New Company Registration in India:
In India having New Company Registration or incorporating a business is the very first and the most important step to start your own business firm and is regulated by the Companies Act, 2013. Any New Company Registration is done to make your business more compliant with the law and order. Registering your company basically depends on its type and its nature of work. There different types of company that can be registered in India. These are namely; Private Limited Company, Limited Liability Partnership, One Person Company, Sole Proprietorship Firm, Partnership Firm, Public Limited Company and Section 8 company.
Also Read: Different Types of Company Registration in India
Process of New Company Registration in India:
Each and every type of Company Registration in India has to follow certain procedures for its incorporation but some steps of incorporation are basic and same for every company. The following steps are involved in New Company Registration procedure–
- Obtaining Digital Signature Certificate (DSC).
- Acquiring the Director Identification Number (DIN).
- Registering as New User or Filing e-Form on Ministry of Corporate Affairs (MCA) website.
- Obtaining Certificate of Incorporation of the company.
List of Compliance for New Company Registration in India:
The Companies Act, 2013 provides with the compliance steps that every company has to go through after its registration. The list of compliances to be followed by New Company Registration are-
- Commencement/ starting of a business- Every new company must fill Form INC-20 to declare its commencement within 180 days of company’s incorporation.
- Opening of a bank account- Opening a bank account on the name of the company is one of the main tasks to be done within 30 days of commencement of the business.
- Depositing of the capital-Company needs to issue certificates to the subscribers within 60 days of incorporation to collect or deposit the paid-up capital by the subscribers.
- Issuing the shares of the company- after collecting the paid-up capital the company must issue the shares to the subscribers.
- Appointment of a Statutory Auditor- Within, 30 days of Registration, the Board of Directors has to appoint a Chartered Accountant as per Section 139 of the Act. He/ she might be called as the First Auditor of the company.
- GST Registrations whenever required- If required the company has to get a GST Registration.
- Registration of Intellectual Property- The companies need to register for the Intellectual property like copyrights, patents, etc.
- Company name’s exhibition- It is compulsory for the company to exhibit the name of the company by creating a banner or board at its registered office.
- Providing with an address of the registered office- If at the time of incorporation the company was not able to furnish a proper registered office to the Registrar of Companies then it must do the same after its incorporation by providing a registered office address.
- Acquiring a Importer Exporter Code (IEC)- It is important for entities having New Company Registration to acquire an IEC certificate, if it deals in export and import of goods and services.
- Obtaining license under the Shops and Establishments Act- If there are shops and establishments of any kind involved in the business then license is required for all of them under the mentioned Act.
- Registration of Professional Tax- The companies are required to registered under the professional taxes.
- Registering for PF and ESI scheme- If required the entity is has to be registered for PF and ESI scheme in special circumstances.
- Drafting of documents- Drafting the important documents like agreements and contracts, etc. must be done.
- Disclosing the interests of the Directors- The interest of the directors in the company and in other corporate entities is to be clarified and disclosed.
- Getting Corporate Stationery- Corporate stationery like bills, letter heads, etc. for the organization with its name, address, contact info is to be made.
- Maintenance of Registers and Records of Statutory importance- The companies needs to maintain statutory records of its operations and transactions.
- Bookkeeping and Accounting- Preparing the Books of Accounts is mandatory for the organization.
- Any other important compliance and provisions- Any other changes in the corporation must be duly notified to the Registrar of Companies.
