Post Incorporation Compliance
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After the company’s incorporation, there are a few mandatory company act compliance, such as the filing of INC-20A, appointment of the first auditor, Share Certificate Franking, etc.
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Introduction
What is Post Incorporation Compliance
Employee’s State Insurance (ESI) Scheme runs under an independent authority- Employee State Insurance Corporation which falls under the jurisdiction of the Ministry of Labour & Employment. This scheme is designed to provide socio-economic protection to employees working in a company. Medical benefits, sickness benefits, maternity benefits, and various other benefits to employees and their families are covered under this scheme. The scheme also extends financial assistance and medical care to the employees along with their family members insured under ESI Act. The employer and employee need to contribute to the ESIC and hence, it can be called a self-financing scheme. The employer needs to register under the ESI Scheme which can be taken online at www.esic.nic.in (Government portal) once the employer falls under the obligation of taking this registration.
Check whether your entity is covered under ESIC: (having more than 10 employees)
- Non-Seasonal factories employing more than 10 employees
- Shops
- Hotels
- Restaurants
- Cinemas including preview theatres
- Road-motor transport undertakings
- Non-Banking Financial Companies
- Port Trust
- Airport Authorities
- Warehousing establishments
- Private Medical Institutions, Educational institutions and
- Road-motor transport undertakings
Benefits
Benefit of Post Incorporation Compliance
Limited Liability
Transferable Shares
Perpetual Succession
Separate Property
Capacity To Sue
Flexibility and Autonomy
Process
Post Incorporation Compliance Process In Easy Steps
Name Of Business
First and foremost, entrepreneurs will have to decide on a name for their business that complies with company naming laws.
MCA approval
Once the MCA approves the proposed name, business owners must duly fill and file SPICe+ Form B. They will also have to upload copies of the supporting documents mentioned above.
Meet With Legal Experts
Next, the entrepreneurs will have to meet with legal experts and start preparing their Memorandum and Articles of Association.
Documents & Pay
Once all the documents required according to the Companies Act, 2013 are ready, entrepreneurs must complete the registration process online. They will also have to pay the necessary processing fees online as per their state’s slab.
Grant Certificate
The MCA officials will then review all your documents and process your application for incorporation. If satisfied, they will grant a certificate of incorporation within seven days.
Documents required
Documents required for Post Incorporation Compliance
Faq
Frequently Asked Questions (FAQ)
Generally, a private limited company is required to comply with certain basic requirements for commencing its business i.e. opening of bank account, obtaining Good and Service Tax (GST) registration or Import Export Code (IEC) and other applicable registrations depending upon the requirements of the business activities ...
Who needs a Certificate of incorporation? A Certificate of incorporation is a legal document that should be possessed by a private limited company. In other words, it is the license required by the companies to operate and do business as a legal entity.
Legal compliance is the process whereby the businesses, customers, vendors and employees follow internal, state, and central laws and regulations. The purpose of an ongoing legal compliance program is to protect the organization, its key people from costly fines and unwanted litigations.
Difference between Legal and Compliance? In short, in compliance, the department works on following the law, and the legal department works if there is any breach of the law, regulation, or restriction either by internal forces or external forces.
Compliance Officers are responsible for ensuring that all corporate processes and procedures comply with the law. And not only the law — a Compliance Officer is also responsible for ensuring that company operations comply with internal standards too.
Statutory compliance encompasses a range of legal obligations that organizations must adhere to. It includes following the provisions and regulations set forth in various labor laws, such as the Minimum Wages Act, Payment of Bonus Act, Employees' Provident Fund Act, and Maternity Benefit Act, among others.
