Post Incorporation Compliance for a Private Limited Company in India


Post Incorporation Compliance for a Private Limited Company in India

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Incorporating a business is the initial step in the life of an entrepreneur. Once the business is incorporated, there are several compliances that need to be followed by the company to stay in line with the regulations laid out by the Ministry of Corporate Affairs (MCA). The non-compliance of these can lead to hefty fines and penalties on the Company as well as its directors.

The post-incorporation compliance for a Private Limited Company are varied and encompass all aspects of the company from its official registered office address to filings with the MCA. Some of these include appointing an auditor, opening bank accounts, and issuing share certificates. It is also important for companies to ensure they comply with the provisions set out in the Companies Act, 2013.

Once the company has been incorporated, it is mandatory to open a bank account in its name. This can be done by filing an INC-20A form with the MCA within 180 days of incorporation. It is also mandatory to deposit the share capital money subscribed in the Memorandum of Association (MOA) by every promoter.

A company must issue share certificates to its subscribers within two months of incorporation. It is also mandatory for the company to pay stamp duty on these shares in accordance with the applicable laws of the state. In addition, a company must conduct its first board meeting within 30 days of its incorporation. This can be conducted either in person or through video conference.

 

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