Post Incorporation Compliance for a Private Limited Company in India


Post Incorporation Compliance for a Private Limited Company in India

"Call Our Business Plan Experts at +91-72999-72500"

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. Non-compliance can lead to late filing fees and penalties on the company and directors.

The first compliance that the PrivateLimited company needs to fulfil is opening a bank account as it is mandatory for every registered business to have a bank account so that all commercial transactions can be routed through it. The company should immediately open a current account in its name with any bank after getting registered so that it can start settling its commercial transactions and comply with the legal provisions under various laws including Companies Act, 2013.

Another important compliance is issuance of share certificates to all shareholders in accordance with the Companies Act, 2013 within two months after incorporation. Another essential compliance is obtaining GST registration as it is mandatory for all registered businesses with a turnover of over Rs. 40 lakhs and service providers with a turnover of over 20 lakhs to register for GST.

The company also has to file a declaration in Form INC-20 that it has commenced its business as specified in the memorandum and articles of association. In addition, it is necessary to register the address of its registered office and statutory registers in accordance with the provisions of the Registrar Companies Act, 2013, and to make an application for a Director Identification Number (DIN) as early as possible.

 


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