A list of other activities / formalities to be carried out immediately after Incorporation of the Private Limited Company as per Companies Act 2013.
*** Updated as on 7th Setpember, 2014 ***
According to the New Companies act, 2013, after incorporation of the company, every company shall be required to follow the provisions of the Companies Act.
Following are the Post-incorporation formalities / requirements to be followed mandatorily,
A. As per Company Law
1. Appointment of Statutory Auditor
Pursuant to section 139(6) (1) the first auditor of the company, (who is Chartered Accountant), other than a Government company, shall be appointed by the Board of Directors within thirty days (30 days) from the date of registration of the company and in the case of failure of the Board to appoint such auditor, it shall inform the members of the company, who shall within ninety days (90 days) at an extraordinary general meeting appoint such auditor and such auditor shall hold office till the conclusion of the first annual general meeting.
2. Allotment of the securities
Pursuant to section 56(4)(a), every company shall, deliver the certificates of all securities allotted, transferred or transmitted within a period of two months (2 months) from the date of incorporation , in the case of subscribers to the memorandum.
Therefore it is mandatory to open a Bank account and after opening of company’s Bank Account, each subscriber to the memorandum of association should deposit the amount of subscription money of the shares agreed to be taken by him from their respective account in the company’s Bank account by individual cheque or online.
In case of Default :-
This procedure should be followed as per the provision of the Act because in case of any default, the company shall be punishable with a fine which shall not be less than twenty five thousand rupees (Rs. 25000/-) but which may extend to five lacs rupees (Rs. 500000 /-) and every officer of the company who is in default shall be punishable with fine which shall not be less than ten thousand rupees (Rs. 10000/) but which may extend to one lakh rupees. (Rs. 100000/-)
3. Filing of e-Form INC-21 with Registrar of Companies (RoC)
Pursuant to Section 11 (1) (a) of the Companies Act, 2013, company having share capital shall not commence any business or exercise any borrowing powers unless a declaration is filed by a director with the Registrar that every subscriber to the memorandum has paid the value of the shares agreed to be taken by him and the paid up capital of the company is not less than Rs. 1 lakh (Rs.100000/- ) in case of a Private Limited Company.
Pursuant to Section 11 (1) (b) of the Companies Act, 2013, the company has to file with the Registrar a verification of its registered office as provided in sub section (2) of section 12.
Hence, the company shall file e-form INC-21 with the Registrar of Companies within 180 days of date of incorporation of the company along with following documents :-
a. a declaration to be printed on Rs. 100 Stamp paper (duly notarized).
b. Proof of registered address of the company – Latest address proof (Utilities bill – Telephone/Electricity) having the same address as mentioned in the address proof (utilities bill) provided by the Company at the time of incorporation.
B. Other compliances
a. To open a Current account in the name of a company with any scheduled/ nationalized or Private Bank.
b. To appoint a Practicing Company Secretary as a compliance officer in the 1st Board Meeting for complying legal services as required by Companies Act.
c. Keep ready 2 rubber stamps- Rubber Stamps (One round stamp in the name of company and another for the Director)
C. Other Registrations
Application for Shop Act licence (as per Bombay Shop and Establishment Act)
Application for PAN / TAN in the name of company
Registration of VAT/ CST/ SERVICE TAX( If applicable)
Registration of Profession Tax
D. Corporate Stationary
As per Section 12 (3) Every company shall —
(a) paint or affix its name, and the address of its registered office, and keep the same painted or affixed, on the outside of every office or place in which its business is carried on, in a conspicuous position, in legible letters, and of the characters employed therefore are not those of the language or of one of the languages in general use in that locality, also in the characters of that language or of one of those languages;
(b) have its name engraved in legible characters on its seal;
(c) get its name, address of its registered office and the Corporate Identity
Number along with telephone number, fax number, if any, e-mail and website addresses, if any, printed in all its business letters, billheads, letter papers and in all its notices and other official publications;
List of Stationery Items to get
Get a Common Seal (Mandatory)
Statutory Register (Mandatory)
A printed set of Memorandum of Association and Articles of Association (optional)
Minutes Loose Leaf (100 pages) & Minutes Binder (optional)
Share Certificate Book (Minimum 50 Share Certificate) (optional)
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