Compliances for a newly Incorporated Company

The management of the company has to immediately after its incorporation and periodically assess if any mandatory registration is appliable on the basis of thresholds defined in the respective state or central acts and further reporting under such acts.

Registered Office Address: Each company has to mandatorily have a registered office where mentioned in MCA/Incorporation Forms by placing the board at outside the registered office, such as name of the company along with Corporate Identification Number (CIN) and GSTIN.

First Board Meeting: Directors of the company shall hold first board meeting within 30 days from date of Incorporation:

  • Obtain from each director a disclosure of Interest through Form MBP-1
  • Determination of Letterhead of the Company
  • Appointment of first Statutory Auditors (Term shall extend to till the conclusion of first annual general meeting of shareholders).  After appointment of auditor, Company has to file Form ADT-1.
  • Opening a bank account in the name of company

Issuance of Shares and Share Certificate: Within 60 days of incorporation, the Board of Directors shall issue shares to the first subscribers to the Memorandum of Association. The format of share certificate is as per Form SH-1.

Commencement of Business: Company has to obtain a certificate to commence of business. To do so, the Company has to fulfill two requirements: – Subscribers have to deposit their paid-up capital in company’s bank account and the registered office address has to be verified. This has to be filed through Form INC-20A, within 180 days from the date of incorporation.

Register in Income Tax: Companyhas to create an account in income tax e-filing portal by registering the authorized signatory with his Digital Signature.

GST Registration: A Company whose aggregate turnover in a financial year exceeds Rs 20 lakhs or depending on type of service, has to mandatorily register under Goods and Services Tax.

Other Business Registration: The company has to assess the applicability of the provisions of various Labour Laws and Tax Laws to assess if any mandatory registration is appliable on the basis of thresholds defined in the respective acts such as Provident Fund Act, Employee State Insurance Act, Professional Tax Act etc.