What Are the Post Incorporation Compliance For a Private Limited Company in India?


What Are the Post Incorporation Compliance For a Private Limited Company in India?

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Once you have successfully registered your business as a Private Limited Company, there are certain legal tasks that should be taken care of immediately to ensure your business is in compliance.

This article discusses what are the Post Incorporation Compliance for a Private Limited Company in India and how you can make sure your company is compliant with ROC requirements as well as other regulations for the benefit of your business and its growth.

Opening of Bank Account

A company must open a bank account within 30 days of getting incorporated to route all commercial transactions. The company must submit the certificate of incorporation, Permanent Account Number (PAN), and other documents required by the bank according to the policy of the bank.

Allotment of Shares

A Company must allot shares to its shareholders as per the memorandum of association of the company. After allotment of shares, the Company must issue the share certificates to the subscribers within 60 days from the date of incorporation of the Company.

Declaration to Commence the Business

Companies must file a declaration for commencement of business with the Registrar of Companies within 180 days of incorporation by filing form INC-20A. The declaration must state that every subscriber to the memorandum has paid the value of the shares agreed to be taken by him.

The Company must obtain Professional Tax - Employer Registration (Enrolment Certificate) within 30 days of incorporation. This is a state specific mandatory registration for all businesses and establishments. Non-compliance of this requirement can result in heavy penalties to the Company on a yearly basis. 

  

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