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Post Incorporation Compliances For Private Limited Company

Private Limited Company comes into existence or gets registered, there is a set of Mandatory and Event-based compliance required and procedural formalities that should be accomplished and done to maintain compliance under the Companies Act, 2013. This is vital to avoid any penalty or punishment or compliance of Law with true letter or spirit.

The post incorporation compliance is bifurcated into Mandatory compliance and Event-based compliance. The following are explained in detail below:

Mandatory Compliances For Private Limited Companies

We have elaborated some of the mandatory compliances that a Private Limited Company must ensure:

  • First Board Meeting: First Meeting Board of Directors is required to be held within thirty days from the date of its incorporation of Company
  • Subsequent Board Meetings: Minimum Four Board Meetings to be held every year with the gap of 120 days between two Board Meetings
  • Filing of Disclosure of Interest by Director: Every Director at First Board Meeting or First Board Meeting of each year or whenever there is a change in Interest of Director shall disclose under Form MBP-1
  • Appointment of First Auditor: The board shall appointment First Auditor within 30 days from the date of incorporation who shall behold office till the conclusion of the first AGM
  • Subsequent Auditor: The BOD shall appoint the Auditor in the first AGM of the company who shall hold the office from the conclusion of that meeting till the conclusion of its sixth annual general meeting and thereafter till the conclusion of every sixth meeting and the same will be informed to ROC by filing ADT-1 within 15 days from the date of appointment
  • Annual General Meeting: Every Company is required to hold an Annual General Meeting on or before 30th September every year during business hours, on a day that is not a public holiday either at the Registered Office of the Company or within the city, town or village where the registered office is situated by giving 21 clear days’ Notice
  • Filing of Financial Statements: Every Private Limited Company is required to file its Balance Sheet along with a statement of Profit and Loss Account and Director Report in AOC-4 to ROC within 30 days of holding of Annual General Meeting or If no Annual General Meeting is held then within 30 days from the date of 30th September of that year
  • Filing of Annual Return: Every Private Limited Company is required to file its Annual Return within 60 days of holding of Annual General Meeting in Form MGT-7 for the period 1st April to 31st March to Registrar of Companies
  • Declaration of commencement of Business: Every Company is required to fill a Declaration of Commencement of business with the 180 from the date of incorporation of Company to Registrar of Companies (ROC) in form INC-20A, which evidences that the subscribers have deposited the subscription money in the bank account of the Company

Event-Based Compliances

Event-based compliances are those which get triggered upon the happening of certain events like change in directors, change of registered office, change in authorized share capital, etc. Hence, it is necessary that the happening of such events get tracked and compliances met with on time in order to avoid penalties or additional fees. Some of the Event-based compliances are mentioned below along with the time limit:-

  • INC-22 is to be filed within 15 days from the date of Change in the registrar office of the Company to the Registrar of Companies
  • DIR-12 is to be filed within 30 days from the date of Change in KMP or Director of the Company to Registrar of Companies
  • SH-7 is to be filed within 30 days of passing Ordinary Resolution When Increase in Authorized Share capital to Registrar of Companies
  • MGT-14 is to be filed within 30 days of passing of Ordinary/Special or Extra-Ordinary Resolution or Agreement to Registrar of Companies
  • PAS-3 is to be filed within 15 days from the date of the Increase in Paid-up share capital of the company to the Registrar of Companies
  • CHG-1 is to be filed within 30 days of Creation, modification and satisfaction of charge to the Registrar of Companies
  • DIR-3KYC is to be filed on or before 30th September of immediate next Financial Year to Registrar of Companies

Post Incorporation Compliances (Short Note)

Within 30 days (First Board Meeting)

  • Making company stamp
  • Making letterhead
  • Bank account opening application
  • First auditor appointment
  • Take note of the notice of interest by all directors
  • Take note of the intimation by directors of disqualification or non-disqualification
  • Maintenance of statutory registers and minutes book
  • Maintenance of book of accounts
  • Taking other registration (varying case to case) i.e. GST/ UDYAM/ FSSAI/ STARTUP INDIA

Within 60 Days (Second Board Meeting)

  • Deposit of initial share capital amount in a company bank account
  • Issue of share certificate
  • Stamping of sharing certificate

Other Compliances And Events

  • Holding four board meetings during the year
  • Filing of GST Return/ TDS Return/ Income Tax Return
  • Holding of a first annual general meeting within six months (nine months with the prior permission of ROC) from the closure of the financial year
  • Preparing, finalizing and filing notices, directors’ reports and financial statements with the registrar of companies
  • Other various compliances varying from case to case

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