Formed a Private Limited Company, What Next ?

Congratulations on forming your Private Limited Company! Now that you have taken the first step towards legalizing your business, you might be wondering what's next? Here, we will guide you through the next steps after forming a Private Limited Company.

Bank account opening

You already have obtained PAN and TAN, you need to open a bank account for your Private Limited Company. You already chose the preferred Bank while registering the Company; now you need to coordinate with the Bank to open your Bank Account. You will need to provide a copy of the Memorandum of Association (MOA) and details of Directors, including their ID Proofs, PAN details and others to the bank for opening the account. You can choose any bank that meets your requirements, or change from the one you chose while filing the requisite papers for your company formation. Remember you can change your Bank later and also add multiple Bank Accounts if required.

GST registration

If you did not apply for a GST Number while filling the forms for your Company formation of your Private Limited Company and you are confident that you will have annual turnover of more than Rs. 40 lakhs, you need to register for Goods and Services Tax (GST). GST is a unified tax system that replaces multiple indirect taxes levied by the Central and State Governments. You can register for GST online on the GST portal. Click here to Buy our GST Service.

Compliance

As a Private Limited Company, you need to comply with various legal formalities, such as maintaining books of accounts, filing annual returns, conducting statutory audits, and complying with various tax laws. You need to appoint a Company Secretary and a Chartered Accountant to ensure compliance with legal formalities. Please click here to talk to our expert.

Business operations

After completing the legal formalities, you can focus on your business operations. You need to prepare a business plan, identify your target customers, and develop a marketing strategy to promote your business. You also need to hire employees, set up an office, and start selling your products or services. Click here to understand our Pitch Deck Services.

Conclusion

Forming a Private Limited Company is just the first step towards starting your business. After forming the company, you need to complete various legal formalities, such as opening a bank account, registering for GST, and complying with legal formalities. Once you have completed these formalities, you can focus on your business operations and start growing your business. If you need any assistance in the process, feel free to contact us, and our team of experts will be happy to help.