AFTER COMPANY REGISTRATION A PRIVATE LIMITED COMPANY HAS TO COMPLETE A NUMBER OF COMPLIANCES MANDATORILY WHICH ARE AS FOLLOWS :-
- HOLDING OF BOARD MEETING WITHIN 30 DAYS OF INCORPORATION
- A newly formed private limited company has to mandatory hold a board meeting within 30 days of incorporation
- The matters opening bank account, issuance of Share Certificates, appointment of First Auditors and other related matters will be discussed in this meeting `
- The Minutes of First Board Meeting has to be prepared by company.
- OPENING OF BANK ACCOUNT
- Company has to open a Current Account with any Bank in name of company incorporated for dealing in day to day transaction & accepting capital from Shareholders
- The Shareholders will deposit specified amount (as per shares subscribed in Private Limited Company) from their personal account to Company’s current account.
- The documents required for opening Bank Account will be Company’s PAN, Certificate of Incorporation, MOA & AOA, KYC of Directors etc.
- ISSUE OF SHARE CERTIFICATE
- Company must issue Share Certificates to its Shareholders within 60 days of from the date of incorporation of Company.
- The Share Certificates must be signed and sealed by directors of Company and 0.10% stamp duty has to be paid on issuance of Share Certificate
- Share Certificate is an documentary evidence of share held in company and non-issuance of Share Certificates is punishable offence with Fine of atleastRs. 25,000/-
- Private Limited Company would also require to get LETTERHEAD of it printed with Name, CIN, Registered Office Address, Email and Telephone number etcprinted on it.
- A Private Limited Company has to affix their STAMP OR SEAL on official documents in day to day business transaction.
- Other Stationery includes Invoice, Registers, Hoardings, Visiting Cards etc.
- APPOINTMENT OF AUDITOR WITHIN 30 DAYS OF INCORPORATION
- Every company shall appoint the First Auditor of company within 30 days of incorporation.
- The Directors of the company will be responsible for appointment of First Director in the company.
- The appointed auditor shall be practicing Chartered Accountant.
- GST Registration is mandatory for Company whose turnover from supply of goods and services exceeds Rupees 20 lakhs (Rs.10 lakhs in case of North eastern states)
- Company whose turnover from supply of goods or services doesn’t exceed Rs. 20 lakhs is not required to register under GST mandatorily.
- Company who supplies to different states (Interstate) has to mandatorily register under GST irrespective of turnover.
- The persons listed under Section 24 of CGST ACT 2017 has to mandatorily register under GST.
- Trademark Registration is required to protect brand or slogans or coined words that are unique to a person or entity.
- A trademark is essentially a characteristic of your brand. It could be your brand name, your brand’s logo, or even your brand’s slogan. For example, ‘Nike’, the ‘Swoosh’, or the slogan ‘Just Do It’.
- Trademark is not mandatory but important for Company for protecting the identity and goodwill of the business.
FORMAT OF BANK ACCOUNT OPENING RESOLUTION
ON THE LETTER HEAD OF PRIVATE LIMITED COMPANY
Certified copy of the resolution passed at the meeting of the Board of Directors of <NAME OF PRIVATE LIMITED COMPANY> held on 17th September 2018, Monday at 11 A.M. at its registered office of the company at <REGISTERED OFFICE ADDRESS OF COMPANY>
A proposal to open a Current Account with the <BANK NAME AND ADDRESS> was placed before the Board for conducting its day-to-day financial transactions. After discussions, the Board unanimously:
RESOLVED THAT Current Account in the name <NAME OF PRIVATE LIMITED COMPANY>be opened with <BANK NAME AND ADDRESS>for the operations of the activities of the Company and that the following Authorized Signatory of the Company be and are hereby authorized to open and operate the said account:
- <NAME OF DIRECTOR>
- <NAME OF DIRECTOR>
- THAT the said Bank be instructed to accept and act upon any instructions relating to the account kept in the name of the Company or relating to any transactions of the Company with the Bank, provided the instructions are signed by the authorized signatory of the Company in the manner mentioned as above.
- THAT the said Bank be instructed to accept receipts for money, deeds, securities or other documents or papers or property or any indemnities given on behalf of the Company provided they are signed by the authorized signatory of the Company in the manner as mentioned above.
- THAT the bank be furnished with a list of the names of Directors of the Company and a copy of the Memorandum & Articles of Association and be from time to time informed by notice in writing under the hand of the Directors/Authorized Signatory of the Company of any changes which may take place therein and be entitled to act upon any such notice until the receipt of further notice under the hand of any Directors / Authorized Signatory.
- THAT the resolution be communicated to the Bank and remain in force until duly rescinded and notice thereof in writing be given to the Bank by any of the Directors of the Company.”
“RESOLVED FURTHER THAT the aforesaid power entrusted to the said official shall be valid and effective unless revoked earlier by the Board or shall be exercisable by him/them so long as he is in the concerned to the Company.”
“RESOLVED FURTHER THAT a certified copy of the resolution be given to any one concerned or interested in the matter.”
Any change in the above mandate shall be by a fresh resolution passed by company’s Board and by intimating the same to Bank.
FOR <NAME OF COMPANY>