Post Incorporation Compliances-Companies Act 2013
December 4, 2016 by CS Samrish Bhanja
This Blog aims at providing you with all the general post incorporation compliances a company needs to do along with the specific ones based on their applicability.
1. MAINTAIN A REGISTERED OFFICE (MANDATORY): The Companies which have not filed form for registered office (INC 22)at the time of incorporation, they are required to establish their registered office within 15 days of incorporation and file the said form (all within 15 days).
2. AFFIX A BOARD OUTSIDE REGISTERED OFFICE: Every Company shall affix a board outside the office stating its name and registered office address.
3. LETTER HEADS: Letter heads of the company with registered office name & address, CIN, Email-ID, Telephone, website (if any), fax etc., shall be printed.
4. PAN/ TAN: The first requirement after the incorporation of a company is applying for a Permanent Account Number (PAN)/ Tax Deduction Account Number(TAN).
5. 1ST BOARD MEETING: In order to satisfy the requirement of appointing the 1st Auditor of the company within 1 month from the registration of the company (as per the requirement of Section 139(6) of the Companies Act, 2013), the Company shall convene its 1st Board Meeting within 30 days from the date of incorporation to consider the following matters:
- Taking on record the Certificate of Incorporation/ maintain the copies of Incorporation documents,
- Noting of Registered Office address of the Company,
- Noting of 1st directors,
- Approval of preliminary expenses,
- Approval for opening of a Current Account,
- Appointment of 1st Statutory Auditors,
- Approval of Common Seal (if any), (use of Common Seal has been made optional since 2015).
- Authorization for Statutory registrations.
6. SERVICE TAX/ VAT/ IEC REGISTRATIONS: All the statutory registrations like Service Tax, VAT, IEC (Import Export Code) etc. may be applied for, depending on the type of the Company.
7. BANK ACCOUNT: After obtaining PAN, the company shall open a Current Account with a bank and the promoters shall contribute the subscription money to the said account.
8. INWARD REMITTANCES FROM NON-RESIDENTS: In case the subscribers are non-residents, the share subscription money shall come by way of Inward remittance. KYC and Inward remittance reporting is to be done within 30 days with the Authorized Dealer Bank. The AD Bank shall issue UIN no. Now, all these filings have to be done online. The link for the website has been provided below:
Ebiz India’s G2B Portal – Advance Foreign Remittance
9. ISSUE OF SHARE CERTIFICATES: Company shall issue Share Certificates to the subscribers of Memorandum within 2 (two) months from the date of company incorporation. Please ensure that Share subscription money is received before issuing Share certificates through proper banking channel.
10. FC-GPR (in case of Non-residents): Form FC-GPR is to be filed within 30 days of allotment (issue of share certificates in this case) with the AD bank. This filing is done online now. The link for the website has been provided below:
Ebiz India’s G2B Portal – FC-GPR
11. STAMP DUTY: Stamp Duty is to be paid within 30 days of Issue of Share Certificates. Stamp Duty varies from State to State and is therefore determined by the place (state) in which the registered office of the Company is situated.
12. CERTIFICATE OF COMMENCEMENT OF BUSINESS: With a new era of ease of doing business, the need for obtaining Certificate of commencement of business has been done away with in the Companies (Amendment) Act, 2015 w.e.f. 29th May 2015. Now, no company is required to obtain such certificate.
13. PROVIDENT FUND: A company employing more than 20 employees is liable to deduct PF contribution @ 12% of basic salary & ESIC @ 4.75% of salary(As per the latest notification, ESIC has raised the threshold wage limit from 15,000 to 21,000).
14. MAINTAIN STATUTORY REGISTERS, MINUTE BOOKS: Company shall maintain all the statutory books, registers and minute books as stated in the Companies Act, 2013. Non-maintenance shall attract penal provisions.
15. REGISTER OF MEMBERS: The name of the subscribers to be entered in the Register of Member with date of incorporation of the company as the date when subscribers are deemed to have become members of the company.