Is your company adhering to the compliances required by ROC?

Dear entrepreneurs,

Here we are to help you out with the process of compliances required by the ROC which you adhere to do so. Compliance is very much important to adhere to as they are regulated by Registrar of Companies and any violation will result in severe penalty and cause various problems.

From this blog you will get a clear identification of the post compliance which must be done after incorporation. So let’s have a look over it.

First and foremost would be opening a Bank account in the name of the organization which is the most significant thing that an organization needs to do after incorporation. Though opening the bank account isn’t the lawful consistence yet it is significant from the perspective of beginning a business. Without a bank account it is beyond the realm of imagination to expect to finish some consistence under the companies act.

What shall a shareholder holds in the company which  introduce the Share Capital Each subscriber of Private Limited Company needs to introduce share capital within 60 days of its incorporation by way of cheque or online transfer. Shareholder holding shares worth not as much as rupees twenty thousand can present his share capital by way of cash. However it is not advisable to introduce share capital by cash.

Once the significance of the shareholder is done the next stage of the company incorporation would be Share certificate. Share certificate is an evidence of holding shares by the shareholder. Company has to issue share certificates to all its shareholders within two months of its incorporation. Non issuance of share certificates may attract severe penalty.

Which is basically known as First board meeting? Every company must calls a board meeting within the 30 days of its incorporation. After the meeting is held a Company should maintain minutes of meeting of all the board meetings and attendance register for its records. Every director must disclose their interest through the MBP-1 form. Their raises a question whether it is necessary? Yes it is necessary, Even if the director does not have any interest in any other entities; a NIL declaration should be placed. Form MBP-1 needs to be placed in the first Board meeting of the Financial Year. Further, the resolution taking note of such declaration (in form MBP-1 needs to be filed with the ROC within 30 days of the board meeting.

As per the companies act, every companies are required to print its name, registered office address, Corporate Identity number (CIN), telephone number, fax number (if any), email address and website address on all its visiting cards, letterheads, billheads, notices, and all other official publication. Here raises a question what can be done if the register office is not filed during the process of incorporation? Registered Office All the companies are required to file form INC 22 with the Registrar of Companies within 30 days of its incorporation if the same was not filed during the process of incorporation.

Is it mandatory to appoint an Auditor? Yes it is mandatory to appoint a first auditor within 30 days of the incorporation. If the Board of Directors of Company fails to appoint auditor within 30 days of its incorporation, the shareholders of the company will have to appoint auditor within 90 days of its incorporation by calling Extra-ordinary General Meeting. The tenure of the First Auditor of the Company shall be up to conclusion of First Annual General Meeting of the company.
Whether Professional tax is mandatory or not? Yes It is Mandatory to register for Professional Tax if you are operating out of certain states where Professional Tax is mandatory.

Your final step would be Commencement of business which is to be held within 180 days of the incorporation. 

At Clidel, a company with a google trust score of 5, we provide you with the complete package of secretarial services thereby ensuring your company adheres to every compliance and faces no hassles.

Avail our services by reverting to this email.