Business
Post Incorporation Compliance in Private Limited Company
![Post Incorporation Compliance in Private Limited Company](https://uncutpost.com/wp-content/uploads/2022/04/Post-Incorporation-Compliance-in-Private-Limited-Company.jpg)
Whether you have already registered a Private Limited Company or are planning to register one, it’s really important to understand the compliance requirements that come with private limited company registration in India. This blog will help you understand all you need to know about the mandatory compliances before online company registration in India.
A Pvt Ltd company is the ideal option for entrepreneurs looking forward to easily raising funds in the competitive market. New Pvt ltd company registration can be done in 15-20 working days. But registering the company is just half the work done.
Below are the compliance requirements post-incorporation of PLC
Registered office for Company
Within 15 days of incorporation, the company is required to have a registered office. The company is required to file the application form INC-22 to inform the Registrar of Companies within 30 days of the company incorporation. The registered office address is subject to further communication or receiving and acknowledging communication and notices.
Meeting of Board of Directors (BODs)
As per section 173(1) of the Companies Act, 2013, it is compulsory to hold the first meeting with the board of directors within 30 days of company incorporation. Annually, the company holds 4 meetings, with the gap between 2 meetings not being more than 120 days. The board of directors can be present in person or through video conferencing. The notice for the meeting has to be sent to every director in writing 7 days prior to the meeting.
First Auditor of Company
After obtaining the certificate of incorporation, the company must appoint the first auditor within 30 days as per section 139(1) of the Companies Act, 2013. If the board fails to appoint an auditor, it must be communicated to the members of the company. The members organize the general meeting immediately to appoint the auditor within 90 days.
Statutory Registers
The company is required to have letters and letterheads. The company must mention the below-mentioned information on letterheads, billheads, notice letter paper and other official publications.
- Company Name
- Registered Office Address
- Corporate Identity Number
- Phone number
- Fax Number
- Email Id
- Website, if any
Statutory registers are subject to penalties if the company does not maintain them under the registered office.
Disclosure of Director’s interest
All the directors of the company are required to disclose their interest in the board meeting as per Section 184 of the Companies Act, 2013. The disclosure further discusses directorship and shareholding. Also, directors are required to disclose their other interests from time to time and at the same time, directors must meet the company’s goal individually.
Open Current Bank Account
The company opens a bank account with its own name within 60 days of the date of incorporation to record the company transactions separately. Below are the required documents to open a bank account:
- Certificate of incorporation
- Memorandum of Association
- The official registered address of the company
- Identity proof of the director’s along with PAN card
- Board of Directors’ resolution to open a bank account
- PAN allotment letter
Issuance of Share Certificate
The company sends the subscriber certificate to all the shareholders within 60 days of the date of incorporation as per the provision mentioned in Section 56 of the Companies Act, 2013. Further, if there is an allotment of additional shares, the shares are issued from the date of allotment.
Moreover, if there’s an allotment of debentures within a period of 6 months, then, the issue of the debentures from the date of allotment. The share certificate must be issued in a prescribed format. A share certificate is issued under the common seal of the company and must be signed by directors and the company secretary. The certificate must have the following information:
- Names of Shareholders
- Number of share certificate
- Face value of shares
- Total number of shares purchased
- Preference or equity share
- Receivable amount
File INC-20A for private limited company registration in India
After receiving the incorporation certificate, directors must file the form INC-20A within 180 days of the date of business incorporation to MCA. It is the declaration of commencement of business certificate. For more detailed information, read Form INC-20A: Declaration of commencement.
Maintaining Books of Accounts
Maintaining books of accounts is mandatory for the company to represent the business fair picture. The company must follow the double-entry rule along with the accrual basis of accounting.
Annual General Meeting
The Annual General Meeting must be conducted every year. The meeting aims to discuss the financial statement, auditor’s appointment, declaration of dividend, and remuneration. The meeting must be held at the registered office or in the same city where the registered office is located.
The first meeting will be conducted within 9 months of the end of the first financial year. However, if your company is incorporated on or after January month, your first financial year will be considered around 15 months. After that, the AGM must be held within 6 months of the end of the financial year.
- Financial Statement (Form AOC-4) – Private limited company is required to file a balance sheet and statement of profit and loss account within 30 days after the AGM.
- Annual Returns (MGT-7) – MGT-7 needs to be filed within 60 days from the date of AGM, which is the annual compliance that is filed every year. The list of shareholders along with details of all board meetings during the year is submitted.
DIR-3 KYC
DIR-3 KYC is required to be renewed once a year. In case it is not renewed before the due date, the penalty of 5000 is levied.
Conclusion
The above points clearly state the mandatory compliance for the smooth functioning and maintaining of a corporate structure. We hope this article helps you maintain your business operations systematically after your private limited company registration in India. One should always hire a practising professional to handle legal matters. It lets you focus on core activities and experts can make sure you are compliant. We at LegalWiz.in have become a part of thousands of successful journeys. Do get in touch with us.
Business
Revolutionizing Web Development: The Indispensable Role of NodeJS
![NodeJS website development](https://uncutpost.com/wp-content/uploads/2024/06/NodeJS-website-developmen.jpg)
Web development has drastically changed in the past few years with the emergence of modern frameworks and libraries that simplify the process and improve developer experience. NodeJS is one such revolutionary technology that has completely transformed the web development landscape, making it more agile, flexible, and scalable. NodeJS is a server-side JavaScript runtime environment, built on the Chrome V8 engine, which enables developers to create fast and efficient web applications. This blog post will delve into the indispensable role NodeJS plays in modern web development and why it has become the preferred choice for developers worldwide. In our present digital age, efficiency is the cornerstone of any successful website development project. NodeJS stands out in this regard. Its event-driven nature facilitates efficient handling of concurrent client requests, providing swift responses, and thus, significantly boosting the performance of web applications.
1. Speed and Scalability
One of the most significant advantages of NodeJS website development is its speed and scalability. Due to its non-blocking I/O model, Node can handle many connections at once, ensuring applications remain responsive even under heavy loads. This scalability is critical to meet the demands of today’s users, who expect real-time updates and seamless user experiences. Moreover, NodeJS’s speed makes it ideal for creating lightweight, performant APIs that can handle a massive amount of data with ease. NodeJS is not just about efficiency, it’s also about building robust, scalable web solutions. With its single-threaded model and event-driven architecture, NodeJS is primed to handle heavy traffic and deliver high-end performance, making it an excellent choice for developing large-scale applications.
2. Cross-Platform Compatibility
NodeJS website development is a cross-platform technology that can run on different operating systems, including Windows, Linux, and MacOS. This compatibility enables developers to create applications that can run in any environment, making it easier to deploy and manage applications for diverse user bases. Additionally, NodeJS’s modularity, which allows developers to use modules and packages based on their specific needs, makes it easier to handle dependencies and streamline the development process. NodeJS is also an ideal technology for developing scalable and efficient microservices architecture, as it breaks large monolithic environments into smaller-functional components. By using NodeJS to build microservices, developers can create small and manageable modules that communicate with each other through APIs. This architecture allows for better scalability, durability, and improved crash resistance. NodeJS also supports a wide range of databases, including NoSQL databases such as MongoDB, making it an ideal tool for developing database-centric applications.
3. Rich Ecosystem and Community Support
NodeJS website development has a vast collection of modules and packages available in its ecosystem, which makes it easier for developers to create applications with pre-built components. The NPM (Node Package Manager) repository is home to over 1 million modules that can be added to applications, saving developers a significant amount of time and effort. Furthermore, NodeJS has a thriving community of developers who are continually updating and improving the platform, making it easier for others to contribute to and enhance the ecosystem.
4. Microservices and DevOps
NodeJS is incredibly well-suited to the development of microservices, which are small, independent services that act together to form a complete application. Microservices architecture allows developers to create scalable, modular, and easily maintainable applications. Moreover, DevOps teams can use NodeJS to automate application deployment, testing, and monitoring, reducing the time and effort required to maintain application stability and uptime.
5. Future of Web Development
While NodeJS has been a game-changer in web development, and remains an essential technology for creating modern web applications, its benefits extend beyond in-house development teams. The rise of web development outsourcing makes NodeJS’s features even more attractive. Its speed, scalability, and cross-platform compatibility make it a perfect choice for outsourced teams working on projects with tight deadlines and ever-changing requirements. NodeJS also provides developers with an added level of flexibility that enables them to work on both the client-side and server-side of their applications. Using the same language to code across both client and server-side means that developers can create more complex applications with less complexity and optimize their applications more effectively. It also means that they can easily reuse code across different projects, enabling the efficient creation of similar but slightly different web applications.
Conclusion
NodeJS has revolutionized web development by enabling developers to create fast, efficient, and scalable applications that can run on any platform. Its rich ecosystem, cross-platform compatibility, and community support have made it popular among developers worldwide, and it continues to evolve to meet the demands of modern web development. As more businesses move towards digital transformation, NodeJS is poised to play an even more critical role in web development and is set to be an essential technology for developers for years to come. With its high scalability and performance, NodeJS has undeniably changed the game for dynamic website development. But evolution doesn’t stop here. As we look ahead, it’s clear that NodeJS will continue to play a vital role in the future of web development, pushing the boundaries of what’s possible and paving the way for the next web revolution.
Business
10 Unique Custom Keychain Ideas to Showcase Your Personality
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In today’s world, where self-expression is cherished, custom keychains have emerged as a popular accessory to showcase one’s personality. Gone are the days of generic keychains; instead, individuals are opting for personalized options that reflect their unique interests, hobbies, and quirks. If you’re looking to add a touch of individuality to your everyday carry, here are 10 unique custom keychain ideas to consider:
- Miniature Book Keychain
For the bookworms and literary enthusiasts, a miniature book keychain is the perfect accessory to flaunt your love for reading. Customize the cover with your favorite book title or author’s name, and carry a piece of literature wherever you go.
- Retro Cassette Tape Keychain
Nostalgia meets functionality with a retro cassette tape keychain. Whether you’re a music aficionado or simply appreciate vintage aesthetics, this custom keychain is sure to turn heads. Personalize it with your favorite album or mixtape for a unique touch.
- Puzzle Piece Keychain Set
Celebrate the bond of friendship or love with a puzzle piece keychain set. Each piece can be customized with initials, dates, or symbols that hold significance to you and your loved ones. When connected, the keychains form a complete picture, symbolizing unity and connection.
- Travel Destination Keychain
Capture your wanderlust adventures with a custom keychains featuring your favorite travel destinations. Whether it’s the iconic skyline of New York City or the serene beaches of Bali, let your keychain serve as a reminder of the places you’ve explored and the memories you’ve made.
- Vintage Camera Keychain
Photography enthusiasts will appreciate a vintage camera keychain that pays homage to their passion. Customize the keychain with intricate details and personalize it with your initials or a meaningful quote. It’s a stylish accessory that reflects your artistic flair.
- Constellation Keychain
Astrology enthusiasts can showcase their zodiac sign with a constellation keychain. Each keychain features the unique arrangement of stars corresponding to your astrological sign, making it a personalized accessory that reflects your cosmic identity.
- Pet Portrait Keychain
For pet lovers who want to keep their furry friends close at all times, a custom pet portrait keychain is the ideal choice. Simply provide a photo of your beloved pet, and watch as it’s transformed into a miniature masterpiece that you can carry wherever you go.
- Custom Soundwave Keychain
Turn your favorite song, quote, or message into a unique visual representation with a custom soundwave keychain. Each keychain features the waveform of your chosen sound, creating a one-of-a-kind accessory that is both visually striking and deeply personal.
- Handwritten Message Keychain
Capture a moment in time with a handwritten message keychain. Whether it’s a love note from a significant other, a heartfelt message from a friend, or words of wisdom from a family member, transform handwritten sentiments into a wearable keepsake that holds sentimental value.
- Abstract Art Keychain
Let your creativity shine with an abstract art keychain that reflects your unique sense of style. Whether you prefer bold colors and geometric shapes or subtle brushstrokes and organic forms, customize your keychain with an abstract design that speaks to you.
FAQs:
Q: How do I go about creating a custom keychain? A: Many online retailers offer customizable keychain options where you can upload your own images or choose from a variety of pre-designed templates. Simply select your preferred design, add personalization details, and place your order.
Q: Are custom keychains expensive? A: The cost of custom keychains varies depending on factors such as materials, design complexity, and customization options. While some options may be more affordable, others may come with a higher price tag for intricate designs or premium materials.
Q: Can I use custom keychains as gifts for special occasions? A: Absolutely! Custom keychains make thoughtful and personalized gifts for birthdays, anniversaries, graduations, and other special occasions. Whether it’s a portrait of a beloved pet or a soundwave of a meaningful song, custom keychains are sure to be cherished by the recipient.
Conclusion:
Custom keychains offer a creative and stylish way to showcase your personality and interests. Whether you opt for a nostalgic cassette tape keychain or a personalized pet portrait keychain, there are endless options to choose from. By selecting a custom keychain that resonates with you, you can carry a piece of your identity wherever you go. So why settle for a generic keychain when you can make a statement with a personalized accessory that is uniquely yours?
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