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Post Incorporation Compliance Of Newly Formed Companies
In today’s scenario incorporation process of company has become easier under ease of doing business but after the incorporation some mandatory compliances has to be followed by companies under Companies Act, 2013. Every Company has to know and must followed the compliance unless legal cost imposes and its not good for the reputation of the company. Designated officers of the company must be aware of the law and must comply with the same as ignorance of law, excuses no one.
- The company has to comply with following requirements after the incorporation
- First Meeting of the Directors of company
Post incorporation, every company requires to hold its first meeting of the Board of Directors within thirty days of the date of its incorporation to discuss urgent matters like declaration of commencement of business, Appointment of first Auditor too.
- Commencement of Business
As per section 10A of the Companies Act, 2013, the company is required to file a declaration in Form INC-20A with in period of 180 days of its incorporation stating that every subscriber to the memorandum has paid the subscription amount of the shares agreed to be taken by him on the date of making of such declaration which should be verified by a CS or a CA or a CWA in practice.
- Opening of Bank Account in the Name of the Company
After incorporation, it is mandatory to open current account in the name of the company with any bank in India. Documents required for Opening of Bank Account include COI, MOA & AOA, PAN Card of Company, KYC docs of Directors etc.
- Appointment of First Auditor
Within thirty days of their registration the Directors of Company are required to appoint first Auditor to hold the office till the conclusion of the first annual general meeting. In the case of failure of the Board to appoint such auditor, shareholders of the company appoint within ninety days at an Extraordinary General Meeting.
- Verification of Registered Office (Form INC-22)
Normally the Registered Office is maintained from the incorporation itself which is capable of receiving and acknowledging all communications and notices but in cases where Registered Office is not maintained, in such cases the company is required to furnish to the Registrar verification of its registered office within a period of thirty days of its incorporation in Form INC - 22 along with the fee as provided under the Companies (Registration offices and fees) Rules, 2014.
- Issuance & stamping of Share Certificate:
Section 56(4)(a) of the Companies Act 2013 states that, every Company is required to issue Share Certificate within a period of two months from the date of incorporation, to the subscribers to the memorandum. After issuance of Share Certificate, stamping of shares are also required to be done.
- Statutory Register
Every Company require to maintain a Statutory Register containing information like a Register of Members, Directors, Charges, Debentures, Related Parties and other matters pertaining to the shareholders and management of the company. All Registers must regularly be updated and maintained at the Register Office of the company.
