What most of the entrepreneurs do not know about company registration compliance
The present topic covers a crucial area which is of most importance to the entrepreneurs
1000's of new companies gets registered each month in India, a substantial number of them pertains to the Startups but there is something that all the Startups must know about post registration compliance in company which may be a decisive factor in growth to follow. Following is the list of immediate compliance after a Private Limited Company Registration in India that an Entrepreneur must know:
1. INFORMATION OF REGISTERED OFFICE (within 15 days from the date of incorporation), if not done at the time of Incorporation: A company must have the place of operation with in 15 days of the incorporation and need to inform about the place of operation, if not communicated at the time of registration, to the registrar within 30 days of the registration of the company. A penalty of Rs 1000 per day to the company and every officer on default in this case, the maximum penalty is Rs 1 Lac.
2. MEETING OF BOARD OF DIRECTORS (within 30 days from the date of incorporation): A company must held its First Board of Directors meeting with in 30 days of incorporation of company. Thereafter atleast 4 meetings are required to be held in every financial year. The gap between 2 board meetings should not be more than 120 days.
3. APPOINTMENT OF AUDITORS (within 30 days from the date of incorporation and in case of failure of board of directors ,the members appoint the auditor within 90 days): The first auditor of the company must be appointed with in 30 days from the date of incorporation through passing a resolution in Board Meeting. Failing this window the same can be appointed within 90 days in a General Meeting. However, it is not required to be informed to the ROC but it is one of the mandates.
4. SHARE CERTIFICATE (within 60 days from the date of incorporation): A company must issue Share Certificates to all its shareholders within a period of two (2) months from the date of incorporation. Penalty on default shall not be less than Rs. 25000 but may be extend to Rs. 500000.
So these were some of the crucial compliance that should be kept in mind after Private Limited Company Incorporation. Rest of the Compliance are Annual or Continuous in nature.
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