Congratulations! Now that you got the company incorporated, what care do you need to take to be on the right side of the charter. be understandable, a lot of economic sense to stay complaisant. It helps in efficient and non- interrupted functioning of the organization. There are some critical time bound compliances, especially when foreign direct investment (FDI) is involved. There is always an top-priority with respect to opening of bank a/c but before doing that, Banks needs to be communicated and sensitize when inward remittance is receiving in from the foreign subscribers. Timely steps to be taken for appointment of Auditors (CA), GST (goods and service tax ) and (IEC) Import Export Number registrations, wherever required.
This blog will be of huge help to guide you through post-incorporation compliances for companies.
· MAINTAIN A REGISTERED OFFICE: The Companies which have not verified registered office details at the time of registration, they are required to establish their registered office within 15 days of incorporation and file the said form (all within 15 days).
However, in the Companies (Amendment) Bill it is proposed to extend the time period for intimation of the registered office from Fifteen days to Thirty days.
· 1ST BOARD MEETING: The first Board meeting is needed to be conduct within in Thirty days from the date of registration. Mainly, the Board of the company is required to consider the following agenda in their first meeting:
1. Approval for opening of a Current Account in the name of company,
2. Appointment of first Statutory Auditors,
3. Authorization for Statutory registrations under various act.
· LETTER HEADS: Letter heads of the company with registered office name & address, CIN, telephone number, e-mail and website addresses, if any, will be printed.
· AFFIX A BOARD OUTSIDE REGISTERED OFFICE OF COMPANY: Every Company shall affix a board outside the of registred office stating its name of company and registered office address.
· GST/ IMPORT AND EXPORT REGISTRATIONS: All the statutory registrations like GSt, Import Export Code) etc. may be applied for, depending on the nature of the Company.
· BANK ACCOUNT: the company shall open a Current Account with a any bank and the subscribes shall contribute the subscription money to the said bank account.
· INWARD REMITTANCES FROM FORIGEN RESIDENT: In case the subscribers are foreign-residents, the share subscription money shall come by way of Inward remittance. KYC and reporting of Inward remittance is to be done within thirty days with the Authorized Dealer Bank to Reserve Bank of India. The link for the website has been provided below:
FIRMS Portal – Reporting through Single Master Form (SMF)
· ISSUE OF SHARES CERTIFICATE: There are no pre-defined timelines to make payment for the subscribed capital, however, provision of the Companies Act, 2013 forecast that all monies payable by any member to the company under the memorandum or articles shall be a debt due from him to the company and also according to provision of Companies Act 2013 provides that company shall issue Share Certificates to the subscribers of Memorandum within 2 months from the date of company registration.
Therefore, make ensure that Share subscription amount is received before issuing Shares certificate via proper banking channel.
· FC-GPR (in case of Foreign-residents): Form FC-GPR is to be submitted immediately after reporting of inward remittance. This filing can be done online now.
· STAMP DUTY: Stamp Duty is to be paid within Thirty days of Issue of Share Certificates. Stamp Duty change from State to State and is therefore fixed by the place (state) in which the company is registered.
· PROVIDENT FUND: A company employing more than twenty employees is liable to deduct Provident Fund: contribution @ 12% of basic salary & ESIC @ 4.75% of salary
· MAINTAIN STATUTORY REGISTERS & MINUTE BOOKS: Company shall keep all the statutory books, registers and minute books as stated in the Companies Act. Non-maintenance shall attract penalty.
· REGISTER OF MEMBERS: The name of the subscribers of shares to be entered in the Register of Member from date of incorporation of the company as the date when subscribers are deemed to have become members of the company.
Recent Amendment
· MCA vide its notification December, 2018 has notified section 10A as inserted by Companies (Amendment) Ordinance, 2018. As per section 10 A of Companies Act, a Company having a share capital shall not commence any business or commence any borrowing powers unless-
- Declaration for commencement of business is filed by a director within a period of Six month days from the date of registration that every subscriber to the memorandum has paid the amount of shares agreed to be taken by him on the date of making of such declaration.
- Verification of registered office within Thirty days from the date of incorporation.
The above list may not be all-inclusive. Any registration or license requirement, as regards a specific industry, be consulted well in advance to enable timely commencement of business operations.