After Company Incorporation Compliance
You are set to start a business as soon as you receive the certificate of incorporation. Don’t forget to check the post compliance list. Your responsibility as a Director is beyond the company registration. And we are here to make your business hassle-free and straightforward.
Our dedicated team will assist you in complying with accordance to the companies act 2013 and other related law across India at a very affordable price.
After company incorportion compliance
After incorporation of the company, a set of compliance-related formalities must be accomplished within the prescribed time as per the Companies Act, 2013. Non-compliance could lead to penalties and fines on the Directors and the Company. We look at the post-incorporation compliances required for a company like statutory register maintenance, board meeting, share certificates, auditor appointment, bank account opening and more.
Post incorporation compliance applies to all kinds of companies registered in India. Before you start any business activity, these are the mandatory time-bound compliance prescribed under companies act 2013.
We, RPG LEGAL provide services of CA, CS, and Advocates under one roof. For a company like yours, we invite your attention to the below points.
Initial Compliance under Companies Act, 2013 (Mandatory)
- Step 1 - Declaration for Commencement of Business(INC 20A)
The concept of Certificate of Commencement of Business introduces in the Companies (Amendment) Ordinance 2018. No company will be entitled to commence its operation without filing declaration within 180 days of its incorporation. In this declaration, a proof of deposit of the paid-up share capital by the subscribers also needs to be attached in the form INC 20A. Non-compliance with this provision will result in the removal of the company’s name from the Registrar of Companies.
- Step 2 - Appointment of First Auditor
Section 139(6) of the Companies Act, 2013 lays down that first auditor of a company shall be appointed by the Board of Directors within 30 days from the date of its incorporation. Audit of the Company is a statutory requirement, and it must be done by an Independent CA who is in full-time practice and is not engaged in any other service directly or indirectly for the company or its holding company.
- Step 3 - Issue of Share Certificate
After the incorporation of the company, the company needs to issue the share certificates within 60 days from the date of its incorporation. It means that the subscriber has to remit the agreed subscription amount within 60 days from the date of incorporation. Failure by the company to deliver the certificates will attract a fine which shall not be less than Rs. 25000 but which may extend to Rs. 500000.
- Step 4 - Payment of Stamp Duty on share certificates
Share certificate is an instrument and being an instrument it falls under the Stamp Act of India. Section 3 of the Indian Stamp Act has specified the 30 days time in which the stamp duty needs to be paid to the state government where the registered office is located. Every state government has a separate stamp act and a different method to collect the stamp duty. For example, it can be paid through franking, by adhesive stamp, revenue stamp, court fee, notary stamp etc.
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Territory based Registration
- GST Registration
Good and Service Tax is an indirect tax levied on the supply of goods and services. Every business who are dealing in goods with an annual turnover that exceeds Rs. 40 lacs or service with an annual turnover that exceeds Rs 20 lacs is mandatorily required to obtain GST registration. However, if you are dealing in interstate supply of goods or service, you are liable to take mandatory registration, even the turnover hasn’t reached the threshold limit.
- Import Export Code
Import Export Code is required by an entity to indulge in the activities of import or export of goods for the purpose of trade or business. Hence, the need for IEC does not arise if goods are imported or exported for personal use and will not be used for any commercial or related purpose. No business entity can import or export unless IEC is issued. The IEC registration serves the certificate to trade outside the boundaries of India.
- Professional Tax Registration
Professional Tax is just like Income Tax where Income Tax is levied by the Central Government and Professional Tax is collected by the State Government. Professional Tax may vary from state to state-imposed by some of the state governments on persons earning income from salary or practicing professionals such as CA, CS, Lawyer, Doctor etc. and on the company, LLP, Directors and Designated Partners
- Shops & Establishment (Labour Department)
The Shops and Establishment Act is a state-specific law which may vary from state to state. The object is to oversee and improve the working conditions and rights of the workers like wage payments, work hours, leaves and holidays etc. Registration under Shops and Establishment is necessary to obtain, even if the employees are working from home.
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Activity-based registration & license
- Intellectual property right of the company
Intellectual property is basically trademark, Design, Patent, sign, Logo, symbol that denotes a specific product or service and legally differentiates it from the products or services of it’s kind and relates to a particular legal entity. The owner of the business may apply for a trademark and other IPR registration to protect the product or service from being used without permission. The owner can sue a person who infringes a trademark.
- Drug License
If you are in a pharmaceutical business, you have to obtain drug license before manufacture, distribute or sell medicines or drugs. The competent authority grants permission under the Drugs and Cosmetic Act, 1940. Mainly there is two primary drug license issued by the Drugs Control Organization, i.e. Wholesale drug license and Retail Drug license. However, you can take both wholesale and retail drug license as well.
- FSSAI license/ Registration
Every person who owns any form of the food business is bound to register with the FSSAI. Food security and safety are a significant concern in the world. Being an absolute necessity food should always be safe and fit for consumption. FSSAI ensure the healthy and hygienic supply of food and food products. FSSAI granted by the Food Safety and Standards Association of India established in 2008, under the Food Safety and Standards Act, 2006.
- PSARA License
All security agencies who provide security services to various industries in India are regulated by the PSARA Act 2005, and each state in India has their own PSARA Guideline which is based on the Central Act. PSARA Act, 2005 has been established to ensure credibility among consultancy services and new business ventures who provide security services. PSARA licenses are granted by the police and law and order authorities either at the district or state level.
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Corporate Stationery
Name Board
The company must have its name board outside the registered office and or place in which it carries on business, along with its name, CIN Number, registered office address, e-mail id and phone number stated in it.
Letterhead
The company must print the name and registered office address, CIN, e-mail and phone number of the company on all letterhead, invoices, notices and other official documents of the company.
Statutory Register
All companies require to maintain statutory registers in the registered office like a register of members, list of directors, debentures, charges and other matters pertaining to the share holders and management of the company.
Company Seal
The company must have a round seal bearing name of the company and a seal bearing the name of the company along with the designation of the authorised signatory of the company.
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What our clients have to say
We take pride! Not in our execution, But in your words. Here’s what keeps us going strong.
Had an outstanding experience working with RPG Legal to set up my company & Trademark Registration. Even minute details were explained and all aspects provided. Ready to support beyond hours, hat’s off guys. Special thanks to Ms Preet & Simran to assist us in stepping by step procedure and updating me on every stage.
D D YadavDirector, Rosemoon Healthcare Private Limited
It was a very immeasurable experience in setting up my company. The team are professional & understands the need and executes at the pace needed. I really appreciate & recommend.
Prashant SinghDirector, ShiftPurple & Nextdot
Dedicated, supportive and understanding team…
What else do we need to get the jobs done? Thanks to RPG Legal for helping us. And I hope this will be maintained as you already established a great business relationship. Cheers.!!
Vaibhav Vishal SrivastavaDirector, Certslearning Private Limited
Highly supporting system for new business.. Thank you RPG Legal for providing every type of business-related support to new in the field like me… and want to really appreciate the work of “Mr Anand” who provides us helpful advice each and every time related to our business.
Sumit GhugharwalDirector, Ghugharmedia Private Limited
We’re using your services form the last three years. We are delighted with the way solutions are provided in matters we have endeavoured professional help. We admire the association and look forward to a similar experience in the years ahead.
Saajib ZamanFounder, Proict LLC
We started with a Private Limited company incorporation for our Educational Institute. We have been taking the services from last two years and had an amazing service experience with the team. Smooth work everything was completed on time with perfection.
Apoorva BhargavCo-Founder, EDEN IAS
