Post-Incorporation Compliance Checklist for Founders:
Securing your certificate of incorporation is only the initial step. To ensure legal compliance and operational readiness, founders must promptly address the following mandatory requirements:
a) Bank Account Opening & Share Capital Infusion:
Set up a corporate bank account under the company’s name. Shareholders must remit their agreed-upon subscription money into this account within the legally prescribed timeline.
b) Tax Registrations & GST Compliance:
Evaluate your business activities against local threshold limits to determine your liability for Goods and Services Tax (GST). Ensure all relevant tax registrations, including PAN and TAN, are properly activated.
c) Corporate Governance & Statutory Filings:
Convene the mandatory first Board of Directors meeting within the statutory timeframe. Establish a compliance calendar to track upcoming Ministry of Corporate Affairs (MCA) and Registrar of Companies (ROC) filing deadlines.
d) Commencement of Business (Form INC-20A):
Verify if your corporate structure requires the filing of Form INC-20A. If applicable, this declaration must be successfully submitted and approved before your company can legally commence business operations or exercise any borrowing powers.
e) First Auditor Appointment (Form ADT-1):
The Board of Directors must appoint the first auditor within 30 days of the company’s incorporation. Following that, Form ADT-1 must be filed within the next 15 days.