If you are a newly minted startup, congratulations! You have taken the plunge and you are well on your way to make a difference in the world.

There are a few secretarial compliances as mandated and regulated by the Companies Act, 2013 that you have to adhere to:

1. Conduct the First Board Meeting

First and most important - as soon as your company is incorporated, you should conduct the first board meeting. The key items to be passed through resolutions in the first board meeting are:

• bank account opening,
• appointment of auditors,
• completion of the processes related to share subscription and issuance of share certificate,
• adoption of seals/rubber stamps adoption,
• authorisation for e-filing of forms with ROC
• authorise the board of directors to take action on registrations like Goods and Service Tax ("GST") Provident Fund ("PF"), Employees' State Insurance ("ESI"), professional tax, labor laws, Shops and Commercial Establishments Act.
• It should be noted that GST, PF and ESI registrations are subject to certain thresholds. You should consult a company secretary if your startup falls beyond those thresholds. When in doubt, consult!!

Among these, appointment of auditors is very critical. In our experience, we often see startups miss out on completing formalities with respect to appointment of a statutory auditor and issuance of share certificates resulting in non-compliance. The provisions of the Companies Act, 2013 levy heavy fines for default. Fines and penalties nibble away money better spent elsewhere.

Further, in many cases the stamp duty is not paid or the stamp duty paid is insufficient

2. Filing of Form DIR 8 and MBP 1

Secondly, pursuant to the first board meeting, filings pertaining to disclosure of interest, i.e forms DIR 8 and MBP 1 should be filed.

3. Filing of Form 20A

Thirdly, a crucial condition prior to commencing any business is the filing of form 20A within 180 days from the date of incorporation of your company. No business can be carried on by your company unless this form is filed.

4. Mention your Company Name & Details

As a matter of good practice (which is mandatory as well), the company name, CIN and registered address should be mentioned on:

• the name board outside your office;
• on your company letter heads (both soft and hard copy versions), business stationary and also should include your company's contact number and email id in addition to the Company name, CIN and registered address;
• all your company's invoices, notices to director / shareholders and all business correspondence should be printed on company stationery that contains information such as company name, CIN and registered address, phone number, email and website addresses (if you got one).

5. Engage a Company Secretary

Finally, It is never too early to engage a competent Company Secretary to advise you on all ROC / RBI related matters. This will ensure that your company will have all the documents in order from the very beginning. Prevention is better than cure!