Post Incorporation Compliance for a Private Limited Company in India


Post Incorporation Compliance for a Private Limited Company in India

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A Private Limited Company is a popular structure to get started with a business as it provides multiple benefits like raising funds, attracting investors etc. However, the work is not over just after you receive a certificate of incorporation. There are some statutory compliances that you need to take care of within a certain time frame.

Incorporating a Private Limitedcompany is an easy process but making sure it remains compliant at all times is difficult as the companies act 2013 is stringent and leaves no room for errors. It is important for the directors and shareholders of the company to be aware of the post-incorporation compliances so that they do not fall prey to penalties and punishments.

One of the important post-incorporation compliance is the declaration of commencement of business. Another important compliance is obtaining licenses to run the business like Shop act license, Import Export code etc. Companies must apply for these licenses after the incorporation and keep a copy of the application at their registered office.

A company must also maintain books of accounts. Under section 128 of the companies act, it is mandatory for a company to maintain books of accounts that represent a true and fair view of the state of affairs of the company.Directors of a company need to file INC-20A form within 180 days of the date of incorporation of the company to MCA for declaring that the company has commenced its business. Further, every director of the company must disclose his or her interest (shareholding and/or directorship in other companies) in the first board meeting.

 

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