Starting Up Gyan

Starting Up Gyan

12 Must Do Post Incorporation Compliance for your OPC [Infographic]

Startupwala Team
December 4, 2017
Managing Boring Stuff

Every company starts with a mission to make the world a better place. To make this journey a joyful experience timely OPC ROC compliances are the must.

This Infographic guide has everything you need to know about post incorporation compliances (Step-by-step).

AMC for OPC ROC Compliance

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(Per Month)
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Share Certificate Book + Minutes Book
+ Statutory Register + Online Accounting Software
worth Rs. 7000 with your AMC

#1 Opening a Company Bank Account

  • Documents Required
    • Company PAN Card
    • Board Resolution for opening and operating company bank account

#2 Depositing of Share Capital money into Bank Account

  • Time frame
    • Within 60 days of the Incorporation of the company, the shareholder must deposit the capital into company bank account

#3 Issue of Share Certificates to Shareholders

  • Time frame
    • The company must issue Share Certificates to its shareholders within 2 months of its Incorporation
  • Importance
    • A share certificate is a documentary evidence of a number of shares held by an individual in the Company.
    • For non-compliance the Penalty is heavy. Fine to the Company range from Rs. 25,000 to Rs. 500,000. To Individual directors, penalty from Rs. 10,000 to Rs. 100,000.
  • Tips
    • Startupwala can get you Share Certificates booklet or issue of duplicate share certificate free of cost

#4 Disclosure of interest by Directors

  • Time frame
    • Every Director of the Company in its First Board meeting after incorporation will disclose his or her interest (ownership or shareholding or directorship) in any other company/LLP/Firm.
  • Importance
    • This is a very important compliance, which helps board of directors to take transparent decisions in the interest of the Company and to take up related party transaction compliances.

#5 GST Registration

  • Requirements
    • If your current supply of goods or service is over Rs. 20 lakh, you need to get a GST Registration (if your business operates exclusively in the North Eastern states, Rs. 10 lakh).
  • Expert Tips
    • Anyone supplying goods or services to another state, need to apply for GST regardless of turnover.
    • Even online service provider serving customers in another State will instantly attract GST registration.
    • Get GST registration in 1 day @ Rs. 1999 through Startupwala.com

#6 MSME /SSI Registration

  • Requirements
    • MSME registration is the procedure to get your company registered under MSME development Act for SME benefits.
  • Tips
    • Get MSME registration in 1 day @ Rs. 1699 through Startupwala.com

#7 Trademark Registration

  • Requirements
    • Many brands in the world value their trademark more than their any other physical assets and want to protect it through; Trademark Registration.
  • Tips
    • Get Trademark registration in 1 day @ Rs. 1499 through Startupwala.com

#8 Accounting Process

  • Requirements
    • Get your Invoicing, book keeping and cash flow management set right from the beginning
  • Tips
    • Startupwala gives away free Online Invoicing and cash flow management software with automatic account syncing for its AMC clients which starts @ Rs.749 per month.

#9 Company Minutes Book & Statutory Registers

  • Requirements
    • An OPC Company with multiple directors has to maintain and update from time to time 7 to 8 mandatory registers like Register of shares, Register of Member, Register of Directors etc, besides Minutes of the Board Meetings and Annual General Meeting.
  • Importance
    • Statutory Registers and Minutes book are documentary evidence of decisions of the Company.
    • For non-compliance the Penalty is heavy. Fine to the Company range from Rs. 50,000 to Rs. 300,000. In addition to Rs. 1,000 per day for continuing default
  • Tips
    • Startupwala gets you Statutory Registers and Minutes binders free of cost with its AMC services.

#10 Board of Directors Meeting

  • Requirements
    • The First Board meeting of multiple director OPC Company shall be conducted within 30 days of Incorporation.
    • Further, minimum 2 Board Meetings shall be held in a calendar year (one meeting in every 6 months).
  • Importance
    • Directors Meeting or Board meetings are very important events in decision making process and management of the company.
    • Following the legal procedure is very important for compliance purpose, non-compliance may lead to legal problems in case of disputes among the Directors
  • Tips
    • In case of a OPC Company which has 1 Director, Board of Directors meeting is not Applicable.

#11 Income Tax Return Filing

  • Requirements
    • Income Tax return is a statement of Company's earnings from various sources of income, tax liability thereon, details of tax paid and any refunds that have to be given by the government.
    • Filing of Income Tax return is an annual event and need to done once in a year.
  • Importance
    • Non-filing of Income Tax Return attracts interest, penalty, prosecution and scrutiny from the Income Tax Department.
  • Tips
    • IT return is mandatory even if the company does not make any income during the year.

#12 OPC ROC Filing of Annual Return

  • Requirements
    • Every OPC is required to file its Annual Return (MGT-7) with the ROC within 60 days of the event date.The Financials including Balance Sheet, Profit and loss account (AOC-4) to be filed within 180 days from end of the Financial Year. The Auditor Appointment (ADT-1) to be filed within 15 days from the AGM.
  • Importance
    • The ROC Annual Filing is an annual event giving details of Management, Financial performance and Governance to the ROC under whose jurisdiction the Company registered office is located.

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