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Initial Company Secretarial Activities

 

Issue of the certificate of incorporation is the beginning of the corporate journey of your startup. As a company is a well-regulated form of business and is governed by the provisions of the Companies Act, 2013 it has to do a few initial compliances by a Company Secretary, that is mandatory and time-bound.

Initial Companies Act Compliance for Companies What is important
Mandatory & Time-Bound Companies Act Initial CS Activities.
Non-compliance results in penalty Share Certificate Franking
Easy and 100% Online Process Shops & Establishment Act Regn.
Free consultation with CA/CS Professional Tax Registration
Activity-based registration/License

Companies Act Related Post Incorporation Compliance

Intimation of Registered Address to ROC:

Intimation of Registered Address to ROC

 Nowadays a company may be incorporated on a Communication Address also. In other words, if you have not intimated the registered address , do it within 30 days of incorporation by filing a Form INC -22

Commencement of Business:

Import or Export by Food Business Operator (FBO)

 Every subscriber to the MOA (Promoter Shareholder) must remit their part of paid-up capital to the Company Bank Account. Then file Form INC-20A as a declaration for Commencement of Business.

Share Certificate & Franking:

Share Certificate & Franking

The Share Certificate to the subscribers of the MOA needs to be issued within 60 days of incorporation and stamp duty of appropriate value must be paid to the concerned state government.

First Auditor Appointment:

First Auditor AppointmentThe Directors of the Company must appoint the Statutory Auditor within 30 Days of the Incorporation, failing which the auditor must be appointed by the shareholders in an EGM within 90 Days.

Tax & Local Registrations Based on the Registered Address of the Company

GST Registration:

GST Registration

 GST Registration is one of the most basic registration for a business. Without GST Registration you may not be able to supply goods or service beyond your state. GST is a tax on the supply of goods or services for business.

MSME Registration (UDYAM):

MSME Registration (UDYAM)

 The Micro Small and Medium Enterprises are the beneficiaries of several government schemes and concessions, as every startup generally qualifies to be an MSME, It is strongly recommended to register as MSME and obtain Udyam Certification.

Shops & Establishment Act:

Shops & Establishment Act

 This is the registration with the local labour office under the relevant Shops & Establishment Act as applicable to the state where company is incorporated. It is mandatory within 30 days of incorporation of the company.

Professional Tax Registration:

Professional Tax Registration

 Except for northern India, the Professional Tax is applicable in most of the states, a company need to register with PT Office and pay the professional tax within 30 Days. In some states, the PT Registration for directors is also desirable

Import Export Code:

Import Export Code

 For import or export out of India, the IEC is necessary which is a PAN Based registration of the company with the DGFT. We can get you the IEC within the same day

Activity-Based Registrations:

Activity-Based Registrations

 There are several other Registrations or Licenses which your company may require based on the business activities, such as Trade License, FSSAI Registration or License | Drug License | PSARA.

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What are the restrictions on Auditor under section 144 of the Companies Act, 2013?

Section 144 clearly lays down certain restrictions on the auditors to ensure independence and integrity on the part of auditor while discharging their responsibility as an auditor of the company. The law prescribes that an auditor must not engage in providing below services to the company or its holding company, whether directly or indirectly

  • Accounting and bookkeeping services;
  • Internal Audit;
  • Design and Implementation of any financial information system;
  • Actuarial Service
  • Investment Advisory Services
  • Investment Banking Services
  • Rendering of outsourced financial services;
  • Management Services; and

In other words, a statutory auditor must not do anything for the company other than the audit of the finalised final accounts of the company. The company is under responsibility to prepare the books of account and draft the balance sheet, profit and loss account, other financial reports and give to auditor for expression of his opinion and Audit Report.

What is e-form ADT-1?

The form ADT-1 is the prescribed e-form through which a company has to file an intimation to the ROC about appointment of the auditor with prescribed fee. The filing of ADT-1 is mandatory if the auditor is appointed by the General Meeting, however in case the appointment is through board of directors meeting the filing of ADT-1 is not necessary.

What is the time limit for filing the eform ADT-1?

The form ADT-1 has to be filed within 15 Days of the appointment of the auditor.

Is there any government fee payable for filing the Form ADT-1?

Is there any government fee payable for filing the Form ADT-1?

Yes, the general fee as prescribed under the rules are also applicable for filing the form ADT-1 and the fee is based on the authorised capital of the company. Below is the list of the filing fee for the declaration for the certificate of commencement of business.

SI. No Authorised Capital (INR) INR
1. Less than 1,00,000 200
2. 1,00,000 to 4,99,999 300
3. 5,00,000 to 24,99,999 400
4. 25,00,000 to 99,99,999 500
5. 1,00,00,000 or more 600

Can I file the Form ADT-1 even when I miss the deadline of 15 Days?

Can I file the Form ADT-1 even when I miss the deadline of 15 Days?

Yes, you have the option of filing the intimation of auditor appointment in form ADT-1 even if the due date is missed, however with an additional fee to be paid based on the delay of the number of days from the due date. Below table is for reference to calculate additional fee.

SI. No Delay Additional Fee as times of Normal filing fee
1. Delay up to 30 Days 2 Times
2. More than 30 days and up to 60 days 4 Times
3. More than 60 days and up to 90 days 6 Times
4. More than 90 days and up to 180 days 10 Times
5. More than 180 days 12 Times

Can I file the Form ADT-1 even when I miss the deadline of 15 Days?

for any contravention of the provisions of section 139 to 146 there is severe punishment prescribed in section 147 of the Companies Act, 2013 which is as under

  • The company is liable to minimum penalty of Rs. 25,000, which may extend to Rs. 5,00,000
  • Every officer of the company is liable to punishment in the form of imprisonment for a term of up to one year and a fine ranging from Rs. 10,000 to Rs. 1,00,000/- or with both
  • In case an auditor has contravened any provision then he is liable to punishment which shall be minimum of Rs. 25,000 and may go upto Rs. 5,00,000. However in case of any wilful contravention the punishment may include imprisonment of two years.

What are the documents required for filing the intimation of auditor appointment in ADT-1?

Following are the documents which need to be prepared for appointment of the auditor of the company

  • Consent of the Auditor
  • Minutes of the Board Meeting
  • Extract of the Resolutions Passed at the Board Meeting
  • Letter to auditor of his appointment

What is the purpose for the appointment of the Auditor?

An auditor is appointed to do audit of the financial statements of a company on completion of the same the auditor has to issue an Audit Report expressing his independent opinion on the financial statements prepared by the company, whether or not it reflects true and fair view of the books of account and affairs of the company. The appointment of the auditor has to be done to meet the compliance requirements as prescribed under section 139 to 148.

Do we need to file ADT1 for first auditor of the Company?

The ADT-1 is the statutory form which is filed with the ROC for the purpose of intimation of the appointment of the auditor of the company in general meeting. In case of the first auditor the appointment is done by the board of directors, hence the requirement of filing ADT-1 is not necessary, However as a matter of caution, you may choose to file ADT-1 as the law on this subject matter is not express.

What are the documents which has to be prepared for payment of stamp duty on share certificate?

The documents to be prepared for the purpose of franking of the share certificate are as under, the procedure is through state-specific, however, in general, the below list would be acceptable for most of the states.

  • Covering Letter on the letterhead (duly affixed Rs 10/- Court Fee Stamp).
  • List of Directors of the Company
  • List of Shareholders for which share certificate is issued
  • Copy of the Share Certificates issues
  • Certified copy of Spice Form (INC-32) with Fee Challan
  • In case of subsequent allotment PAS-3 Form with Challan
  • Signed copy of the MOA & AOA
  • Authority letter in favour of Director / professional

Is stamp duty payable on issue of share certificate in dematerialized form?

Yes, the stamp duty is applicable for all kinds of securities, in case it shares the rates are different for different states, whereas in case of debenture the rate is same for all over India as it is covered under union list.
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