Mandatory Compliance Post Company Registration

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Compliance under the Companies Act, 2013

The companies in India are governed and regulated by the Companies Act 2013. Every company, after formation, must comply with certain mandatory compliance.

These mandatory compliance are required even though there is insignificant or no transaction. The Company, primarily, has to comply on Monthly, Quarterly, and Annually basis depending upon various registration the company has and failing which the company and the directors become liable for penalties.

Mandatory Compliance Right After Incorporation

  1. Verification of Registered Office: After incorporation, every company is supposed to verify their Registered Office with the Registrar of Companies. However, this can be done at the time of incorporation itself, but, if the company has not done, then they are required to file INC 22 within 30 days of incorporation.
  2. First Board Meeting: Within 30 days from the date of company’s incorporation, there should be a Board Meeting held. Proper Notice, Resolutions and Minutes of Board Meeting have to be prepared.
  3. Appointment of Auditor: In the same First Board Meeting, the Board has to appoint the First Auditor of the Company who shall audit the books of the company for that financial year. Post Appointment, ADT-1 has to be filed with the ROC within 15 days.
  4. Printing of Share Certificates: The subscribers have to subscribe to the shares of the company as per the Memorandum of Association. The company has to issue the share certificates for the subscribed shares. All details of such issuance are required to be mentioned in the Statutory Registers of the Company.
  5. Declaration for commencement of business: No company shall commence its business activities unless Form INC 20A (Declaration for commencement of business) is filed with the Registrar of Companies. This declaration is to be filed within 180 days from the date of incorporation of the company failing which; a company can be liable to pay upto Rs. 50,000.
  6. Disclosure of Interest by Directors: In the first board meeting itself, every director is required to disclose their interest in other company or LLP (in terms of directorship or shareholding) in Form MBP-1. This form has to be taken on record by the Board of Directors.
  7. Statutory Registers: Every company is required to maintain certain registers at its registered office. These include:Register of Members, Register of Directors, Register of Charges, etc. The entries in these registers have to be done in a chronological manner.
  8. Minutes of Meeting: Minutes are written record for a meeting. They evidence the proceedings of the meeting. Distinct minutes book are maintained for Board Meeting and General Meetings. Within 15 days from the date of conclusion of the meeting, the minutes are required to be circulated to every director of the company and within 30 days of conclusion of the meeting, they are required to be entered in the Minutes Book.

Mandatory Annual Compliance

  1. Minimum Number of Board Meetings: There should be a minimum of 4 board meetings in a Financial Year and the gap between 2 meetings should not be more than 120 days. Proper Notice, Resolutions and Minutes of Board Meeting have to be prepared.
  2. Annual General Meeting: First AGM is to be held within 9 months from the close of the first Financial Year, Subsequent AGM’s are to be held within 6 months from the close of the Financial Year provided that the gap between 2 AGM should not exceed more than 15 months.
  3. Form MBP-1: Every director is required to submit a disclosure of the interest in Form MBP-1 in the First Board Meeting of every financial year. Disclosures pertain to the directorship or shareholding in other companies or LLP. This disclosure is to be given in the first board meeting of a financial year.
  4. Form DIR-8: Every director has to submit Form DIR-8 with the company stating that he/she is not disqualified to be a director in the company. This declaration is to be given in the first board meeting of a financial year.
  5. Appointment of Auditor: Auditor can be appointed for a period of 5 years and it is required to be reported to the Registrar of Companies in Form ADT-1 within 15 days from the date of appointment.
  6. Preparation of Financial Statements: Every year the companies have to prepare and finalise their Financial Statements which includes Balance Sheet, Profit/ Loss Statement and the Cash Flow Statements. This financial statement is then adopted by the members in the Annual General Meeting.
  7. Directors Report: Along with the financial statements, companies are also required to prepare a Director Report including the Director Responsibility Statement and it should be placed before the members in the Annual General Meeting.
  8. Annual Return: Every year companies have to report their Annual Accounts and Annual Return with the Registrar of Companies. Annual Filing are E-Forms AOC-4 and MGT-7.
    • AOC-4 which is the Annual Accounts of the company is filed within 30 days from the date of conclusion of the Annual General Meeting
    • MGT- 7 is the Annual Return required to be filed within 60 days from the date of conclusion of the Annual General Meeting.
  1. DIR 3KYC: On or before 30thSeptember of a financial year, KYC of every director has to be done with the ROC.
  1. DPT-3: Every Company which has accepted deposits or has any outstanding loans or borrowings as on 31stMarch has to file DPT- 3 with the Registrar of Companies.

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