As soon as your company gets incorporated, you will receive Certificate of Incorporation, PAN, TAN, Shop & Establishment License, GST Certificate, PT Enrolment and Registration Certificate, Import & Export License depending upon what all Licenses are applicable for your company.

This is the proof that all requirements relevant to registration of the company are complied with.

The compliance requirements may vary depending the laws which govern your company, a few are listed below.

Compliance under Companies Act 2013

Auditor Appointment

After your company gets incorporated, within 30 days, the first board meeting of the Company is required to be held to appoint First Auditor and must be a Practising Chartered Accountant.

Board Meetings

Your Company must conduct a minimum of 4 board meetings during the calendar year, and the gap between two consecutive board meetings must not be no longer than 120 days. The minutes of such meeting must be kept at the registered office of your company.

Board meeting can also be held through video conferencing and such recording shall be kept at the registered office of the company.

P.S. There must be one board meeting held after the close of the financial year to approve and sign the financial statements. This meeting requires at least 2 directors physically present to be able to sign the financials.This meeting cannot be held through video conferencing.

P.S. Your Company must have at least one director who has stayed in India for a total period of more than 182 days in the previous calendar year.

Statutory Audit

All Companies must get their Financial Statements audited by a practising chartered accountant.

Annual General Meeting (AGM)

The Annual General meeting of your company must be held after the financial statements are approved and signed by the Board and Auditor. At least 2 shareholders must physically be present in the AGM. Hence the foreign shareholders are required to visit India at least once in a financial year to be present in the AGM.

Annual Filing with MCA:

After your Company financial statements is finalized and approved by the shareholders in the AGM, the same needs to be filed with the Ministry of Corporate Affairs (MCA) in form AOC-4 and MGT-7.

Compliance under Goods and Service Tax (GST) Act, 2017

GST Registration is mandatory only if your company fulfils any of the following conditions

  • If the business turnover exceeds Rs 20 lakhs
  • If the business is into exports or import of Goods or Services
  • Input Service Distributor
  • E – Commerce Operator
After Registration, the Government Officials will issue GSTIN to the company

Filing of GST Returns

  • Your company shall file GST returns for every month in Form GSTR 3B on or before 20th of the next month. For example : April month return to be filed on before 20th of May, May in 20th June.
  • Monthly or Quarterly returns needs to be filed in Form GSTR 1 for Sales or Services and Form GSTR 2 for Purchases or Availing of services.
  • Annual Return has to be filed in Form GSTR 9 after the end of the every financial year. if the turnover is 2 Cr or more., it needs to be audited with Chartered Accountant or Cost Accountant.
P.S. Non filing of GST returns will attract a late fee of Rs 50 per day until the default continues.

Compliance under FEMA

All companies receiving foreign investment should report such foreign investment received by it to the Reserve Bank of India (RBI). Such reporting should be done within 30 days from the date of receipt of funds.
All companies which has received investment must also file Annual Return on Foreign Liabilities and Assets with the RBI on or before 15th July every year.

Compliance under Income Tax Act, 1961

  • Income Tax Filing - Mandatory for all companies
  • Income tax Audit - Required only if turnover is more than Rs 1 cr
  • Transfer pricing Audit - All financial transactions between associated enterprises is to be audited to ensure that the transactions are at Arms Lengths Price (ALP)
The laws applicable for the company depends on the size of operations, the state in which its registered, the number of employees, nature of business etc. The compliance mentioned above is by no means an exhaustive list but it gives an indication of the many requirements a company must comply with.

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