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Post Incorporation Compliances

Post incorporation compliance for Pvt Ltd and OPC company:

1) Convening of first meeting of Board of Directors
A private limited company is required to hold a meeting of board of directors within a period of 30 (thirty) days from the date of incorporation of the company wherein certain agenda items like appointment of first statutory auditors, issuance of share certificate etc. are to be taken up by the company.

2) Appointment of Statutory Auditor

Another important compliance for a private limited company is to appoint an individual or a firm (who are eligible to be appointed as an auditor) as a statutory auditor of the company within 30 (thirty) days from the date of incorporation of the company in accordance with the applicable provisions of the Act.

3) Filing of form for Commencement of Business

A company cannot commence its business activities unless a declaration for commencement of business as per the provision of the Act, is filed within a period of 180 (One Hundred and Eighty) days from the date of incorporation of the company.

A private limited company shall not commence any business or exercise any borrowing powers unless such declaration is filed with the Registrar of Companies. In order to comply with this requirement, the company is required to open a bank account and initial subscribers are required to deposit the subscription monies in accordance with the shareholding ratio between the subscribers as mentioned in the memorandum of association of the company.

4) Issuance of share certificate and payment of stamp duty

A private limited company is required to deliver share certificates to the subscribers to the memorandum of association of the company within a period of two months from the date of incorporation.

The stamp duty on the share certificates must be paid within a period of 30 (thirty) days from the date of issuance of share certificates in accordance with the provisions of Indian Stamp Act, 1899, However, the procedure for payment of stamp duty is prescribed by the respective state governments.

Post incorporation compliance for LLP (Limited Liability Partnership):

1) LLP Agreement

Immediately after incorporation of the LLP, the Partners of a Limited Liability Partnership are required to execute an LLP Agreement and a copy has to be filed with the Registrar or Companies in LLP Form 3 with in 30 days of incorporation of LLP. LLP Agreement has to stamped as per Stamp Act of respective state where the LLP is registered.The delay in filing LLP agreement shall attract penalty of Rs.100.00 per day till the date of fling Form 3 with ROC

2) Opening Bank Account in LLP Name

After incorporation of the LLP, it is necessary to open a Current Account in the name of the LLP with any  Bank in India. All the transactions in the name of the LLP should be transacted through the LLP Bank Account only

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