DEV Community
Follow
The India Company Compliance Checklist I Wish I Had in Week One
Incorporating a company in India is not the end, but the beginning of ongoing compliance tasks. Immediately after incorporation, open a current bank account promptly, as the process can be time-consuming. Secure your PAN and TAN and organize them in an accessible shared folder. Determine if GST registration is immediately necessary to avoid premature filings.Regular tasks include holding board meetings and maintaining minutes, even for small private limited companies. Be diligent with annual Registrar of Companies (ROC) filings to avoid accumulating late fees. Prepare for TDS (Tax Deducted at Source) on payments to contractors and vendors, as this applies from the very first payment.A shared compliance calendar, with reminders set two weeks in advance, proved invaluable in preventing last-minute panic. Selecting an accountant who clarifies the purpose of each filing, rather than just completing them, aids in financial planning. Meticulously maintaining founder agreements and share records from the outset prevents future complications, especially before fundraising.Compliance becomes manageable and routine, not difficult, once these practices are established. The pain arises from unseen deadlines and unpreparedness. Approach compliance as a regular product task, assigning ownership and due dates for each item.