Compliances and Statutes for a newly Registered Company
Firstly, we'd like to congratulate you on the formation of the new Company and wish you success in your new endeavor.
You may be aware that every company, after formation, must comply with certain mandatory compliances under various statutes such as Companies Act, 2013, Income Tax 1961, Goods and Service Tax Act, Foreign Exchange Management Act etc. These compliances are required even though there is insignificant or no transaction. The Company, primarily, must comply on Monthly, Quarterly, and Annual basis depending upon various registration the company has.
We broadly list below, for your quick reference, major legal compliances that a newly incorporated Company is required to do:
1. Apply for "Certificate for Commencement of Business" in form 20A.
2. Assistance in appointment of Statutory Auditor of the Company and filing of form ADT-1.
3. Preparation of Annual Financials/Balance sheet & P/L.
4. Assistance in conducting statutory Audit of the Company.
5. Assistance in conducting Board of directors and Shareholders meetings.
6. Preparation of Notice, Minutes, Board and shareholder Resolution in respect of Board of
directors and Shareholders meetings.
7. Annual Compliances in respect of Directors such as annual KYC, DIR 8, MBP
8. Maintenance of various registers such as shareholder register, Related party transaction register etc.
9. Preparation and filing of Annual Return in form MGT-7 with Registrar of Company.
10.Preparation and filing of financial statements in form AOC-4 with the Registrar of Company.
11.Preparation of tax Computation and filing of the tax return.
12.Preparing and filing quarterly withholding tax returns.
13.Assistance in payment of monthly liability for withholding taxes.
14.Obtaining registration under Goods and Service Tax Act.
15.Preparation and filing of Returns under Goods and services Tax Act.
16.Assistance in payment of monthly liability under Goods and services Tax Act.
17.Assistance in conducting annual Audit under Goods and services Tax Act.
18.Providing consultancy in optimising business process and mitigating risk
19.Providing consultancy to avoid unwarranted cost.
20.Transfer Pricing services
21.Assistance in obtaining Registration and compliance under MSME
22.Other depending upon various registration.