Post Incorporation Work- Series 417
Post Incorporation Work
Companies Act, 2013
Process of Incorporation has been amended more than 10 times since Effectiveness of Companies Act, 2013. Similarly much compliance has been decreased and increased by amendments in Companies Act by Circulars, Notifications and amendment in Rules in respect of Post Incorporation of Compliance.
· After Incorporation many works are required to be done by companies on time to time. After incorporation, it becomes a juristic person. It has its own name and property. It is a separate legal entity distinct from its Members / Directors who incorporate it.
· A company does its business through its Directors. The directors are also called the ears, eyes and hands of the company. The directors of a company are in fiduciary position. On the one hand they run the company as its owner (Policy maker) and on the other hand they are merely a servant of the company and take remuneration.
· Post Incorporation compliances are divided as per Time Line:-
I. Works require to be done Immediately after incorporation
II. Works require to be done within 30 days of Incorporation.
III. Works required to be within 30 to 180 days of Incorporation
1. Whether Companies required applying for PAN after incorporation.
2. Maintenance of Documents of Incorporation of Company.
3. Maintenance of register office of Company.
4. Maintenance of Letter Heads of Company.
5. Appointment of First Auditor of Company u/s 139.
6. Holding of First Board Meeting of Company.
7. Issue of Share Certificates.
As per Section- 56(4)(a) - As per Section- 173(1) - Every company shall With in a period of 2 (Two) Months from the date of Incorporation issue share certificates to the subscriber of Memorandum.
Note: Complete editorial on Share Certificates has been published on following link:
8. Open Bank Account of Company.
9. Payment of Stamp Duty on Share certificates to State Government.
According to Indian Stamp Act, 1899, the Company shall pay the stamp duty within 30 (thirty) days after the Issue of Share Certificate.
Note: Complete editorial on Process of Payment of Stamp Duty has been published on following link:
10. Declaration of Commencement of Business.
Every Company incorporated after 02.11.2018 required:
· A declaration is to be filed by the directors within 180 days from date of incorporation of company with Roc that ‘every subscriber to the MOA has paid the value of the shares agreed to be taken by him”.
· Note: Complete detailed editorial on same has been published on below link:
11. Regularization of First Director.
As per Section 152(1), First Director shall be appointed by Article of Association of Company and as per Section 152(2) every Director shall be appoint by shareholders in General Meeting.