- May 22, 2022
- Posted by: Accounting Equation
- Category: Knowlegebase
Immediate Compliances for a newly incorporated Private Limited Company
The requirement for private limited companies to comply with law starts immediate after incorporations. This additional set of forms needs to be filed in within the due dates to avoid any additional fee.
We’ve listed all the compliance requirements below:
- To start off with, the Board must have their first meeting within 30 days of incorporation. The agenda should include determining letterhead, appointing Statutory Auditors, filing a form ADT-1, Disclosure of interest in form MBP-1 and qualification form DIR-8, Selection of bank for opening current account of the company.
- The company will issue shares to stakeholders on the day of incorporation, and the format of their share certificates is up to you as per Form SH-1. The company will also have to pay adequate taxes on them.
- Companies are required to put a placard outside of their company that lists the company’s name and address.
- PAN and TAN are issued to the Company when it is incorporated by the MCA. However, while the Company is registered with Tax Dept, but they must create an account on the Income Tax site.
- Companies will now have to obtain a certificate to commence business. You need to ensure that Subscribers have deposited the initial money and office address must be verified. Even if you are not generating revenue yet, you must obtain a certificate.
- Once company is formed, you need to register for professional taxes and other local-level registrations.