ISO Certified Premium Startup Consultancy Company
ISO Certified Premium Startup Consultancy Company
Secure your financials by opening a separate bank account.
One of the main reasons to have a business bank account is to keep your business and personal finances separate. Mixing the two can make it harder to do your taxes and keep up your books. To keep separate the business distinguishing proof and its funds by method of opening a bank account.
Bank account is required to be open after the incorporation. It is always advisable to get bank account open within 30 days of incorporation. All transactions related to company dealt with the current account. Directors or any authorised person make an application along with the documents like Board Resolution and others to bank for opening a current account.
Capital introduction are often instrumental to new launches.
Company issue shares at the time of incorporation and some person called as subscribers subscribe the capital amount. They required infusing the capital to the Company’s bank account from the respective shareholders account. Company utilised this funds just to convey the business procedure. Likewise, the investor needs to bring the entire amount of subscribed capital as expressed in the Memorandum of Association.
Every subscriber of Private Limited Company has to introduce share capital inside 60 days of its incorporation by method of cheque or online transfer. Shareholder holding shares amounted to rupee not more than 20,000 can has option to bring together his share capital by way of cash. Anyway it is always advisable to introduce money by way of any banking transaction rather to use cash.
Protect your ownership by evidencing number of shares in share certificate.
Share certificate is an evidence of holding shares by the investor. A share certificate is a document given by organization confirming that the individual named in the authentication is owner of shares of the company as determined in the certificate. Share certificate can be issued under power of board of directors by a board resolution.
Company needs to give share certificates to each of its investors inside two months of its incorporation. A Company will provide one certificate to a member for all his shares without payment of any charges. Share Certificate will issue in the specific format SH-1. Certificate must specifying name of member with number of shares.
Group Thinking!! Let's come and discuss.
Once the company has been incorporated, there is a prerequisite to hold an executive gathering with all the chiefs. There are different plans or agenda, on which directors must have a conversation and discussion about some lawful formalities related to the new business, its points and how it will work.
Some of the necessary agenda are mentioned here:Section 173(1) of the Companies Act, 2013 recommends that each organization will hold the principal meeting of the Board of Directors inside 30 days of the date of its formation. Organization ought to keep up minutes of all the board meetings and attendance register for its records. Top managerial staff can participate physically or attend the meeting by way of video conferencing or any other audio video means.
Let's make the work simple by arranging some corporate stationary.
The Registers need to keep up and updated eventually and should be kept at the registered office of the organization. A portion of the Registers are required to be kept open for inspection by Directors, Members, and Creditors and by different people. A Company is required to give the extracts from the Registers, whenever requested by Directors, Members, and Creditors and by different people on payment of specified charges.
Letter heads and other stationary is required to keep up by organization after the incorporation with the goal that a different identity of company can be shown to general public and people can recognise the company in its own name. It is always advisable to get arrangement done inside 30 days of incorporation.
General stationary is required to place at enrolled office of organization and some of them are referenced beneath,
Let's start the business by getting the recognition certificate.
As per the Companies (Amendment) Ordinance 2018, there is a necessity for all the organizations enrolled on or after 2 November 2018 to file a certificate of commencement of business. Form 20A is a declaration documented by the chiefs inside 180 days of the date of incorporation of the company. This is one of the most significant compliances to follow as the punishment for non-recording is incredibly high. This declaration is mandated by law so we need to agree it in like manner.
A declaration under Section 10A from the directors must be given as a Board Resolution in the E-Form itself. Likewise, a proof of deposit of the paid-up share capital by the subscribers additionally should be appended in the E-Form.
It is a declaration for beginning of business to be given by the chiefs inside 180 days of incorporation of company stating that the subscribers to the Memorandum of the organisation has paid the estimation of offers so agreed by them. This affirmation should be recorded alongside verification of subscription money received by the organization in Form INC 20A with the Registrar of Companies.
Keep the true and fair view of financials by appointing the auditor.
Company enlisted in India is required to select an individual or a review firm as its first auditor after its formation. Records of the organizations are required to be examined by such first auditor. At the year end, financial statements alongside the examiner's report are to be loaded up with register of organizations (ROC) inside 30 days after completion of annual general meeting.
As indicated by the Companies Act 2013, just a chartered accountant in practice can be named as first evaluator of the organization. No different people can be selected as an auditor of the company.
The Board of Directors must assemble a board meeting within 30 days of incorporation and select First Auditor of the Company. In the event that the Board of Directors of Company neglects to appoint auditor within 30 days of incorporation, the investors of the organization should appoint an auditor inside 90 days of formation by calling Extra-ordinary General Meeting. The tenure of the first auditor of the organization will be up to finish of First Annual General Meeting of the organization.
Let’s play with taxation while holding GST Registration.
GST Number is utilized by tax authorities to keep up records of GST duty and payments of the individuals who are enrolled under the GST Act. GST Number replaces prior taxpayer identification systems such as the TIN (Tax Identification Number) which was utilized by state tax collection specialists to track state tax records such as VAT.
Here are some benefits which can be enjoyed only by the GST Holder.
GST Registration is compulsory when a turnover of the business exceed the threshold limit of Rs. 40 Lakhs. However, at times it's important to get GST Registration even with a turnover not as much as Rs. 40 Lakhs. In mostly cases it can be applied voluntary by the businessperson. There are various benefits by having GST Registration so businessperson gets the registration voluntary and enjoys the benefits while running the business. It is always advisable to get the GST Registration just after the incorporation.
Here is a rundown of transaction where GST is required independent of their turnover:
Obtain recognition in MSME sector by getting its registration certificate.
MSME Registration can be gotten by basically documenting an application structure at official portal of micro medium and small enterprise. By taking MSME enrolment certificate, an entity or applicant will be consider as Micro, Small and Medium Enterprise. After getting recognition they can acquire various benefits which are solely accessible for MSME sector only.
Some of the benefits are given below:
An candidate can apply for MSME enlistment after the incorporation of company or when the director feels that it is the right time to avail the benefits from the government. Government issues various incentives time to time to the MSME holder so it's always advisable to register your entity with MSME portal as soon as possible. Generally it's done after opening of current account as details of bank account needed in MSME Certificate.
To make sure about the advantages for workers by taking Shop and Establishment Registration.
Every state in India has authorized the Shops and Establishments Act. This Act is executed so as to control the conditions of work, provide for legal commitments of the businesses and manage the privileges of representatives in the unorganized sector and other establishments in their locale. The goal is to make sure about uniform advantages for representatives working in various establishments from shops, commercial establishments and private lodgings to cafes, theatres and different spots of amusement or entertainment.
When an entity employs individuals who might be casual workers, full time employees, contract based and so forth, to direct the work conditions and guarantee the labourer's privileges are ensured, it is obligatory to get enlisted under the Shops and Establishments Act, casually called Shop License.
Protect the workers by taking the PF ESI Registration.
ESI is a contributory fund that empowers Indian representatives to take an interest in a self-financed, social insurance protection support with commitments from both the worker and their manager. Much the same as the ESI conspire, the Employees Provident Fund (EPF) is a contributory store with commitments from both the representative and their bosses. While the focal point of the ESI plot is human services, Provident Fund is engaged towards post Retirement Income and Benefits. PF/ESI is advantageous for the workers.
The ESI scheme is appropriate to all processing factories and different foundations as characterized in the act with at least 10 people employed in such foundation and the recipient's month to month wage doesn't exceed Rs 21,000 are secured under the plan. Whereas when we talk about EPF, this registration is mandatory when a factory or any establishment or foundation have at least 20 employees working.
File the returns timely to avoid penalties.
Government has mandated the filing of income tax return for the person who earns income. These returns files on annual basis. All data is required to be filed like what is the source of income, expense, asset and liability. If in case person unable to file the return then there will be imposition of penalty by the income tax department. But for body corporate or company it's mandatory to file the income tax return whether you have earned or not. It's necessary for them to record its return.
On the other hand when we talk about TDS return, it's just like advance tax payment. Whenever there is advance tax payment, the amount of TDS will be deducted from the actual tax at the time of filing the final income tax return just because it's already been deposited on advance basis. Sometimes if TDS is more than actual tax then refund can be claimed by filing a particular form. For more clarity contact with Neusource.
There are different due dates as per candidate for filing an income tax return. After the completing of one financial year, liability emerges to record income tax return. Income tax return files on yearly basis so better to keep check the arrival dates appropriately. Neusource have a group of experts which is only managed in tax assessment division so better to interface with us and take the consultancy in regards to due dates and other.
Complete the lawful commitment by filing the ROC Compliances.
Just like we file returns as per the provision of other act, same as ROC returns are filed to registrar of company as per the Companies act 2013. It is compulsory for organizations to intimate about the administration through endorsed ROC structures on yearly basis. On the off chance that compliances not done on schedule, at that point there would be high punishment and imprisonment and in last organization will get strike off or shut by ROC.
Every organization is required to inform about the working to the Registrar of Companies where it is enlisted. Returns incorporate financials and yearly return. Financial records incorporate the balance sheet, profit and loss account and annual return incorporates the information with respect to rundown of investors, capital details and any changes in the existing management of company etc. These returns will be filed on yearly basis. Company is required to submit the return every year whether the business is started or not.
Secure your mark by taking Trademark.
Registering a brand name gives the proprietor the exclusive right to utilize the name, logo or trademark regarding an item or administration. Brand names secure words, names, images, sounds, or hues that recognize products and services from those manufactured or sold by others and to show the source of the merchandise.
Business proprietors that have a distinctive business name, proverb, logo, motto, image to represent their product, service or business might need to consider enrolling it as a brand name from the Trademark Office. It's fitting to go for brand name when you have any distinct logo and word mark so that an application can be filed to the trademark office and secure the identity of the business. Just after the company incorporation business person is permitted to enrol his imprint. Here an Individual or entity both has the option to file the application and secure ownership.
Maintain financial records just to know the exact position of business.
Generally the main task in organisation has to record the all financial transactions and make it organised so that one can analyse the data accordingly. Bookkeepers do the first job of recording of all transactions whereas Accountants has the work of data analysis and after that provide consultation to the organisation so that effective decision has been taken while ascertaining taxation part.
Business has some importance of bookkeeping and accounting which are,
Financial records of company are required at the time of preparing annual financial statement for submission of records to the department whether it is income tax department or Registrar of company. Records must be maintained consistently throughout the year so that exact summary can be extract from the prepared data. It is always advisable to hire a professional person from the very beginning just after the incorporation of company for preserve the records manually or electronically as the organization has internal arrangement.
Shelter the secrecy by enlisting the clauses of agreement.
After the incorporation of company, there are a lot of works has to be done by company just to start the business process. Work like site advancement, mobile application development and other work which is impossible to do in-house so for that we need to outsource these work to any vendor just to be finished in time so for this these understandings and legal drafting is required to frame with the goal that parties to the agreement can begin the work legitimately and save the confidential part of the organisation.
Organization needs to share all data to the seller as an input with the objective that a better output according to business objectives can be achieved. It's advisable to all directors and top managerial person to consistently draft the understandings before redistributing any work to the sellers.
Whenever any vendor came to the contract with the company these agreements are required. This is just the formal agreement with all clauses stated the rights and responsibilities of both parties. Appropriate stamp paper and notary is required to shape the agreement as legal papers. Parties to the contract will sign the agreement and proceed for work done for the organisation. Validity of agreement can say up to the work has not been finished. We Neusource provide all these services to our client just to protect them from any kind of fraud and misrepresentation.
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