Getting the incorporation certificate feels like the finish line, but for a newly registered company it is actually the starting point for a set of compliance steps that need to happen within specific windows, several of which carry penalties if missed.
Opening the bank account and capital infusion
A current account needs to be opened in the company's name, and subscribers to the memorandum need to bring in their subscribed share capital within the prescribed period. This has to be reflected properly and reported to the Registrar of Companies through a declaration of commencement of business before the company can legally begin operations in most cases.
Statutory registers and first board meeting
Every company is required to maintain statutory registers covering members, directors, share transfers, and charges from the point of incorporation. The first board meeting needs to be held within a defined window after incorporation, and this is also typically when auditors are formally appointed for the first time, a step many new founders forget is time bound.
Tax and regulatory registrations
Beyond the certificate of incorporation, a new company usually needs a PAN and TAN (often issued alongside incorporation now), GST registration if turnover or activity requires it, Shops and Establishment registration for the Chennai location, and Professional Tax registration for the state, each with its own timeline and department.
Ongoing filings that start immediately
Even in the very first year, a new company has filing obligations: income tax return, annual filings with the Registrar of Companies once the financial year closes, and TDS returns if the company has employees or makes payments subject to deduction. None of these wait for the company to become profitable or active.
A practical checklist for the first ninety days
- Open the company bank account and deposit subscribed capital
- File the declaration of commencement of business within the deadline
- Hold the first board meeting and formally appoint statutory auditors
- Complete PAN, TAN, GST, Shops and Establishment, and Professional Tax registrations as applicable
- Set up a compliance calendar covering the full first financial year
If you have recently incorporated a company in Chennai and want to make sure nothing in this early window gets missed, C S Rushil & Co. handles the full post incorporation compliance process for new businesses. Reach out for a free consultation.