Once the company is incorporated,thereare initial compliancesthat are applicable to the company and some of these compliances are specified below:
- FIRST BOARD MEETING WITHIN 30 DAYS FROM THE DATE OF INCORPORATION
The Company has to conduct its first Board Meeting within 30 days of incorporation in accordance with the provision of the Companies Act, 2013. The directors of the company can attend the board meeting either through physical presence or through video conference.
2. APPOINTMENT OF FIRST AUDITOR (SECTION 139)
As per the provision of Companies Act 2013, the Company has to appoint the first auditor with in 30 Days from the date of incorporation,who shall hold the office till the first AGM of the company.The auditor can be an Individual or a Firm, and in the case of the first auditor, filing of form ADT-1 with the ROC is not mandatory. If the board is not able to appoint the first auditor, then the auditor shall be appointed by the subscribers in EGM of the Company within the next 90 Days.
3. DISCLOSURE OF DIRECTOR’S INTEREST AND DECLARATION REGARDING DISQUALIFICATION (SECTION 184)
The first directors of the company have to disclose his interest in the very first board meeting of the company and every meeting of the board of directors whenever his interest is changed, and intimate to ROC if required. The company has to maintain the record of the same in the register of the company.
4. REGISTERED OFFICE
If the company was incorporated with the temporary address, then the company has to file the details of the permanent address with the ROC in form INC-22 within 30 days of its incorporation.
5. LETTERHEAD & STATUTORY REGISTERS
The company has to ensure that the letterhead of the company should containthe below-mentioned details:-
- Name of the company
- Phone numbers
- CIN Number [Corporate Identity Number]
- Address of its registered office
- Fax number, e-mail id,
It is mandatory to affix, print company name, outside of every office, place in which its business is carried on.
The company has to maintain and keep the Registers at the Registered Office of the Company.
As per the Companies Act,2013,Company has to be maintained various types of registers which are as follows:-
- Register of Debenture holders.
- Register of Members.
- Register of Charges.
- Register of Loans/Guarantee.
- Register of Investments.
- Register of Key Managerial Personnel.
6. OPENING OF BANK ACCOUNT ON THE NAME OF COMPANY
Once the company is incorporated the first step is to open the bank account in which the subscriber has to deposit the subscription amount. Various documents are required for the opening of a bank account:-
- Certificate of incorporation.
- Memorandum & Articles of Association.
- Resolution of the Board of Directors to open an account and details of those who have authority to operate the account.
- Latest list of Directors.
- Address proof of the company.
- Identity proof of all Directors / Authorized Signatories PAN card of Director.
- Copy of PAN acknowledgment.
7. ISSUE OF SHARE CERTIFICATE AND PAYMENT OF STAMP DUTY.
Oncethe Bank Account of the Company is open, the subscribers to MOA have to deposit the subscription amount in the Bank Account.
The company shall issue the share certificate to the subscribers within 2 months from the Date of Incorporation and the company will submit the documents to SDM within 30 days from the date of allotment of share following relevant stamp act applicable on the state.
8. DECLARATION OF COMMENCEMENT OF BUSINESS.
As post-incorporation requirements of a company, every company is required to file a declaration of commencement of business within 180 days from the date of incorporation of the company under Section 10A of the Companies (Amendment) Ordinance 2018, in form INC-20A.
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Posted by: CA Neetu Saini