MANDATORY COMPLIANCES AFTER INCORPORATION OF COMPANY
Today's time when every company and person is under obligation to complete basic legal framework. It is important for the owners of the company to be aware of mandatory post incorporation compliances under Companies Act, 2013 which is require be done. In this article we discuss about the mandatory compliances post incorporation of company.
** First Board Meeting :- According to Companies Act, 2013 the company has to conduct it's first board meeting within 30 days of incorporation of company. This meeting involves discussions regarding business planning, company SWOT analysis, Administration, Tax implications and opening a bank account in the company name.
** Disclosure Of Directors Interest :- According to provisions of section 184 of Companies Act, 2013 first directors of company or every director of company shall disclose his/ her concern and nature of interest to the company in the board meeting. This is important compliance it will help the company to easily identify the related party transactions.
**Appointment Of First Auditor :- According to the provisions of section 139 of Companies Act, 2013 the company has to appoint the first auditor of company. After incorporation board of directors appoints the first auditor of company within 30 days from the date of incorporation. In case board of directors fails to appoint first auditor then members of the company can appoint an auditor within 90 days from the date of incorporation in an extraordinary general meeting. The first auditor holds the office till the conclusion of first annual general meeting.
**Registered Office :- According to the provisions of section 12 of Companies Act, 2013 the company must have its registered office within 30 days from the date of incorporation.
**Opening A Bank Account Of Company :- There must be a bank account in the name of the company so that originality of each and every transactions can be maintained .
**Issue Of Share Certificate :- According to the provisions of section 56 of Companies Act, 2013 the company must issue share certificates to all the subscribers of the company after collection of share application money within 60 days from the date of incorporation. The share certificate must contain the following details :
- Name of subscriber
- Amount received
- Kind of Shares preference / Equity
-Number of share Certificate
- Face value of share
- Number of share purchased.
**Filing Of Form INC 20A Certificate Of Commencement Of Business :- On the 2nd November 2018 the Companies (Amendment) Ordinance 2018 was introduced. And any company which is incorporated after 2nd November 2018 required to file form INC 20A within period of 180 days from the date of incorporation of company. Form INC 20A is a declaration that needs to be filed by the directors at the time of the commencement of business. It should be verified by Charted Accountant (C.A. ) , Company Secretary ( C.S. ) , or a Cost Accountant in practice.