Receiving the certificate of incorporation is the start of a company's compliance life, not the end of the process. A company has statutory duties from the first month. Missing them can lead to late fees and penalties, and in serious cases to action against directors. This checklist covers the common items for a new Private Limited Company.
In the first 30 to 180 days
| Task | Why it matters |
|---|---|
| Hold the first board meeting | Appoint the first auditor, approve the common seal if used, authorise the bank account and record other first decisions. This is generally due within 30 days of incorporation. |
| Appoint the first auditor | Normally by the board within 30 days of incorporation. Notice of the appointment is then filed with the registrar. |
| Open the company bank account | Needed to receive the subscribers' share capital. |
| Receive share capital and issue share certificates | Share certificates are generally issued within the period set by the Companies Act. |
| File the declaration of commencement of business | Generally within 180 days of incorporation, after the subscribed capital has been paid in. Late filing can attract penalties. |
Every year
- Hold board meetings as required and keep minutes.
- Hold the annual general meeting within the time allowed by law.
- File the annual financial statements and annual return with the Ministry of Corporate Affairs after the AGM.
- Director KYC for each director, as required each year.
- Maintain statutory registers such as members, directors and charges.
Tax and other registrations
- Income tax return every year, even if the company has no profit.
- TDS returns if you pay salaries or other payments that attract deduction.
- GST registration and returns if turnover or the nature of supply requires it. See our GST registration guide.
- Other licences that depend on your business, for example shop and establishment, FSSAI or professional tax.
Frequently asked questions
Is a company with no business still required to file returns?
Yes. A registered company generally must hold meetings and file its annual financial statements and annual return, and an income tax return, even when it has had no transactions.
What happens if I miss a filing deadline?
Late fees usually apply for each delayed filing, and continued default can lead to higher penalties. It is best to file late rather than not at all and to catch up quickly.
Can TalkUs handle our yearly compliance?
Yes. TalkUs offers accounting, taxation and annual filing support after incorporation.