Incorporation of Companies, including drafting of MOA & AOA - Canest

Incorporation of a Company in India.

Entrepreneurs who are looking forward to building a Startup, need to have an Entity setup to give a Legal existence to the Business. There are various forms to Entity Setup like Private Limited Company, Public Company, One Person Company, Section 8 Company. One can choose one as per the Business model and requirement. 

When starting a business, one must be aware of the regulations that must be followed once the venture is setup and running. It is Important to comply with various statutory laws to avoid penalties and other consequences . For the Founders, we shall discuss the process of incorporation of a company under the Companies Act 2013 as well as its post-registration compliances in this article.

Documents required for Incorporation of company

  • Photo
  • PAN Card Copy
  • Aadhar Card/Voter ID/ Passport Port/ Driving License Copy
  • Last 2 Months Bank statement (If Available)
  • Digital Signature of the Proposed Directors

Additionally, a copy of the electricity bill should be included with the NOC and rent agreement for the property that will serve as the company’s registered office after incorporation.

Step 1: First, the desired company name will be submitted via Spice + Form to MCA for approval (Part-A).

Step 2: Following MCA approval of the name, we must submit Part-B of the Spice+ Form based on the aforementioned documents.

Step 3: E-MOA  and E-AOA preparation based on the proposed company’s line of business.

Step 4: After completing all paperwork in accordance with the requirements of the Companies Act 2013, all forms must be digitally signed by the directors, shareholders, and a professional before being uploaded and paying any applicable fees (this fee may vary from state-to-state).

Step 5: After all documents have been successfully submitted, Ministry of Corporate Affairs will review them and, if satisfied, a registration certificate will be issued along with the company’s PAN number and TAN number.

Following company incorporation, there are a number of compliances that must be met on a monthly, quarterly, or annual basis. 

Compliances required immediately following incorporation include:

  • Notifying MCA of the registered office (applicable in cases where the address provided at the time of incorporation differs from the actual office).
  • Conducting the first board meeting within 30 days of incorporation and appointment of first auditor, intimation of the same to MCA in form ADT-1.
  • Issuance of Share Certificate.
  • Opening of Bank Account in 60 days.
  • Every newly incorporated company with share capital is prohibited by Section 10A of Companies Act, 2013 from starting a business or use its borrowing powers unless Form INC-20A is filed within 180 days of incorporation.
  • Holding Board meetings on a regular basis and producing minutes from those meetings.
  • Filing of the MSME form on a biannual basis. (If Applicable)

Along with the aforementioned requirements, companies that are registered for GST/ESI-PF must submit GST Returns on a monthly or quarterly basis, as appropriate. Additionally, because a TAN Number is assigned at the time a company is incorporated, if TDS is deducted, it must be deposited on a monthly basis and a quarterly TDS return must be filed.

Compliances that are necessary both annually and throughout the year:

  • If a special resolution is passed, the company must submit Form MGT14.
  • Reporting of Advances and Deposits in Form DPT-3
  • Director’s KYC in Form DIR-3
  • Minutes of Board Meeting, AGM and EGM.
  • Statutory registers such as the shareholders’ register, the members’ register, and the register of charges, etc.
  • Conduct of Statutory Audit in accordance with Companies Act, Tax Audit in accordance with Income Tax Act, and GST Audit in accordance with GST Act (as applicable)
  • Preparation and Reporting of Financial Statements to MCA in Forms AOC-4 and MGT-7.

Other registrations that can be taken with other departments or authorities as per  business requirements are :

  • Import Export Registration.
  • MSME Registration provides access to a variety of benefits, including loans at preferential rates and assistance in filing complaints under the MSME Samadhaan Scheme to recover unpaid debts from clients.
  • To prevent others from misusing their brand, register a trademark.
  • Registration under Startup India shall give an income tax incentive for a certain period.

Having the correct folks on hand will make the registration process smoother. In order to give the business a proper legal identity, the registration process is the first step in starting a company. Contact CAnest ( +91 9836563413) to register your new business.

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