Starting your journey as a Private Limited Company?

Congratulations! Now that you’ve incorporated, it’s crucial to meet all necessary compliance requirements to keep your business running smoothly and in line with Indian regulations. Here’s a step-by-step compliance checklist for newly incorporated companies in Gujarat:

1. First Board Meeting 

• Requirement: Schedule your first Board of Directors meeting within 30 days of incorporation. This meeting is essential for discussing company policies, appointing auditors, and setting the groundwork for compliance.

2. Certificate of Commencement of Business 

• Requirement: File Form INC-20A within 180 days of incorporation to confirm that your company has commenced business operations. Failing to file on time may result in penalties.

3. Maintain Statutory Registers 

• Requirement: Keep and regularly update statutory registers like the Register of Members, Register of Directors, and Register of Charges. These records are required by the Companies Act, 2013 and are crucial for company transparency.

4. Issue Share Certificates to Shareholders 

• Requirement: Issue share certificates and payment of stamp duty within 60 days of incorporation. This official documentation gives shareholders proof of their ownership in the company.

5. PAN, TAN, and Bank Account 

• Requirement: Obtain your Permanent Account Number (PAN), Tax Deduction and Collection Account Number (TAN), and open a bank account in the company’s name as soon as possible. These steps are essential for conducting business transactions legally. Then only you can File Form INC-20A. It is very importnat document and must be file within time.

6. Appoint the First Auditor 

• Requirement: Appoint your company’s first auditor and file the Form ADT-1 within 30 days of incorporation. The first auditor plays a key role in helping you navigate financial reporting and regulatory compliance from the start. 1

7. File Annual Returns & Financial Statements 

• Requirement: File your Annual Return (Form MGT-7/MGT-7A) and Financial Statements (Form AOC-4) with the Registrar of Companies (ROC) each year. Here’s what you need to know:
  • Financial Statements must be filed within 30 days of the Annual General Meeting (AGM).
  • Annual Returns must be filed within 60 days of the AGM.

8. Register for GST and Any Industry-Specific Licenses 

• Requirement: If your business falls under GST regulations, register for GST to avoid penalties. Also, check if there are any other industry-specific licenses required for your business.

9. Conduct Board & General Meetings 

• Requirement: Hold a minimum of four board meetings each financial year (with no more than a 120-day gap between two meetings).
• Annual General Meeting (AGM): Conduct your first AGM within 9 months from the end of your first financial year and within 6 months for subsequent years.

10. File Updates with the ROC for Any Company Changes 

• Requirement: Notify the ROC of any changes in your company’s directors, address, or share capital. For example, file Form DIR-12 if there are changes in your board of directors. Keeping the ROC updated ensures you’re compliant with the Companies Act, 2013.

Why Compliance Matters

Meeting these post-incorporation requirements is essential not just for regulatory purposes but also for establishing your company’s credibility. Following these steps can help you avoid penalties, legal complications, and keep your business in good standing with the authorities.

For any questions or assistance with compliance, feel free to contact us—we’re here to help your company succeed every step of the way!