Compliances to be done by a newly Incorporated Company

In this blog, we’ll outline the crucial compliance steps a newly incorporated company must undertake.

Upon receiving the Letter of Incorporation from the Registrar of Companies, your first task is to gather all necessary documents: digital signatures, a copy of the Memorandum of Association (MOA), Articles of Association (AOA), the Letter of Incorporation, and a soft copy of the company’s PAN card from the person who incorporated your company.

At Tech Munshi, we highly recommend organizing these documents in a secure file for future reference. Now, let’s move on to the step-by-step compliance guide.

Step-by-Step Compliance Guide:

1. Conducting the First Board Meeting

First and foremost, within 15 days of incorporation, the Board of Directors must convene for the first board meeting. During this meeting, the Directors should appoint the company’s first statutory auditor.

2. Opening a Current Account in the Company’s Name

Next, the Board of Directors should pass a resolution to open a bank account in the company’s name and authorize one of the directors to complete the necessary procedures.

3. Depositing Paid-Up Capital

After the current account is opened, shareholders must then deposit their capital contributions into this account according to their shareholding ratio as specified in the MOA.

4. Filing Form INC-20A

Once the paid-up capital is deposited, the company must subsequently file Form INC-20A. This step must be completed within 180 days of the company’s incorporation.

At Tech Munshi, we strongly advise seeking professional assistance for filing Form INC-20A to avoid any errors.

By following these steps, your company will ensure it meets its initial compliance requirements and is ready to commence business operations. We hope this guide helps you navigate the primary compliance tasks smoothly.