Post Incorporation Compliance for a Private Limited Company in India


Post Incorporation Compliances for a Private Limited Company

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During the course of incorporation, it is important for all new entrepreneurs to stay aware of post-incorporation compliances. Failure to comply with statutory requirements can lead to penalties and loss of time, money, and reputation.

The first step after Incorporation Compliances for a Private Limited Company is to obtain the PAN (Permanent Account Number) and TAN (Tax Deduction and Collection Account Number). The company can apply for it through the Income Tax site and receive its hard copy at the registered office address.

Obtaining a bank account is another essential requirement for any company. It can be opened in the name of the company in any Indian bank. The company must deposit the share capital subscribed in the memorandum of association within two months from the date of incorporation in its bank account. This can be done through a cheque or internet transfer from the personal account of the subscriber.

Next, it is necessary for the company to conduct its first meeting of the Board of Directors within 30 days from its date of incorporation. At least four meetings should be conducted in a financial year and the gap between two should not exceed 120 days. The company should also record the minutes of the meeting and maintain them at its registered office.

Moreover, the company must pay the stamp duty for issuing the share certificates of the company in accordance with the Indian Stamp Act 1899. There are certain post incorporation compliances that need to be followed by a private limited company once it gets registered on the Ministry of Corporate Affairs (MCA) website.

 

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