POST INCORPORATION COMPLIANCES

 

 INTRODUCTION:

Once a company is incorporated, it is essential to understand and adhere to a list of compliance activities. Failing to comply can result in levying of penalties and other consequences.

In this comprehensive guide, we will explore the key compliances that every newly incorporated company should be aware of and follow diligently. 

POST INCORPORATION COMPLIANCES:

1. COMMON SEAL:

Prepare the rubber stamp on the name of the company. (Optional)  

2. SITUATION OF REGISTERED OFFICE:

In case company fails to provide the registered office address of the company at the time of incorporation, the company should intimate the permanent address of the same to ROC within 30 days from the date of Incorporation, in the form “INC-22”.

3. HOLDING 1^ST BOARD MEETING:

Convene and hold the board meeting of the company within 30 days from the date of incorporation.

4. OPENING OF BANK ACCOUNT

Open Bank Account of the Company, within 30 days from incorporation. 

5. FILING FORM FOR COMMENCEMENT OF BUSINESS

Subscribers of company deposit subscription money in the bank account of the company and file e-form “INC20A” to the ROC within 180 days from the date of Incorporation. 

6. APPOINTMENT OF 1^ST STAUTORY AUDITOR

Appoint first statutory auditor within 30 days from the date of incorporation, and file form “ADT-1” to ROC. 

7.ISSUE OF SHARE CERTFICATES

 Issue Share Certificates to the subscribers of the memorandum within a period of 2 months from the date of incorporation. 

CONCLUSION:

Complying with the necessary activities and compliances after incorporating a company is crucial to avoid penalties and legal consequences. From registering the office address to conducting board meetings, opening a bank account, appointing auditors, and issuing share certificates, following these steps ensures a smooth and compliant journey for the newly incorporated company

-          Authored by

Durgesh Kumar

(CS Finalist & CS Management trainee)