Post-Incorporation Compliance Checklist: What Every Business Owner Must Know
Congratulations on registering your company! But the journey doesn’t end there—post-incorporation compliance is critical to avoid penalties, maintain legal status, and ensure smooth operations.
This step-by-step compliance checklist covers all mandatory requirements for Private Limited Companies, LLPs, and OPCs in India.
Why Compliance Matters?
✅ Avoid Penalties (₹100-₹1,000 per day for late filings).
✅ Maintain Active Status (Non-compliance can lead to strike-off by MCA).
✅ Builds Credibility (Essential for loans, tenders, and investor trust).
Post-Incorporation Compliance Checklist
1. Obtain Necessary Registrations
| Requirement | Timeline | Penalty for Delay |
|---|---|---|
| PAN & TAN | Already issued with COI | Not applicable |
| GST Registration | 30 days from incorporation (if turnover > ₹40L) | ₹100/day |
| Shop & Establishment Act | Varies by state | State-specific fines |
| Professional Tax | If applicable (e.g., Maharashtra, Karnataka) | Monthly fines |
2. Set Up Financial Processes
✔ Open a Business Bank Account – Submit COI, PAN, and Board Resolution.
✔ Accounting Software – Start bookkeeping from Day 1 (e.g., Tally, Zoho Books).
✔ Invoice Compliance – Ensure GST/HSN codes are included if registered.
3. Mandatory Filings with MCA/ROC
| Filing | Form | Due Date |
|---|---|---|
| Commencement of Business | INC-20A | Within 180 days of incorporation |
| Appointment of Auditor | ADT-1 | Within 30 days of incorporation |
| Annual Return | MGT-7 | Within 60 days of AGM |
| Financial Statements | AOC-4 | Within 30 days of AGM |
Note: LLPs file Form 11 (Annual Return) & Form 8 (Statement of Accounts).
4. Conduct Board & Shareholder Meetings
✔ First Board Meeting – Within 30 days of incorporation.
✔ Annual General Meeting (AGM) – Within 6 months of FY end (Private Limited).
✔ Minimum 4 Board Meetings/Year (Private Limited) | 2 Meetings/Year (LLP).
5. Statutory Registrations (Industry-Specific)
MSME Registration (Udyam) – For availing government subsidies.
FSSAI License – If in food business.
IEC Code – For import/export businesses.
6. Employee-Related Compliances
✔ EPF/ESI Registration – Mandatory if >20 employees.
✔ Professional Tax Deduction – Applicable in certain states.
✔ Form 16/24Q – For TDS on salaries.
Consequences of Non-Compliance
MCA Strikes Off Company (After 3+ years of non-filing).
Disqualification of Directors (Can’t hold directorship for 5 years).
Bank Account Freeze (Due to non-filing of ITR/GST).
Pro Tips to Stay Compliant
📅 Set Calendar Alerts – For AGMs, GST returns, and ROC filings.
📊 Use Compliance Software – Tools like ClearTax, QuickBooks automate reminders.
👨💼 Hire a Compliance Officer – For growing businesses.
Why Choose Financial Munshi for Compliance Management?
End-to-End Support – From GST to ROC filings.
Affordable Packages – Starting at ₹8,999/year for Pvt Ltd compliance.
Penalty Protection – Timely filings guaranteed.
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Frequently Asked Questions
1. What if I miss the INC-20A deadline?
- File with a late fee of ₹10,000 + ₹1,000/day (max ₹2 lakh).
2. Is GST mandatory for a new company?
- Only if turnover exceeds ₹40 lakh (₹20 lakh for services).
3. Can I handle compliance myself?
- Yes, but CAs/CSs ensure accuracy and avoid penalties.
4. How much does annual compliance cost?
- ₹15,000–₹30,000/year (Private Limited) | ₹5,000–₹10,000/year (LLP).