Startupwala Team 23/05/2018
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).
#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
- 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.
- 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.
- 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
- 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
- MSME registration is the procedure to get your company registered under MSME development Act for SME benefits.
- Get MSME registration in 1 day @ Rs. 1699 through Startupwala.com
#7 Trademark Registration
- Many brands in the world value their trademark more than their any other physical assets and want to protect it through; Trademark Registration.
- Get Trademark registration in 1 day @ Rs. 1499 through Startupwala.com
#8 Accounting Process
- Get your Invoicing, book keeping and cash flow management set right from the beginning
- 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
- 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.
- 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
- Startupwala gets you Statutory Registers and Minutes binders free of cost with its AMC services.
#10 Board of Directors Meeting
- 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).
- 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
- In case of a OPC Company which has 1 Director, Board of Directors meeting is not Applicable.
#11 Income Tax Return Filing
- 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.
- Non-filing of Income Tax Return attracts interest, penalty, prosecution and scrutiny from the Income Tax Department.
- IT return is mandatory even if the company does not make any income during the year.
#12 OPC ROC Filing of Annual Return
- 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.
- 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.