If you recently registered your Pvt Ltd company , then this article is for you. Deciding what next to do just post incorporation of the company is a thing which can be important for company’s active status. There are certain compliances which every company is required to follow or to comply with. Without doing such compliances, a company can go under Inactive status & can be strike off by MCA on its own. MCA is removing companies from its register if they are not actively running or failed to file their regular returns or annual mandatory compliances.

So, here are the list of events or activities which a company must do after registration within prescribed time:-

1. Auditor Appointment- Every Company firstly needs to appoint its First Auditor in its board meeting within 30 days of registration & for this ADT-1 is to be filed on MCA by the Directors.

So if you registered company then firstly appoint any CA (Since Only a CA can be the auditor of the company) & try to get it within time to avoid any late filing fees.

2. Opening of Bank Account- Once you are done with auditor appointment, you need to open the current bank account of your company & deposit share capital into it . Share Capital will be paid up capital of the company which was decided at the time of registration in the agreed ratios of both the shareholders.

For opening account in Bank you would be required Certificate of Incorporation, MoA, AoA & a board resolution duly passed for opening of bank account . These documents you should have before visiting Bank.

3. Filing of INC-20A- The first & foremost important form for a company to start its business will be Form INC-20A. This is for commencement of business of the company. Company needs to file it within 180 days of registration. For filing this form you would be required the statement of Bank account with capital deposited transaction entries in the statement showing capital brought in by the shareholders & photographs of the Directors working in office of the company & a photo of outside the building of the registered office of the company & it should be attested by any professional (your CA/CS).

Only after filing INC-20A, you would be able to run the business officially in the company & with out filing this form you cant file any other form for anything on mca portal.

4. Issue of Share Certificates to Subscribers

As The Companies Act 2013, Within a period of two months from the date of incorporation of a company, every company must convey the share certificates to the subscribers of the memorandum within 60 days from the date of incorporation.

5. GST registration if required- After company registration, the next registration is GST registration if it is compulsorily required by law to your business or in case your business turnover exceeds Rs 20L for services & 40L for goods for the year then you will be required to take GST number. It is advisable to consult your financial manager or tax consultant before registering in GST.
6. MSME Registration- MSME registration is Micro,Small Medium Enterprises registration by the government which has so many other benefits like protection for Delay payments, Concessional electricity charges, benefits under various government schemes & subsidies etc. It’s a very basic registration, but has a lot of benefits. Just a One time registration & number of life time benefits. Don’t miss this registration to avail benefits of govt schemes etc.
7. Start-Up India Registration- Once you are started with your business activities & you are having any unique idea of the business which is employment and wealth generating for the nation , then Start-up India registration is recommendable to you. It has immense benefits like tax holiday for 3 years, fast processing of Patents with rebate in filing application, Easier public procurement norms, easy winding up procedures and a lot. So what are you waiting for ? Consult with your advisor or consultant about it now.
8. Book Keeping & accounting- Once your business transactions have been started, you are supposed to account for the daily routine transactions in your day books like accounting . In which you need to prepare all the books of accounts & documents on a regular basis. Sales, Purchase, expenses, Banks & cash each and every transaction shall be recorded on regular basis .

Also, in your accounting software the feature of Edit Log must be there and enabled & this change came with effect from 01.04.2023 so for every accountant this must be considered while taking accounting software.

9. Preparation of Financial statements & Board Reports- The company’s Board of directors/management are required to prepare Financial statements & board reports of the company at the end of the year which shall be audited by the auditor & then shall be adopted by the shareholders in AGM of the company.
10. Filing of DPT-3- In case of Loans secured or unsecured DPT-3 is required to be prepared by the company and it should be signed by the auditor of the company. Due date to file DPT-3 is within 90 days of end of financial year. This is mandatory in nature so don’t miss it if you have any borrowings in the company.
11. Director KYC- Every director is supposed to do KYC of his DIN every year on mca portal. DIR-3 KYC form is to be filed by the directors for this & the due date for this is within 180 day of end of financial year. For example – Due date for filing Director KYC for FY 2022-23 is 30^th Sep 2023 & the most important thing to know is – The Late fees in case of delay even of single day is 5k for each director. So be careful to update your KYC every year before time. Otherwise, DIN also will get deactivate & directors will not be able to file any other forms as well.
12. Annual Reports of company & ROC Filings – Every company needs to prepare Annual reports which consists of Financial Statements, Board Reports, Audit Reports, & then filing of these documents to ROC in AOC-4 & MGT-7 forms . Every company is required to hold Annual General meeting of the shareholders in which these financials shall be adopted by the shareholders of the company. Due date shall be within 30 days of holding AGM for AOC-4 & 60 days of AGM for MGT-7.
13. Income Tax Return- Every company is mandatorily required to file Income Tax Return every year irrespective of it has earned Income or not. Due date to file ITR for a company shall be 31^st Oct every year.

Conclusion

The above-listed requirement is to be fulfilled by the Business owner for the smooth running of the business and to avoid any legal inconvenience that may arise due to the absence of any above-listed requirements.