Post-registration compliance for a newly registered company in India

 Post-registration compliance for a newly registered company in India 

1. First Board Meeting

• Timeline: Within 30 days of incorporation.
• Key Agenda:
  1. Appointment of the first statutory auditors of the company.
  2. Disclosure of interest by directors in Form MBP-1.
  3. Approve opening of a company bank account.
  4. Adoption of the Common Seal, if applicable.
  5. Authorizing the issue of share certificates.

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2. Filing Form ADT-1: Appointment of Auditor

• Timeline: Within 15 days of the first board meeting.
• Purpose: To notify the Registrar of Companies (ROC) about the appointment of the first statutory auditor.
• Who Appoints: The Board of Directors (for the first year).
• Validity: The appointed auditor will hold office until the conclusion of the first Annual General Meeting (AGM).

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3. Share Certificates Issuance

• Timeline: Within 60 days of incorporation or allotment of shares.
• Key Steps:
  1. Prepare share certificates.
  2. Ensure certificates are properly stamped as per the Stamp Act.
  3. Deliver the certificates to shareholders.
• Authority: Share certificates must be issued under the authority of the Board of Directors.

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4. ESIC Declaration (if <10 employees)

• Applicability: Not mandatory if the company has less than 10 employees (threshold may vary by state).
• Steps (if applicable):
  1. Obtain ESIC registration number.
  2. File employee declaration forms.
  3. Comply with monthly ESIC contributions.

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5. Filing Form INC-20A: Commencement of Business

• Timeline: Within 180 days of incorporation.
• Applicability: Mandatory for all companies incorporated after the Companies (Amendment) Ordinance, 2018.
• Purpose: Declaration confirming:
  1. Subscribers have paid their subscription amount.
  2. The company has a valid bank account.
• Penalty for Non-compliance:
  • Company: ₹50,000.
  • Directors: ₹1,000 per day of default (up to ₹1,00,000).

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Additional Considerations:

• GST Registration: Mandatory if turnover exceeds the prescribed threshold or if the business is involved in interstate supply.
• Professional Tax (PT): Required in states where PT is applicable.
• Shops & Establishment Act Registration: Needed as per the state laws.
• PF Registration: Mandatory if employee count reaches 20 or more.

By complying with these requirements, your company will operate smoothly and avoid legal penalties.