Compliances Post Private Limited Company Registration
- Post:CA Nayani Agarwal
- June 28, 2020
A private limited company has its own standing in the eye of law which followed by a strong corporate governance. Private limited company registration is completed after the grant of certificate of incorporation by the Registrar of Companies. There are series of compliances which one need to do after the private limited company registration which is as follows:
Allotment of Securities
The company is required to allot the securities to the subscribers of memorandum within 60 days of incorporation i.e. paid up capital money to be brought in the bank account. Share Certificates should be issued to the subscribers within 60 days of incorporation.
Registered Office and Display of name
A company is required to maintain a registered office within 30 days of private limited company registration. If the company was registered with the temporary address than the company shall furnish to the Registrar verification of its registered office within a period of 30 days of its incorporation in such manner as may be prescribed. Name and address of the new company shall be painted or affixed outside every office and place of business. Details like name, registered office, CIN, telephone number, etc. on letterheads, billheads and any other official publications.
First Board Meeting of Company
Post new company registration, first board meeting shall be held within 30 days from the date of its incorporation. Thereafter, private limited company shall hold a minimum four board meetings in a financial year.
Appointment of First Auditor
Auditors of the company shall be appointed in within 30 days from the registration date of the private limited company registration. If auditor is not appointed within 30 days, then auditor shall be appointed by within 90 days of date of new company registration.
Disclosure of Interest
Every director shall at the first meeting of the Board in which he participates director should disclose his concern or interest in any company or companies or bodies corporate, firms, or other association of individuals which shall include the shareholding, in such manner as may be prescribed. Fails to do so, director shall be punishable with term imprisonment which may extend to one year or with fine which shall not be less than Rs 50,000 rupees but which may extend to one lakh rupees, or with both.
Register of Members
New company registration shall keep and maintain the following register of members indicating separately for each class of equity, preference shares, debenture-holders held by each member residing in or outside India.
Commencement of Business Declaration (INC- 20A)
Within 180 days of the commencement of the business, declaration has to be filed by the directors of the company in INC-20A form stating that every subscriber has paid the amount due on the shares. In case the company fails to file the INC-20A within 180 days no other filings can be done for the company and ROC can close the company.
Books of Accounts
As mandated by company law, every company shall maintain proper books of accounts. The double entry system shall be followed, and the accounting is done on an accrual basis.
Other Registrations- (Need based)
PAN, TAN Provident fund registration comes along with new company registration. GST registration is optional at time new company registration. In case, GST registration is not done at the time company registration it has to be taken separately later on. Various other registrations under the Shop and Establishment Act and Profession Tax, etc have to be obtained based on various turnover and other limits.
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CA Nayani Agarwal is a Chartered Accountant who scored All India Rank-24 and have 6 years of experience in the field of Auditing, GST, Income tax and Accounting. She has given consultation to distinct industries over these years.