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