Action Items immediately after incorporation of company

Action Items immediately after incorporation of company:

1.       Convene first board meeting within 30 days of incorporation for :

a.       Appointment of First Auditor – Once the Company obtains the certificate of incorporation the Statutory Auditor will be appointed within 30 days of incorporation by the board of directors by convening a meeting.

b.      Directors interest disclosure – Under the companies Act 2013 directors are required to declare their interest from time to time in other entities. Primarily when the company got incorporated Directors are required to inform about their interest in other entities to the company within 30 days of incorporation. Directors need to list the names of body corporates, firms and other entities and the nature of interest in the entity along with mentioning that he is not disqualified (under Section 164).

2.       Open Bank Account

3.       Deposit of Capital in Bank as per MOA The subscribers will have to deposit capital in bank within 60 days of incorporation as per the prescribed ratios.

4.       Issuing share certificates - The Company will have to issue share certificates within 60 days of incorporation after receiving capital in its bank account. So capital needs to be deposited before 60 days so that the share certificates can be issued on time. Share certificates will be printed in prescribed form (SH-1) as per companies Rules 2014, and issued to subscribers within 60 days of incorporation.

5.       Franking/ Stamping of Share Certificates from respective District Court The Company will have to pay stamp duty @ 0.1% of the capital issued within 30 days of issue of share certificates.

6.       Name of Company - Every company after incorporation will paint or affix the name in conspicuous position on its all offices or working places that it will be legible to all.

7.       Letterheads and others - Every company will keep address of its registered office and the Corporate Identity Number (CIN), along with telephone number, fax number(if any), e-mail and website addresses (if any) printed in all its business letters, billheads, letter papers and in all its notices and other official publications.

8.       Various Registrations As in the current scenario GST has vast implications so company should aware about the applicability of GST and take GST registration after incorporation. Although it is not applicable in all the cases, instead it will be beneficial to register under GST.

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