The First-Time Founder's Compliance Checklist: Everything You Need to Do After Registering Your Company

Starting a company in India feels like a win. And it is. But the moment your Certificate of Incorporation lands in your inbox, a clock starts ticking — and most first-time founders don't even know it.

The Indian regulatory system doesn't wait for you to figure things out. Miss a deadline, skip a filing, or ignore an appointment — and you're looking at penalties, notices, and in some cases, director disqualification. None of which you want to be dealing with when you're trying to build a product and close your first customers.

This guide is your starting point. A clear, plain-English breakdown of everything you need to do after registering your Private Limited company — in the right order.

Step 1: Get Your PAN and TAN — Immediately

Your company's PAN (Permanent Account Number) and TAN (Tax Deduction Account Number) are not optional. They are the foundation of your entire tax identity.

PAN is needed to open a bank account, file income tax returns, and enter into contracts. TAN is needed the moment you start paying salaries, rent, or professional fees — because you'll need to deduct TDS on these payments.

Both are applied for during the incorporation process if you use a platform like File My Books. If they haven't come through yet, follow up immediately — delays here cascade into everything else.

Step 2: Open a Current Account in Your Company's Name

This is non-negotiable and time-sensitive. Under the Companies Act, 2013, you must deposit your paid-up share capital into a current account within 60 days of incorporation.

Do not use a personal account for business transactions. Mixing personal and business finances is one of the most common mistakes first-time founders make — and it creates a nightmare during audits, fundraising, and tax filings.

Choose a bank that offers startup-friendly features — zero balance accounts, payment gateway integrations, and easy online access. SBI's startup current account, HDFC SmartBusiness, and RazorpayX are all solid options depending on your transaction volume.

Step 3: Register for GST (If Applicable)

If your annual turnover is expected to cross ₹20 lakhs (₹10 lakhs for special category states), GST registration is mandatory. For most startups — especially those selling to businesses — you should register for GST from Day 1 regardless of turnover.

Here's why: if you're selling to other GST-registered businesses, they'll want a GST invoice to claim input tax credit. Without a GSTIN, you're making yourself less attractive as a vendor or partner.

GST registration also unlocks your ability to claim input credit on purchases — meaning you can offset the GST you pay on expenses against the GST you collect from customers. Apply within 30 days of crossing the threshold, or proactively at incorporation.

Step 4: Appoint an Auditor Within 30 Days

Under Section 139 of the Companies Act, 2013, every Private Limited company must appoint its first statutory auditor within 30 days of incorporation. The auditor must be a practicing Chartered Accountant or a CA firm. Once appointed, they file Form ADT-1 with the Registrar of Companies (MCA).

If you miss this window, the Board of Directors can appoint an auditor within 90 days — but missing both deadlines attracts penalties. Don't wait.

Step 5: Hold Your First Board Meeting Within 30 Days

Your company's first Board Meeting must be held within 30 days of incorporation. In this meeting, you cover the basics — registered office address, bank account opening, appointment of the auditor, and adoption of common seal if applicable.

Maintain proper minutes of this meeting. These are legal records and will be reviewed during due diligence if you ever raise funding. After the first meeting, the Board must meet at least four times a year, with no more than 120 days between two consecutive meetings.

Step 6: File INC-20A — Declaration of Commencement of Business

Under the Companies (Amendment) Act, 2019, every company with share capital must file Form INC-20A — the Declaration for Commencement of Business — within 180 days of incorporation.

To file this, you need to show that the paid-up share capital has been deposited into the company's bank account. Without filing INC-20A, your company legally cannot commence business or borrow money.

The penalty for non-compliance is ₹50,000 for the company and ₹1,000 per day for each officer in default. This is a simple filing — don't let it slip.

Step 7: Set Up Your Accounting System from Day 1

The biggest financial mistake founders make is treating accounting as something to figure out later. Later never comes — and when it does, it costs you three times more to clean up. From Day 1, set up a basic accounting system:

• Choose accounting software (Tally, Zoho Books, or QuickBooks)
• Open separate bank accounts for operating expenses and tax reserves
• Categorise every expense from the first transaction
• Keep digital copies of every invoice and receipt

Step 8: Understand Your Annual Compliance Calendar

Monthly / Quarterly

• GSTR-1 and GSTR-3B filing (GST returns)
• TDS deduction and challan payment
• TDS returns (quarterly)
• Advance tax payments (quarterly, if applicable)

Annually

• Financial statements preparation
• Statutory audit
• Income tax return filing (ITR-6 for companies)
• ROC annual filings — AOC-4 and MGT-7
• DIR-3 KYC for all directors

The Bottom Line

Compliance isn't a burden. It's infrastructure. The founders who build clean, compliant companies from Day 1 are the ones who raise faster, close deals easier, and sleep better at night.

You don't need to become an expert in company law or tax regulation. You need to know enough to not get caught off-guard — and to have the right people handling the rest. That's exactly what File My Books is built for.