Area of compliance

The steps involved

Completion due date

Appointing directors and other key personnel

The directors of the company will be appointed following the 2013 Companies Act. You should comply with the number of directors permitted for your business. Appoint a company secretary for businesses with paid-up share capital of more than ₹5 crores

This should be done 30 days following business incorporation

Share allotment

All subscribers should be given their share certificate within 60 days after incorporation. Proper documentation should be ensured.

Within a time-frame of 60 days following incorporation

Get a bank account

Get a company bank account              and pay the initial shareholder deposit into the account.

This should be done 1 week following incorporation

Register your office

In about 30 days following incorporation, the company should register an office. Submit the Form INC-22 to notify about this office that you have registered.

 This should be done 30 days following incorporation

Statutory records and registers

Keep different statutory records of the business such as records of members, directors, charges, key management personnel, and so on. Also, proper records of general meetings, minutes of key meetings, and company resolutions.

Continuous process

Comply with yearly filing requirements

Hold an AGM (annual general meeting) in about 6 months to the close of the business year

60 days after the AGM, file yearly returns using the Form MGT-7.

30 days after the AGM, produce and submit financial statements using Form AOC-4 as well as the Director’s Report.

Yearly

Appoint an auditor

30 days after company incorporation you should appoint a company auditor

30 days after company incorporation

Complying with income tax

Get your company PAN, TAN, and Tax deduction. Be sure to pay your tax based on the 1961 Income Tax Act.

Yearly

Register for GST (if applicable)

If the turnover of your business exceeds the required limit, you should get your GST registration. Once approved, you should ensure regular filing of GST returns.

TO be done in about 30 days after exceeding the required limit.

Register for MSME (if applicable)

If your company is eligible, you should register under the 2006 MSME Development Act.

To be done within a time-frame of 30 days of approval for eligibility

Get a DPIIT Startup certificate for recognition

Based in the guidelines of the DPIIT, apply for a certificate of recognition for your startup

Based on approved guidelines of the DPIIT.

Complying with all other requirements

Comply with all applicable laws like labour, environmental laws, as well as other required regulations based on the nature of your business activities.

Continuous

Area of compliance

Steps needed

Due date

Get your incorporation certificate

Submit an application to the ROC – Registrar of Companies about 30 days after company incorporation. ROC will offer you with the incorporation certificate.

30 days following incorporation

Get your DPIN – Designated Partner Identification Number (DPIN)

You will need to get a DPIN for all the partners you have in your LLP.

Before you incorporate the business

Get a bank account

Use the LLP name to open up an account and have an initial deposit in it.

1 week after business incorporation

Register your office

You will need to register an office for the business. Also file the From LLP-3 through the ROC. This will let them know about the business office that you have registered.

This should be within 30 days after you have incorporated your business

Business records and registers

Be sure to keep registers such as register for charges, partners, LLP, and so on.

It is an ongoing process throughout the business operation

Adhere to yearly filing requirements

You need to submit a yearly return (Form 11) through the ROC. You can do this in about 60 days after the previous financial year closes.

Every year.

Complying with income tax requirements

Get a PAN for your LLP. Use the Form ITR-5 to submit your income tax and pay your taxes.

Every year

Register for GST (If it applies to your business)

You will need to register for the GST tax returns. This will be a regular payment if your business has a turnover that is above the limit.

This should be done about 30 days after you pass the limit.

Appoint an auditor

About 30 days after business incorporation, you should get a business auditor.

This is done in about 30 days after business incorporation.

Get your LLP agreement

Create the LLP agreement that will be used to show various information about the LLP and the partners.

Done 30 days after your business incorporation

MSME registration (if it applies to you)

If your business is eligible, you will have to register according to the 2006 MSME Development act.

This should be within the eligibility period of 30 days.

Have to comply with other laws

Comply with various laws and regulations

Ongoing