Post Incorporation Compliance in Private Limited Company
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.
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 is required to be renewed once a year. In case it is not renewed before the due date, the penalty of 5000 is levied.
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.
Easily make dabs at home with our starter dab kit
The first experience is something you will remember forever. So it’s important to do your best when it’s your first time. This implies in the case of dabbing as well. A portable dab kit for beginners is one of the best pieces of equipment for this. It makes every first-timer fall in love with its features. If you want to be on cloud nine then no more hesitation go for the starter dab kits. Customers who are professional smokers are always waiting for advancement in the dabbing field. And this product is the answer to it. It’s not only small and lightweight but is also easy to carry around anywhere without being a burden.
Pros of portable dab kit for beginners
- Small and lightweight. Since it’s not heavy, it’s easy to handle and carry wherever you go and whenever you need it. It’s compact and is just the size of your palm. This is an ideal rig.
- Easy storage: it is easy to store. No worries about how the concentrate will remain without breaking down.
- Simple operation: all the parts of a dab rig kit are easy to use and understand.
- Due to it being portable, it can be brought outdoors, indoors, and camping.
- The heating is so strong that it heats up within three to five seconds.
- The starter dab kit must be safe to use and so it has gone through multiple safety tests.
- It comes in all-metal designs and is also convenient to use.
- Few of them are battery-powered. has a thermometer sensor feature that provides a clear display to read. It also has a smart temperature sensor with high precision and quickly collects data. Real-Time Detection and accurate values are its main highlights.
- Smart alert function when the battery is low. This feature is not available in most dab kits. This shows how advanced technology has been used here. It is very up-to-date with the customer’s needs and has been continuously trying to improve the quality of the product.
- It is made of durable material and has good stability.
- They are easy to clean and are optimal dabbing experts. Only clean rigs provide a delicious flavor and the right effect you need.
- A silicone case is used for the concentrate so that it won’t melt or break into powder.
- Hard cases are available in the markets both online sites and physical stores. Hard cases of the portable dab kit for beginners protect the concentrate inside.
Things to know before buying a dab kit
Checking for online reviews is a good way to know if the product is good. The starter dab kit has a lot of positive comments and is always in demand. They are also sold at an affordable rate. It is available in online shopping apps as well as shopping sites. You can save time by ordering it online and it will reach your doorstep as quickly as possible. You can just sit at your home and everything is in the control of your fingertips. You no more have to worry about the places where dab rigs are available.
Here’s How To Help Your Distribution Organization Understand Rebates
Offering discounts is one of the best ways to reduce the overall product price, sell products that are left in the inventory, and increase eagerness in the customers. However, discounts have a lot of limitations that prevent a business to provide the right offer an incentive to their customers. For instance, when a company offers discounts to customers, they do acquire a lot of new sales but the numbers start dwindling when the competitors offer the same discount.
This is where the concept of rebates on restaurant food supply comes into play. Muppet is a new concept where businesses offer a certain amount of the sale back to the customers in the form of incentives. For example, if your customer has ordered a dozen of cartons of fresh fruits, you can offer a rebate of 30% on the total price they have to pay. So, it’s like you are paying your customers because they chose your company to buy something for their food business.
Although it sounds like quite a good idea, managing rebates is not quite easy, in fact, it was the main reason for which the concept of debates was nullified in the first place. So, if you want your business to become successful and acquire more clients, food rebates in your company’s policies and sales funnel will be a wise decision. Below, we have mentioned a couple of ways in which you can help your team understand what rebate actually is and manage everything seamlessly.
Helping your sales team understand what rebate actually
One of the most important lessons that you have to give to your sales team is what rebate is and how does it perform. First of all, rebate is a kind of incentive that you’re giving back to your customers, and is very much different from a discount. You apply a discount on the market price of any product and sell it at a lower price while ensuring you don’t suffer from loss.
However, rebates art like providing a certain percentage of the sale back to the customers with the hope of increasing loyalty, acquiring new customers, and maintaining proper sales streamline. For example, when you offer 30% rebate or incentive to your customers who make at least 9 purchases in a year, you not only acquire customers for consecutive years but also increase the curiosity in them. More and more customers become eager to make at least nine purchases to avail the rebate you offered.
Bring digital transformation in delivering rebates
One of the major deals in which you can streamline the prepaid process in your sales and distribution unit is through digitalization. Tracking the rebates, noting down which customers have already avail the offer and who are yet to do so, and recording everything is up difficult and cumbersome process. You need to work on so many elements together that getting confused is normal.
So, instead of relying on manual processes for debate management in your restaurant food supply business, make the entire process digital. Here, everything will be recorded and handled online, whether it is the details of customers stored in our database who availed the rebates or deciding how much rebate you should offer for the coming season to avoid loss but gain more customer loyalty. Automating these tasks will reduce time, expenditure, and also improve the overall performance and productivity.
Bring transparency and visibility in your rebate system
It is highly important that you bring transparency and visibility in the entire reward system. Unless and until you do so, your employees won’t be able to understand what exactly they have to do, the customers who have already availed their rebate, the offer they need to make to the new customers, and so on.
Lack of communication and collaboration is one of the many reasons for which the rebate system failed in the initial days. So, if you want to avoid such a failure once again, it would be best to ensure the entire reward system is highly transparent and visible for everyone working at various levels in your business.
When you are offering food rebates, it’s important to understand that the market is changing consistently. People nowadays do not wait for long to get the rebates and therefore, you have to be prompt and resilient. In other words, you should keep everything planned beforehand and make your business highly adaptable so that you can adapt according to the demands and offered the best food rebates.
Advantages of using a Dab Kit
If you’re someone who gets confused every time someone uses the phrase dab or dabbing, then this article will brief you about all that you need to know. So, dabbing or a dab are undiluted doses of marijuana or weed. There is a compiled dab kit that is available in the market. You can search for dab kit amazon online to buy it from online stores. Read the entire article to learn more about the advantages of using a dab kit.
Advantages of using a Dab Kit
- Best for travelling
If you’re a person who loves to travel, then this dab kit is a must for you. It is portable and easy to carry. You will face no issue in dabbing on the way. It is the most convenient way to carry doses of marijuana or weed. You can search for it online to compare prices and buy the one that suits your budget.
Dab kits are worth your money. They do not break easily or get damaged easily. So, it will prove to be a good investment. Whenever you spend your money on something, you need to make sure that whatever you’re purchasing is worth the money. This dab kit is the answer to all your problems and will last you for ages. So, do not think twice before purchasing it.
- Buy beginner-friendly kits
If you are a beginner, then you need to buy the beginner-friendly dab kits otherwise you might experience a little bit of difficulty in learning how to use it. Although all the dab kits are very easy to use but if you are a beginner, it is better that you buy a beginner-friendly kit and get acquainted with how it is used. It will be more convenient for you that way.
- Convenient and hassle-free
Since these kits are portable, they are very convenient to use and are hassle-free. You do not have to worry about anything once you purchase this kit. If you are a pothead, then this kit will do wonders for you. It will change for you, the whole experience of smoking marijuana, and make your experience even more pleasurable. So, you must purchase the dabbing kit as soon as possible.
If you are looking to improve your experience of smoking marijuana or weed, then the dabbing kit might be the solution to all your problems. If you are someone who likes trying new things, then this kit will give you a whole new experience of smoking. If you are a pothead, then the dabbing kit is a must-try for you. You will face no issue in finding it online or offline since it is easily available. So, go online and choose the one that you like and the one that fits your budget. You will not regret purchasing it!
With so many advantages, the dab travel kit is something that you must buy. So, do not think too much and buy it as soon as possible.
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