Incorporation of Company under Companies Act, 2013 and Its Compliances

Now a days, youth of India want to become entrepreneur and they are also doing the same. In the past, we have seen many young persons who have established a successful business within a short span of time with their unique Ideas, one of the best example is Oyo.

While starting a business at an early stage of our life, we must be aware about the laws applicable to your industry and its compliances after starting a business. In our practice, we have seen many companies which are started but due to non-compliance of low they are strike off. In this article we will discuss about Incorporation of Company under Companies Act, 2013 and its compliances after registration so that every person must be aware about the law.

Documents required for Incorporation of Company

In case of incorporation of Private Limited company minimum 2 Shareholder and 2 directors are required and there KYC is required

♦ Photo

♦ PAN Card Copy

♦ Aadhar Card/Voter ID/ Passport Port/ Driving License Copy

♦ Last 2 Months Bank statement (If Available)

♦ Mail id and Mobile Number

♦ Digital Signature of the Proposed Directors

And Copy of Electricity bill along with NOC/ Rent Agreement of the premises, which will be the registered office of the company after incorporation.

Step 1: First of all, desired name of the company will be sent for approval to MCA through Spice+ Form (Part-A)

Step 2: After approval of name from MCA, we have to file Part-B of Spice+ Form on the basis of above-mentioned documents

Step 3: Preparation of E- MOA And E-AOA on the basis of nature of business of the proposed company

Step 4: After preparation of all documents as prescribed in Companies Act 2013 all the forms will be digital signed by directors, shareholders and a professional and the same will be uploaded after paying the prescribed fee as applicable (this fee may vary from state-to-state basis)

Step 5: After successful submission of all documents, MCA officers will verify your documents and if satisfied then register your company and registration certificate will be issued along with PAN Number and TAN Number of the company.

Note: To save time of business entrepreneurs, MCA has given the option to apply for GST Registration and ESI/ PF registration along with company registration.

After incorporation of Company, there are many compliances which are mandatory to comply on Monthly/Quarterly/ Annual Basis, which are described below:

Compliances which are required, just after Incorporation

√ Intimation of registered office to MCA (Applicable in case address shown at time of company incorporation is different from actual office)

√ Conduct of 1st Board meeting within 30 days of incorporation and appointment of First Auditor and intimation of same to MCA in Form ADT-1

√ Issuance of Share Certificate and Opening of Bank Account within 60 Days

√ As per Sec- 10A, every newly incorporated company having share capital shall not commence any business or exercise any borrowing powers unless Form INC-20A is filed within 180 days

√ Conduct of Board meeting at regular intervals and preparation of Minutes of these Meetings

√ Filing of Form MSME on half yearly basis (If Applicable)

Along with above compliances, if company is registered under GST/ESI-PF, then has to file GST Returns on Monthly/ Quarterly basis as applicable. Further, as TAN Number is allotted at time of company incorporation, if TDS is deducted then has to deposit the same on monthly basis and filing of TDS return on Quarterly basis

Compliances which are required during the year and on Annual Basis

√ If any special resolution is passed then company is required to file MGT-14

√ Reporting of advances and deposit in form DPT-3

√ Director’s KYC in Form DIR-3

√ Preparation of Minutes of Board Meeting, EGM and AGM

√ Preparation of statutory registers such as Members Register, Register of Charge, Shareholder Register etc

√ Conduct of Statutory Audit as per Companies Act, Tax Audit as per Income Tax Act and GST Audit as per GST Act (as applicable)

√ Preparation of Financial Statement and reporting of the same in MCA in Form AOC-4 And MGT-7

If a company is starting with a long-term vision, then they may take registration under various other departments/ authorities like

√ Import Export Registration, required for Import Export from other Countries

√ MSME Registration, to get many benefits like loans at concessional rate and helps in filing complain under MSME Samadhaan Scheme to recover dues from their clients

√ Trademark Registration to save their brand to be misused by others

√ Registration under Startup India and Standup India to get concession in Income Tax for a specified time period

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This article is for the purpose of information and shall not be treated as solicitation in any manner and for any other purpose whatsoever. It shall not be used as legal opinion and not to be used for rendering any professional advice. This article is written on the basis of author’s person experience and provision applicable as on date of writing of this article. Adequate attention has been given to avoid any clerical/arithmetical error, however; if it still persist kindly intimate us to avoid such error for the benefits of others readers.

The Author can be reached at mail [email protected] and Mobile/Whatsapp – 9911303737

Author Bio

Qualification: CA in Practice
Company: Shiv Kumar Sharma & Associates
Location: Delhi, Delhi, India
Member Since: 03 Dec 2018 | Total Posts: 63
My Self CA. Shiv Kumar Sharma. I am a member of "The Institute of Chartered Accountants of India" since 2012. I have Qualified my B.Com (H) in 2010 And Cleared CS- Executive Exam in June 2013. Currently, I am in Practice and dealing in Direct and Indirect taxation along with ROC Compliances. View Full Profile

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