1000's of new companies gets registered each month in India, a substantial number of them pertains to the Startups but there is something that all the Startups must know about post company registration compliance which may be a decisive factor in growths to follow.
- INTIMATION OF REGISTERED OFFICE (within 15 days from the date of incorporation), if not done at the time of Incorporation: The company is required to file a verification of the registered office with the registrar of companies within the period of 30 days of its incorporation in form INC-22. In case of any default in complying with any of these requirement, a company and every officer who is in default shall be subjected ta a penalty of Rs. 1000 for every day during which the default continues, not exceeding Rs. 100000. However, with Munim.in the Incorporation is done with eSPICE wherein this compliance is not necessary.
- FIRST MEETING OF BOARD OF DIRECTORS (within 30 days from the date of incorporation): First meeting of board of directors is required to be held within 30 days of incorporation of company and thereafter 4 meetings are required to be held in every financial year in such a manner that the gap between 2 board meetings should not be more than 120 days.
- APPOINTMENT OF AUDITORS (within 30 days from the date of incorporation and in case of failure of board of directors ,the members appoint the auditor within 90 days): The company has to appoint its first auditor within 30 days from the date of incorporation in a board meeting. If board of directors are not able to appoint them it has to be appointed within 90 days in a general meeting of members. First auditor as appointed is required to hold office till the conclusion of first annual general meeting. Companies act 2013 does not require any form to be filed with ROC but this is a requirement of law and it has to be complied within time.
- ISSUING OF SHARE CERTIFICATE (within 60 days from the date of incorporation): Within a period of 2 months from the date of incorporation , every company must deliver the share certificate to the subscribers of the memorandum. This means that the subscriber has to remit the agreed subscription amount within 60 days from the date of incorporation. Failure by the company to deliver the certificates will attract a fine which shall not be less than Rs. 25000 but which may be extend to Rs. 500000. Also,every officer of the company who is in default shall be punishable with a fine which is not less than Rs. 10000 but which may extend to Rs. 100000.
So these were some of the compliance that are required to be done immediately after Private Limited Company Incorporation. Rest of the Compliance are Annual in nature which are covered in subsequent blog.
Munim.in is an online marketplace for services like Company Registration, Trademark Registration, LLP Registration etc. Munim.in connects Service Seeker with the verified Professionals and allows to order the service through the platform to avail Munim Guarantee. Munim.in ensures that the Client should get the good and complete service.