Post Incorporation Compliances for a PVT LTD Company
Once a company gets successfully registered, there are certain mandatory compliances that have to be carried out in order for the company to remain compliant.
A Private Limited Company is a very popular choice of business structure in India. It ensures credibility and allows the business to scale over time. The process of registering a PrivateLimited Company is relatively simple, but once done there are a number of compliances that need to be catered to. These compliances are outlined below. These statutory compliances are also known as post incorporation compliances. These compliances are as follows:
Opening of Bank Account:
One of the important post-incorporation compliance is opening of a bank account in the name of the company so that all commercial transactions can be routed through this account. This compliance is mandatory as per the provisions of Section 173(1) of the Companies Act, 2013.
Registering Address & Statutory Register:
The other mandatory post-incorporation compliance is to make sure that the company has an office that is capable of receiving official communication and notices. This is to ensure that the company does not miss out on any important communication and that the company complies with all the requirements of the Companies Act.
Disclosure of Interest:
Every director of the company is required to disclose his or her interest in other companies, LLPs, and firms. This is to ensure that the directors are not disqualified and to avoid any conflict of interest in the future.
Other than these, the other compliances that are to be done include obtaining a rubber stamp for use by the company and its authorized signatories to certify the various forms and documents such as bank documents, PAN application form, GST registration forms etc. Additionally, the company will have to file an e form INC-20A with ROC to declare its commencement of business. The company also needs to pay the appropriate stamp duty for each share certificate issued to the shareholders.
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