Saturday, 29 April 2017

Compliance Requirements Post Incorporation of Company

After incorporation of Private Limited Company, there arise some immediate formalities that need to be completed post incorporation as a part of Private Limited Company registration services. You need to comply with the rules & regulations of the Companies Act 2013 starting from the day you incorporate.

1.      Appointment of Auditor

After obtaining the Certificate of Incorporation, the very next formality is to appoint the first auditor of the company. Board of Directors must call a board meeting for the appointment of an auditor for the company that too within 30 days of date of registration of company. If board fails to appoint the first auditor within the above stipulated time then members of the company must be informed, who may, at an extraordinary General Meeting, appoint the first auditor of the Company within 90 days of such intimation. Appointed auditor shall hold the tenure till the conclusion of the first Annual General Meeting.

2.      Disclosure of Director’s Interest and Declaration regarding Disqualification

Concern or interest of the directors or shareholders in other companies or bodies corporate, firms or other association of individuals shall be disclosed by the directors of the company and declare that such directors are not disqualified. This is a perpetual compliance as well; directors must disclose their interests from time-to-time as required by the Companies Act 2013.

3.      Registered Office

Company shall be required to have a registered office on and from 15th day of its incorporation and at all times thereafter, capable of receiving and acknowledging communication & notices. Verification of registered office of the company required to be filed within 30 days of its incorporation in form INC-22 with the Registrar of Companies. Failure in compliance of which may attract a penalty of Rs.1,000 for every day during which a default continues up to maximum of Rs.1,00,000.

4.      Issue of Share Certificates to Subscribers

Every company must deliver the share certificates within a period of two months from the date of incorporation to the subscribers of the memorandum, failure of which may attract a minimum fine of Rs.25,000 which may extend up to Rs.5,00,000.

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