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 new private limited company offers many advantages to entrepreneurs like gaining credibility, raising funds and scaling up over time. However, registering a business does not mean that all the legal tasks are complete as there are several other statutory compliances that must be fulfilled post-incorporation. Failure to fulfil these statutory compliances could result in fines, penalties and even closure of the company by the Ministry of Corporate Affairs.

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. The most important task after getting the incorporation certificate is to open a bank account in the name of the company. This is a mandatory compliance to ensure that the company can receive and pay money from other parties and also that the Company is able to comply with various laws in India.

After opening a bank account the company must file an e form INC-20A to the ROC within 180 days of receipt of subscription money to declare its commencement of business. Failure to do so will prevent the Company from starting its business, obtaining loans and also making agreements with other parties.

Another key compliance is to maintain books of accounts that represent a true and fair view of the company's state of affairs. This is a requirement under Section 128 of the Companies Act and it is important to follow the double entry rule as well as accrual accounting.

The Company must also appoint its first auditor and file the appointment notice with the ROC through SPICe form. In addition to this, the Company must conduct board meetings at least once every three months where a minimum of two directors or 1/3 rd of the total number of directors is required to be present.

 

 

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