If you have successfully incorporated a company, please ensure to comply with these post-incorporation compliances as provided by the Companies Act to avoid any notices and penalties from the Ministry of Corporate Affairs (MCA):
First Board Meeting:
Section 173 of the Companies Act, 2013 provides that every company must hold its first Board Meeting within 30 days from the date of its incorporation.
Official Address:
If you have incorporated a company without a registered office, the Companies Act, 2013 mandates every company to have a registered office within 30 days from the date of incorporation. Also, you have to intimate the Registrar of Companies the address of this registered office within 30 days from the date of incorporation of your company by filing eForm INC-22 through web portal of MCA.
Bank Account:
Companies need to open a bank account for financial transactions. The company is a separate legal entity, hence a separate bank account shall be opened in the name of the company. However, it takes natural person to authorise transactions through the company's bank account.
Display of Company's Name:
Every company needs to display its name, CIN, registered address and contact details outside its registered office premises and other offices wherever it carries on its business, on letterheads and printed stationery.
Appointment of First Auditor:
Section 139(6) provides that the Board of Directors shall appoint company's first auditor within 30 days from the date of its incorporation. The first auditor shall hold the office till the conclusion of first Annual General Meeting.
Disclosure of Interest by Directors:
Section 184 of the Companies Act, 2013 directs every director of the company shall disclose her/his interest along with the shareholding in any other company / LLP / firm / body corporate / association of individuals in the first board meeting of the company.
Share Certificate and Statutory Registers:
Every company shall issue share certificates to the shareholders of the company within 60 days from the date of incorporation. Such share certificates shall be properly stamped and signed from the appropriate authorised persons of the company.
The company also needs to maintain statutory registers in the prescribed forms at the registered office of the company.
Obtain Commencement of Business Certificate
Within 180 days from the date of incorporation, all the promoters of the company need to deposit amount of their share subscription in company's bank account and the statement of that bank account needs to be filed with ROC in form INC-20A for obtaining the certificate of commencement of business.
It is imperative to note that the company cannot start its business without obtaining the Certificate of Commencement of Business from the Ministry of Corporate Affairs.
Disclaimer: This article is intended for educational and informational purpose only. It is recommended to seek the assistance of a Practising Company Secretary or consultant in India to complete all compliances applicable for your business.
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