation of the company to MCA for declaring that the company has commenced its business.

 The discussion of this meeting should be drafted and recorded in the minutes of the meeting which must be maintained at the Company's registered office. Lastly, you must also obtain Shop and Establishment Registration which is a mandatory requirement in all states where your Company has its establishments.

 

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