All you need to know about “Compliances for Newly Incorporated Companies”

Introduction

To ensure the smooth and uninterrupted functioning of a newly incorporated company, it's essential to adhere to various legal and operational compliances. Here's a step-by-step guide to the most critical tasks.

Key Compliances

• Certificate of Incorporation: Brings the company into legal existence, issued by the Registrar of Companies (ROC), and contains details like the company's name, CIN, and incorporation date.
• First Board Meeting: Must be held within 30 days of incorporation to decide on appointing the first auditor, share distribution, and opening a bank account.
• TAN and PAN: Obtain a Tax Deduction Account Number (TAN) and Permanent Account Number (PAN) for tax deductions and income tax filings.
• Appointment of Auditors: To be done within 30 days of incorporation. If not, shareholders must appoint them within 90 days at an extraordinary general meeting.

Other Essential Compliances

Additional tasks include GST registration (if applicable), maintaining statutory records, holding annual general meetings (AGM), filing annual returns, and adhering to labor laws.

• Register for GST if turnover exceeds ₹40 lakhs (₹20 lakhs for special category states).
• Maintain statutory registers and records as per Sections 88 and 170 of the Companies Act, 2013.
• Conduct the first AGM within six months of the financial year-end and file annual returns in e-Form MGT-7.

Conclusion

Meeting these compliance requirements is crucial for the legal and operational stability of a newly incorporated company. By adhering to these guidelines, companies can ensure seamless operations and maintain a good standing with regulatory authorities.