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Post Registration Compliance for Private Limited Company
In India, after the registration of a company, there are certain mandatory compliance requirements that need to be fulfilled. Here are some of the key post-registration compliance obligations for companies in India:
Obtaining the Certificate of Commencement of Business: Private limited companies and public limited companies are required to obtain a Certificate of Commencement of Business before they can commence their operations. This certificate confirms that the company has complied with all the legal requirements for incorporation.
Appointing a Statutory Auditor: Within 30 days of incorporation, a company must appoint a qualified Chartered Accountant as its statutory auditor. The auditor will be responsible for conducting regular audits of the company’s financial statements and ensuring compliance with accounting standards.
Maintaining Statutory Registers and Records: Companies are required to maintain various registers and records as prescribed by the Companies Act, such as the Register of Members, Register of Directors, Register of Charges, Minutes of Meetings, etc. These records should be kept up to date and made available for inspection when required.
Holding Annual General Meetings (AGMs): Companies are required to hold an AGM within six months from the end of the financial year. During the AGM, important matters such as approval of financial statements, appointment/reappointment of directors, and declaration of dividends, if any, are discussed.
Filing Annual Returns: Every company is required to file its annual returns with the Registrar of Companies (RoC). The annual return contains details of the company’s financial performance, shareholding pattern, changes in directors, etc. The due date for filing annual returns is typically within 60 days from the date of the AGM.
Compliance with Taxation Laws: Companies must comply with various tax-related obligations, such as filing regular tax returns (e.g., GST returns, TDS returns, etc.) and paying taxes on time. They also need to maintain proper accounting records to support their tax filings.
Compliance with Employment Laws: Companies must adhere to various employment-related laws, including the payment of salaries and wages as per minimum wage regulations, compliance with labor laws, provident fund contributions, and employee insurance requirements.
Compliance with Other Applicable Laws: Depending on the nature of the business, there may be industry-specific regulations and licenses that the company needs to comply with. For example, pharmaceutical companies need to comply with drug regulations, while financial institutions need to comply with RBI guidelines.
It’s important to note that the compliance requirements may vary based on the type of company, its size, industry, and other factors. Therefore, it is advisable to consult with a qualified legal or accounting professional to ensure specific compliance obligations are met for your company.
