Incorporation & Annual Compliance

One of the many essential aspects of running a business is deciding on the legal status of the business entity and acquiring appropriate registration. One of the more fundamental, important decisions to make is to establish the business structure. The most common forms of business for profit are a Sole Proprietorship, Partnership, Limited Liability Partnership, One Person Company, Public Limited and Private Limited. For non-profit business there are forms of business like Trust, Society & Section 8 Company. Incorporating a business as a company has nimiety of benefits attached to it. 

To register a company under the Companies Act 2013, it needs to be registered with the Registrar of Companies as per the guidelines and norms laid down by the Ministry of Corporate Affairs. 

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Post Incorporation Compliance for Private Limited Company

Once a company is incorporated in India, it should maintain a number of compliances to avoid any penalties and legal actions. After Company Registration, a Company would need to comply with the following requirements:

• DIN KYC: Every year, DIN KYC is required who holds a Director Identification Number, which is given at the time of Company Registration Process and verifies the email address & phone number on file with the MCA.

• Commencement of Business: The Company’s Shareholders must deposit the subscription amount cited in the MOA within 180 days of Company Registration, and the company must create a bank current account. Therefore, in order to receive a Company Registration Certificate, the Company’s Shareholders that is to be established with a paid-up capital of Rs. 1 lakh must deposit Rs. 1 lakh into the bank account of the company and file a copy of bank statement with the MCA.

• Filing of Income Tax: Each Financial year, all businesses are required to submit an ITR using Form ITR-6. ITR filing must be completed for each financial year before the deadline. A DSC of a Director must be used to digitally sign the Company’s Income Tax Return.

• Appointment of the Auditor: Within 30 day of Company Incorporation, every in Company in India must appoint a practicing, registered & certified Chartered Accountant.

• Annual Filings: Every Financial Year, the Ministry of Corporate Affairs must get a copy of the Financial Statements from each Company that is incorporated in India. A Company that registered between Jan & Mar may elect to include the 1sdt MCA Annual Return in the Annual Filing for the following Financial Year. Form AOC-4 and Form MGT-7 are the components of the MCA annually return. The Directors and a working professionals must digitally sign both of these documents.

• Accounting & Book keeping Services:  Our Accounting process is where a track of income and expenses is kept. Our team offers strategic financial advice as well as we make you well aware about the company’s financial situation. While our Book-Keeping process is where the records of financial transactions are kept. Also, preparation of financial statements such as balance sheets and income statements are part of Book-Keeping. It is our responsibility to ensure that the entity's invoices and expenses are published correctly. Also, handling payroll comes under the purview of our Book-Keeping services.

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Why Choose Infosential LLP?

With our extensive experience and in-depth knowledge of corporate laws and regulations, Infosential LLP is your trusted partner for company incorporation and annual compliance. We understand the complexities involved in starting and running a business and offer personalized solutions tailored to your specific needs. Let us take care of the legal and regulatory aspects of your business, so you can concentrate on achieving your business goals and objectives.