Post Incorporation Compliances for a Private Limited Company


Post Incorporation Compliances for a Private Limited Company

A Private Limited Company is a very popular choice of business structure in India. It ensures credibility and allows the business to scale over time. 

The process of registering a Private Limited Company is relatively simple, but once done there are a number of compliances that need to be catered to. These compliances are outlined below.

Opening a Bank Account

Once incorporated, it is mandatory for every Company to open its company bank account within 30 days of incorporation. This will enable all the commercial transactions of the Company to be routed through this account. The bank account should be opened in the name of the Company and it will require the following documents to be submitted to the Bank:

Registered Office

A Company is required to set up its registered office within 15 days of its incorporation date. This address will be the place from where the Company receives all official communication from the various authorities. The Company must also inform the Registrar of Companies about this address.

Issuing of Share Certificates

Within 30 days of incorporation, the company should issue share certificates to all the memorandum subscribers. This is a compliance mandated by Section 173(1) of the Companies Act 2013.

Appointment of the First Auditor

As per Section 139, the Board of Directors must appoint the first auditor for the Company within 30 days of its incorporation and the same shall remain in force until the conclusion of the first Annual General Meeting. The company must open a bank account and route all commercial transactions through the same. It must also file the declaration of commencement of business in E-form INC-20A to ROC within 180 days from the date of receipt of subscription money.  It is also mandatory for a Company to issue share certificates to its subscribers to the Memorandum of Association within two months of its incorporation. A Company is required to pay stamp duty for the share certificates based on the type of shares being issued.

 

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