What Next Once the Company is Registered

Once your Company is registered, you have to obtain other licenses to run your business. The following are the other licenses a business should take:

• A

  Company Bank Account Opening

  Now, the Ministry of Corporate Affairs (MCA) is giving automatic Company Bank Account along with the Certificate of Incorporation in any one of the following banks (ie. Punjab National Bank, ICICI Bank, Kotak Mahindra Bank, Bank of Baroda, HDFC Bank, State Bank of India, Union Bank of India, IndusInd Bank or Axis Bank). You have to select any one of the bank as listed and this is mandatory. If you do not wish to open bank accounts in either of these banks, you can open your bank account separately once you get the Certificate of Registration and other incorporation documents such as MOA, AOA and Company PAN. No amount is required to get the bank account opened in these banks. Once you get all documents, you can then submit KYC with the bank and deposit the Share Capital amount.

• B

  PAN & TAN

  The Company PAN & TAN will also be generated simultaneously along with the Certificate of Incorporation. You are not required to apply for it separately. You will only get password protected ePAN & eTAN at the time of Company Incorporation and if you want physical PAN & TAN, again you need to separately apply for it by paying the application fee at PAN application center or online. This ePAN & eTAN are sufficient to get other supporting licenses and run your business. The password to open ePAN is the date of registration and the PIN code of the Company Registered office for eTAN.

• C

  GST Registration

  Every supplier shall be liable to be registered under this Act in the State or Union territory, other than special category States, from where he makes a taxable supply of goods or services or both, if his aggregate turnover in a financial year exceeds twenty lakh rupees*:

  Provided that where such person makes taxable supplies of goods or services or both from any of the special category States, he shall be liable to be registered if his aggregate turnover in a financial year exceeds ten lakh rupees**.

  * This limit is increased to Rs. 40 Lakhs w.e.f 1st April 2019 for all states except the State of Telangana. Special category states ie. Jammu and Kashmir, Ladakh and Assam also opted Rs.40 lakhs limit.

  ** This limit is increased to Rs. 20 Lakhs w.e.f 1st April 2019 for Special Category States.

  We help registering your business under GST by making application online subsequent to the business formation. This GST Registration in India is online and subject to approval with the GST Officer. Normally, with in 4 to 5 days, you will get your GSTIN and sometimes it may be delayed due to various reasons.

• D

  IEC Registration

  Import Export Code (IEC) is required to be taken if you deal in Import or Export of Goods of Services.

• E

  FSSAI Registration

  If your business deals in Food, Catering, Hotel & Restaurant, you need to apply for Food License with Food Safety and Standards Authority of India.

• F

  IPR Registration

  If you want to protect your business name, brand, literary work, invention, you need to apply for Trade Mark, Copyright, Patent respectively with the department of Intellectural Properties of India.

• G

  Professional Tax Registration

  Professional Tax is Mandatory for the Companies registered in India. For all states it is not mandatory and infact only for 17 states it is mandatory.

• H

  Shops & Establishments Registration

  Shops & Establishments registration is mandatory to register with the concerned State Labour Department.

• I

  MSME Registration

  To avail the benefits under The Ministry of Micro, Small & Medium Enterprenuers Act, it is mandatory to get registered under this Act.

• J

  Local Trade License

  The new company has to apply for Local Trade License with the Local Municipality or Municipal Corporation.

• K

  DOT License

  BPO companies are required to take DOT license from the Department of Telecom as it is a mandatory requirement. Only Private Limited Companies are eligible to get this License.

• L

  Drug License

  If your business is into manufacturing and dealing in pharmaceuticals, you need to get Drug License from the respective State Drug Controller office.

• M

  PF Registration

  If your Company is covered under PF Act, you need to get the PF Registration. Now MCA is giving PF Registration along with Incorporation, you need not required to apply again separately, you need to enrol the employees once the threshold limit crosses.

• N

  ESI Registration

  If your Company is covered under ESI Act, you need to get the ESI Registration. Now MCA is giving ESI Registration along with Incorporation, you need not required to apply again separately, you need to enrol the employees once the threshold limit crosses.

• O

  PASARA License

  If your business is into supply of security gaurds, you need to get license under Private Security Agency Regulation Act. This application has to be submitted to the respective State Home Department.

• P

  ISO Certification

  If you want the credibility in the market, you can get ISO Certification.

Compliance:

Once your register your Company, you need to file certain periodic documents with the Registrar of Companies, GST department, Income Tax Department and Other Statutory Department online by paying requisite fee. Apart from filing documents, you need to maintain certain records, registers and maintain books of accounts. You need to prepare the Company financials such as Profit & Loss Account, Balance Sheet, Schedules to Accounts, Notes to Accounts, Directors Report etc. You also need to prepare resolutions and minutes of meetings of the board of directors and members of the Company. Our team of experts will assist you in getting all these compliances done at an affordable cost. The compliance is explained herein below:

• 1

  Appointment of First Auditor

  With in 30 Days

  You need to appoint a First Auditor of the Company with in 30 days from the date of Incorpration and file Form ADT-1 with MCA with in 15 days of appointment otherwise a maximum penalty of Rs. 3,900/- will be payable.

• 2

  Commencement of Business

  With in 180 Days

  You need to declare the deposit of Share Capital amount in Form INC-20A with the MCA with in 180 days of Incorporation, otherwise MCA will strikeoff your Company. Few banks also insists you to file this Form otherwise they will not activate your Company's Current Account.

• 3

  Director KYC

  On or Before 30th September

  Every Director who has been allotted DIN on or before the end of the financial year, and whose DIN status is 'Approved', would be mandatorily required to file form DIR-3 KYC before 30th September of the immediately next financial year. Failure to file attracts a penalty of Rs. 5,000/- per Director and his/her DIN will be deactivated by the MCA.

• 4

  Board Meetings

  Once in a Quarter

  Every Company has to hold a meeting of it's Board of Directors once in a Quarter.

• 5

  Annual General Meeting (AGM)

  On or Before 30th September

  Every Company has to hold a meeting of it's members called Annual General Meeting on or before 6 month after closure of it's financial year.

• 6

  Annual Report

  With in 30 Days from AGM

  Every Company has to file a report called it's Annual Report in Form AOC-4 with MCA with in 30 days from the date it's AGM.

• 7

  Annual Return

  With in 60 Days from AGM

  Every Company has to file it's Annual Return in Form MGT-7 with in 60 days from the date of it's AGM.

• 8

  Income Tax Return

  On or before 30th September

  Every Company has to file it's Income Tax Return in form ITR-6 on or before 30th September of each year.

• 9

  TDS Return

  On or before 31 Days from end of each Quarter

  Every Company which is subject to file TDS returns has to file it with in Due date to avoid penalty.

• 10

  PT Return

  On or before 15 days of Subsequent Month

  Every Company has to file it's Monthly PT Return with in due date to avoid penalties.

• 11

  GST Returns

  On or before 20 days of Quarter ending

  Any Company which subject to file GST returns on QRMS basis has to file with in due date to avoid penalties.