Company registration is the beginning of compliance, not the end. After incorporation, a company should confirm its PAN, complete any required industry or sector registration, establish statutory records, appoint responsible officers, and comply with ongoing corporate, tax and regulatory obligations.
PAN and tax registration
OCR currently states that PAN is automatically generated through the Inland Revenue system after company registration is completed through CAMIS. Businesses should verify that the PAN has been correctly generated and that tax-registration details match the company's registered information.
Industry and sector registration
If the company's activity qualifies as an industry or requires another licence, company incorporation alone is insufficient. The relevant industry or sector regulator may require separate registration, approval or licence before operations begin.
For foreign-invested industries, the Department of Industry states that industry registration follows company incorporation and foreign-investment approval.
Corporate records
The company should maintain proper records of:
- shareholders;
- directors and decisions;
- share allotment and transfers;
- accounting and financial records;
- statutory submissions;
- constitutional documents.
OCR states that directors are responsible for safeguarding company records and ensuring that information required by the Companies Act and other laws is submitted to OCR and relevant authorities within the prescribed time.
Ongoing compliance
Depending on the company, continuing obligations may include financial statements, audit, annual filings, tax returns, shareholder/director updates, beneficial-owner information and other regulator-specific submissions.