Have you incorporated the First Private Limited Company?Make sure you verify these legal requirements.
Notification of Registered Office details to ROC: Once you have incorporated your business first step is to inform your registered office address for your business in writing to ROC through filing form INC-22 in the first 30 days after incorporation. If the address of the registered office has been listed in the Form SPICe INC-32 at the time of incorporation this form isn't required to be filed.
First compliances for a new private limited Company
Corporate Stationery: Post the incorporation process of your business the following guidelines are to be adhered to for all stationery items:
Name Boards: Companies must paint or stick the name of their company as well as the address of their registered office at the entrance of each office or other location where they conduct business. The name board should include the name of the business, the company's ID Number and Registered Office address, telephone number, Fax number, email id and website address If any, it should be listed in the.
Invoices, Letterheads Share Certificates, etc.: Share Certificates, Invoices, Letterheads, Etc.All the information mentioned in point 1 are mandatory to print on invoices of the company as well as on letterheads, every document (official) and other communications that go through the company.
Registers: There are some statutory registers that must be kept by companies with their registered offices like: * Register of Members (MGT 1)
* Registration of Debenture holders Register and Index of Beneficial Owner (MGT-2)
* International Registers of Debenture holders, Members Other security holders, or beneficial owners living in other countries than India (MGT-3)
* Register of Duplicate and Renewed Sharing Certificate (Form SH-2)
The Register of Shares for Equity in Sweat (Form SH-3)
The Register of Stock Options for Employees (Form SH-6)
* Register of Securities Purchased or Shares Bought Return Register of Directors as well as KMPs Deposit Register (Form SH-10)
* Registration Of Charges (Form CHG-7)
* Register of Loans/Guarantee/Security and Acquisition by Company (Form MBP-2)
* Register of Investments not held in its own name (Form MBP-3)
* Registry of Contracts and arrangements that Directors are interested in (Form MBP-4).
The registers have to be kept up-to-date and maintained at the corporate registered office.
Common Seal / Company Seal Common Seal/Company Seal Every business must have its common seal or company seal designed and put in the registered office of the business. The documents that are signed with the common seal must be signed by the signatories, as specified in Articles of Association.
First Board Meeting: The company must hold the first meeting of its board within thirty days of incorporation. A 7-day notice of cancellation is required by any Director to convene the meeting of the board. The following agendas should be discussed at the First board meeting:
1. Take note of the certificate of Incorporation
2. Take note of the appointment of directors' first
3. Note the disclosure of the interests of Directors on the form MBP-1
4. Take note of their registered offices. Company.
5. To nominate the first auditors for the Company.
6. The adoption of for adoption the Common seal for the Company.
7. to determine the fiscal calendar year for the Company.
8. The allocation of shares of equity as well as the issue of shares certificates.
9. to approve the reimbursement of preliminary expenses.
10. Other items that is not listed, but with the consent of the Chair
Appointment of an Auditor: After incorporation of a corporation and before it can be incorporated, its Board of Directors of the Company must appoint the initial auditor of the company and an Chartered Accountant within 30 days after incorporation (post having passed the resolution at the initial board meeting). If there is a situation where the Board of Directors fails to nominate an Auditor, the members of the Company must be informed which in turn will nominate an Auditor within the first 90 days following the formation of the business. The Auditor who is appointed to the Company will be in place until the conclusion at the beginning of its first general meeting . They could be eligible to be reappointed at the conclusion of their tenure in office.
The opening process for a bank Account: The opening of a bank accountAfter incorporation of the company it is necessary to open a accounts at the bank of the business to accept the capital share amount and make transactions for the company. The most important documents to create a bank account include:
1. AOA/MOA self-attested copies
2. Board Resolution to open an account
3. List of authorized signatory in accordance with the Board Resolution
4. Address Evidence of address proof of the registered office (self-attested)
5. PAN duplicate of Company (self-attested)
Issue of Share Certificate: There are no set timelines to pay the capital subscribed, however the provisions of section 10(2) of the Companies Act 2013 envisage that all moneys due by any subscriber to the company in accordance with the memorandum or article shall be a debt owed by an individual subscriber towards the business and as per Section 56(4) of the Companies Act 2013 provides that the company must give Share Certificates subscribers to Memorandum within 2 (two) months after the date of incorporation.
So, make sure that the Share subscription funds are received prior to the issue of Share certificates using appropriate banking channels.
Beginning of Business Certificate: Every company with shares capital must seek the approval for the commencement of business certificate by filing a declaration on Form INC-20A following receipt of payment from subscribers of MOA by the proper channels of banking. The declaration must be submitted within 180 days of day of incorporation.
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We can pitch in and serve as a virtual CFO for startups to manage the whole financial and regulatory issues.
Entrecap Business Services is an organisation comprising of tax, accounts and corporate compliance professionals. We provide support to entrepreneurs and businessmen to start/register their business and simplify their compliance.
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