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The Tax Publishers Companies Act, 2013--Compliance Post Incorporation Compliances for a Company Prayag Narain Post incorporation, a company is required to fulfil several compliances in accordance with the Companies Act, 2013. The learned author discusses various post incorporation task which are to be complied with by a company. 1. Introduction After incorporation, a company needs to comply with certain formalities. While, some of the formalities are required to be complied with immediately after incorporation of company viz holding first Board Meeting, appointment of 1st Auditors there are certain others which are to be complied with either periodically viz. filing of financial statements or on the happening of certain events viz., creation of charge, appointment of directors non-compliance of which may lead to fines or penalties on the company and its officers. Some of the requirements are briefly described in this Article. 2. Requirements to be complied with immediately after incorporation of a company (i) Declaration prior to commencement of business or prior to exercising borrowing powers In case of a company having share capital, a declaration by a director in Form INC-21 along with the fee as prescribed in Companies (Registration Offices and Fees) Rules, 2014 is required to be filed with the Registrar to the effect that : (a) every subscriber to the memorandum has paid the value of the shares taken by him and; (b) the paid-up share capital of the company is not less than five lakh rupees in case of a public company and not less than one lakh rupees in case of a private company on the date of making of this declaration. The time limit for filing such declaration is 180 days from the date of incorporation of such company. However, a company having share capital registered after commencement of the Companies (Amendment) Act, 2015 is not required to file a declaration in Form INC-21 as section 11 and rule 24 of Companies (Incorporation) Rules, 2014 stood omitted by the Companies (Amendment) Act, 2015. This change is effective from 29-5-2015. (ii) Verification of registered office A company may have registered office on and from the fifteenth day of its incorporation at which all communications and notices may be addressed. Section 12(2) read with rules 25 and 27 of the Companies (Incorporation) Rules, 2014 provides that within a period of thirty days of incorporation of a company, a verification of the registered office shall be filed in Form No. INC.22 along with the fee and there shall be attached to said form, any of the following documents, namely:-- (a) the registered document of the title of the premises of the registered office in the name of the company; or SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

Companies Act, 2013--Compliance

Post Incorporation Compliances for a Company

Prayag Narain

Post incorporation, a company is required to fulfil several compliances in accordance with the Companies Act, 2013. The learned author discusses various post incorporation task which are to be complied with by a company.

1. Introduction

After incorporation, a company needs to comply with certain formalities. While, some of the formalities are required to be complied with immediately after incorporation of company viz holding first Board Meeting, appointment of 1st Auditors there are certain others which are to be complied with either periodically viz. filing of financial statements or on the happening of certain events viz., creation of charge, appointment of directors non-compliance of which may lead to fines or penalties on the company and its officers. Some of the requirements are briefly described in this Article.

2. Requirements to be complied with immediately after incorporation of a company

(i) Declaration prior to commencement of business or prior to exercising borrowing powers

In case of a company having share capital, a declaration by a director in Form INC-21 along with the fee as prescribed in Companies (Registration Offices and Fees) Rules, 2014 is required to be filed with the Registrar to the effect that : (a) every subscriber to the memorandum has paid the value of the shares taken by him and; (b) the paid-up share capital of the company is not less than five lakh rupees in case of a public company and not less than one lakh rupees in case of a private company on the date of making of this declaration. The time limit for filing such declaration is 180 days from the date of incorporation of such company.

However, a company having share capital registered after commencement of the Companies (Amendment) Act, 2015 is not required to file a declaration in Form INC-21 as section 11 and rule 24 of Companies (Incorporation) Rules, 2014 stood omitted by the Companies (Amendment) Act, 2015. This change is effective from 29-5-2015.

(ii) Verification of registered office

A company may have registered office on and from the fifteenth day of its incorporation at which all communications and notices may be addressed. Section 12(2) read with rules 25 and 27 of the Companies (Incorporation) Rules, 2014 provides that within a period of thirty days of incorporation of a company, a verification of the registered office shall be filed in Form No. INC.22 along with the fee and there shall be attached to said form, any of the following documents, namely:--

(a) the registered document of the title of the premises of the registered office in the name of the company; or