What compliance is required after company registration?

Brenova

What are the mandatory legal and regulatory compliance requirements that a company must fulfill after its registration in India, including tax registrations, annual filings, statutory records, and other ongoing obligations to ensure compliance with applicable laws and avoid penalties?

Aditi

After registering a company in India, it must comply with various legal and regulatory requirements to avoid penalties and ensure smooth business operations.

Key points:

Obtain mandatory registrations: Depending on the nature of the business, obtain registrations such as PAN, TAN, GST (if applicable), Professional Tax (where applicable), and other industry-specific licenses.
Open a bank account: Open the company's bank account and deposit the subscribed share capital, if required.
Maintain statutory records: Keep statutory registers, minutes of board and shareholder meetings, and other records as required under the Companies Act, 2013.
Hold board meetings: Conduct board meetings and annual general meetings (AGMs) within the prescribed time limits, where applicable.
File annual returns: File the company's annual return and financial statements with the Registrar of Companies (ROC) within the prescribed deadlines.
Maintain proper accounts: Keep accurate books of accounts and prepare financial statements in accordance with applicable accounting standards.
Comply with tax laws: File income tax returns, GST returns (if registered), TDS returns (where applicable), and pay taxes on time.
Meet labour law obligations: If the company has employees, comply with applicable labour laws, including EPF, ESI, gratuity, and other statutory requirements, where applicable.
Renew licences and registrations: Ensure that all business licences, permits, and registrations are renewed before their expiry dates.