What Are the Post Incorporation Compliance for a Private Limited Company in India
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Getting your company registered is the first step. However, it is not the end of the story, there are a number of statutory compliances that you need to fulfil on a regular basis in order for your business to stay legal and healthy.
In this article, we take a look at what are the post incorporation compliance for a Private Limited Company in India. These are some of the most important compliances that every company needs to fulfil within a specific time frame after its successful registration.
1. Opening of Company Bank Account
The Company must open a bank account for all transactions in its name. The details of the bank account are to be provided to MCA by filing Form INC-20A (Declaration of Commencement of Business).
2. Payment of Stamp duty on Share Certificates
Every private limited company has to pay a stamp duty on all share certificates issued to its shareholders in accordance with the Indian Stamp Act, 1899. This is mandatory for all companies irrespective of the amount of capital raised by it.
3. Organising of the first Board Meeting
As per the provisions of section 173 of the Companies Act 2013, a private limited company must arrange its first board meeting within 30 days from its date of incorporation. The agenda of the meeting includes the election of the chairman, appointment of the first auditor and registering the Company's address and statutory register. Additionally, the first director of the company has to disclose their interest in any other company/LLP/Firm at the first board meeting.
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