10 Things to do After Company Registration
After completing the registration process for your company, there are several important tasks you should consider to ensure proper compliance and smooth operation. Here are ten key things to do after company registration:
- Obtain the Certificate of Incorporation: Once your company registration is approved, obtain the Certificate of Incorporation (CoI) from the Registrar of Companies (RoC). This document serves as proof of your company's legal existence.
- Open a Bank Account: Open a separate bank account in the name of your company. This account will be used for all financial transactions related to the business.
- Apply for PAN and TAN: Apply for a Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) from the Income Tax Department. These numbers are essential for your company's tax-related obligations.
- Register for Goods and Services Tax (GST): If your company's turnover exceeds the prescribed threshold, register for GST, which is a mandatory tax for most businesses in India engaged in the supply of goods or services.
- Obtain Licenses and Permits: Depending on your business activities, apply for any required licenses, permits, or registrations from relevant authorities. This may include trade licenses, environmental permits, and industry-specific licenses.
- Comply with Labour Laws: Understand and comply with applicable labor laws, such as employee provident fund (EPF), employee state insurance (ESI), and other employment-related regulations.
- Maintain Statutory Records: Establish a system to maintain proper books of accounts, registers, and records as required by the Companies Act. This includes maintaining records of shareholders, minutes of meetings, and financial statements.
- Conduct First Board Meeting: Arrange and conduct the first board meeting of your company. During this meeting, important decisions can be made, such as appointment of key officers, adoption of financial year, and other matters as per company law.
- Obtain Insurance Coverage: Assess the insurance needs of your business and obtain appropriate insurance coverage. This may include general liability insurance, property insurance, professional indemnity insurance, and workers' compensation insurance.
- Develop Business Plan and Strategy: Create a comprehensive business plan and strategy that outlines your company's goals, target market, marketing and sales strategies, financial projections, and growth plans. This will help guide your company's operations and future decision-making.