10 Must Do Post Incorporation Compliance for your New Registered Company

by Jeetu Kumar I am digital marketer

A public limited company (PLC) is a fake legal entity. It has rights, power, and obligations. Directors and Shareholders are owners. are the day-to-day corporate decision-makers. A Public Company refers to a company that is not a private Company. In accordance with the Companies Act, 2013 a public company is

A company that isn't a private business
There must be a minimum of seven members. No maximum number is specified.
A minimum amount of capital paid up of 5 lacs, and there isn't a maximum limit
A private company, which is an affiliated company of a public corporation, is considered to be a public company.

Companies Act, 2013 and Companies Act, 2013, and the Companies (Incorporation) Amendment Rules, 2019 govern all laws and regulations governing the incorporation of businesses in India. After the company is approved for registration on the Ministry of Corporate (MCA) site, there is an after incorporation requirements to be met. Public Limited Company to be to be met. Registration of the company is the beginning of the journey of your business. Here is a list of post-registration requirements for a Public Limited Company.

Books of Accounts

In accordance with section 128, each Public Limited company post registration company must maintain appropriate books of account that provide a fair and accurate account of the financial statements of the company.

Obtain Shop Act Registration

After completing the post-incorporation Compliance for a Public Limited Company, the next step is to obtain a shop act registration immediately. Shop Act is state Government registration. Within 30 days of registration, the business must obtain Shop Act Registration The basic documents required to obtain a Shop Act license are MOA, AOA, COI, Directors' KYC documents, etc.

Obtaining GST Certificate

Any business whose annual turnover exceeds R. 40 lakhs or service provider of 20 lakhs must adhere in order to GST Register as per Goods and Services Tax (GST). However, Public Companies can apply for GST Registration supermoto. In the majority of instances, when companies are dealing with MNC businesses, they require GST registration numbers. For business-related reasons, companies may apply for GST registration.

Professional Tax Registration

It is required to obtain professional Tax registration for the company as well as directors and employees. However, it is not required for all Union Territories including the NCT of Delhi as well as certain states such as Haryana, Punjab, Rajasthan, Uttar Pradesh, etc. to not have any laws regarding tax professionals.

Disclosure of interests

At the First board meeting, every director is under obligation to disclose his interest in any company/firm/body corporate/association of individuals as outlined in section 184(1) of the Companies Act 2013. Any modifications to the disclosures must be communicated in writing by the director and the board of directors at its first meeting of the financial year. Independent directors who are not a director must declare that he is in compliance with the requirements of independence at the beginning of their first board meeting in their new position as director.

Opening of Bank Account

When incorporating the Public Limited Company, the first step is to open a Bank Account in the name of the company. The opening of bank accounts could need the following documents:

Copy of Articles of Association of the Company
Copy of Memorandum of Association of the Company
Challan Copy of Spice form
Certificate of Incorporation
Copy of Pan Acknowledgement
Copy of Board Resolution
Prospectus copy if required
The address of the registered office is documenting the identity of the company
Identity proof of Directors and Authorized Signatories' PAN card of the Director
Passport
Voter Identity Card
Driving License

First Board Meeting

Section 173(1) of the Companies Act 2013 deals with the conduct of Board meetings of the company. In accordance with the provisions of this section, a company must within 30 days of the date of incorporation hold its initial board meetings of the business. Directors are able to attend the meeting in person or via video conference

Capital deposit for Shares

After opening a bank account the next step is the deposit of the capital share money into the account of the bank within 60 days of the day of the incorporation of the business.

The issue of share certificates as well as the payment of stamp duty

A Public Limited company must issue share certificates to shareholders within 60 days of incorporation. A Public Limited company shall issue shares certificates to owners of its shares within 60 days of when it was formed the company. The company must make payment of stamp duty within 30 calendar days from the day of the allotment of shares according to the relevant stamp law applicable to the state.

Registered address

In accordance with the provisions of Section 12(1) of the Companies Act, 2013 a company must establish an official registered address within fifteen working days from the day of incorporation of the business. This address must be used to receive all future communication from authorities.