The process of setting up of a new company does not end with the incorporation of the company. In order to appropriately set up the company, every company is required to fulfill certain compliance requirements after its incorporation. The compliance requirement for each type of companies has been distinctly stated under the Companies Act 2013. The company incorporated will be liable to pay a specified amount of penalty in case the company fails to comply with any of the requirements.
Whether you from a private limited company, public company or a Limited liability Partnership there are the specified set of compliances that they are required fulfill after their incorporation. The various post incorporation Mandatory Compliances after Incorporation of the company are as follows-
Appointment of Auditors
Every Company is required to file ADT 1 for the 5 years appointment of Auditors. The auditor must be appointed within 30 days from the date of incorporation in the board meeting. Further, if the board of directors is not able to appoint, then he has to be appointed within 90 days at an extraordinary general meeting of members.
Fix a Nameplate outside the Registered Office of the company containing Name & CIN No. Moreover, it shall get the name of the company printed on the letterheads and other invoices. The name shall be printed in Header and CIN No, Add to registered office and Email id of the company in Footer.
The companies are required to prepare company Web sites and disclose basic Information about the company on the website.
Obtaining PAN and TAN
As a company is a separate legal entity, it’s mandatory that it has its own PAN and TAN. So as the company is incorporated, PAN and TAN should be applied, which also results in registration of the company under Income Tax Act, 1961.
Conducting board meeting
According to the regulations the companies are required to conduct Board Meeting, Draft the notice of BM, Prepare minutes thereof and creating the attendance sheets of the board meeting.
Maintaining Statuary Registers
Further, all companies are required to maintain a statutory register for the company containing information like the register of members, list of directors, charges, debentures and other matters pertaining to the shareholders and management of the company. The Statutory Register must be regularly updated and kept at the registered office of the company.
Bank account of the company
After the successful incorporation of the company it is a separate legal entity from its members thus it very easy to open a bank account in the name of the company. Post incorporation every company is required to get its bank account opened.