Compliances for Private Limited Company after It has Been Incorporated!

Narendra Kumar

04 Dec, 2020

The Private Limited Company Registration provides you with some of the benefits: which include that you can add to the subscribers and shareholders, can also attract the best talent with the equity and can also raise loans very easily, along with the other things. But free lunch is not provided at all. To prove that you are capable of these advantages, you need to obey the norms of the companies act of 2013, beginning from the day of your incorporation. This article would serve as a helpful guide for all the major incorporation Compliances for Private Limited Company needed to be completed within the two months of the incorporation of the company.

Appointment of the Auditor

The first order of the business after obtaining the private limited company’s certificate of incorporation is the appointment of the first auditor for the company. In the 30 days starting from the date of registration of your company, the board of directors should hold a board meeting and appoint a first-time auditor for the company, and this requirement is a must. If the board fails to make an auditor within the required timeline, then it is important to inform the company. Who will then appoint the first auditor of the company within 90 days through the extraordinary board meeting? It is the members of the company who will appoint such an auditor, and the appointed auditor will hold the tenure until the conclusion of the annual general meeting.

Disclosure of the interest of the director and Declaration Regarding His/Her Disqualification

The directors of the board are required to hold a meeting of the board within thirty days after the private limited company has been registered with the Ministry of corporate affairs. The directors are supposed to disclose their interests and concern to other body corporates and companies, associations of individuals and other firms. They need to declare that they are not disqualified from holding the office. These disclosures may include directorship as well as the shareholding.

Every Company Must

Affix or paint its name, and the registered office address and the alike affixed or painted name should be there outside every office or in the place where the business is running. It should be in legible letters and visible position. It must be in a language that is common in that area, and everyone can read it

The private limited company should get its name, the address of the registered office and the Corporate Identity Number (CIN), with the telephone number, fax number. If possible, get e-mail and website addresses. Get them printed in business letters, billheads, letter papers and also in all the notices and other official publications. If there is any default in obeying with any of these requirements with the registered office etc., the company and every officer who is in default has to give the penalty of Rs. 1000 for every day in which the defaults are continued without exceeding the amount of Rs. 100000.

Other Compliances for the Private Limited Company

Most of the companies are sometimes required to fulfill the major compliances after their incorporation immediately. Some of these requirements are- a letterhead and the statutory registers. Compulsory things on the letterhead, such as the company identification number or the (CIN), officially registered number, email id of that Private Limited Company, website address, telephone number, etc. should be printed on the letterhead of the private limited company.

Permanent Account Number or PAN and TAN

Get tax account number (TAN) and permanent account number (PAN) in the name of the company that you have incorporated.

Every private limited company must fulfill these major compliances for successful incorporation.