Indian
QA in Numbers
Incorporation and Registration Services
Incorporation is the formal process of legally creating a corporate entity, making it a distinct entity from its owners. Once incorporated, a company is treated as an individual in the eyes of the law, endowed with many of the rights and responsibilities. Company registration in India is done under the provisions of Companies Act, 2013.
- Incorporation Services
Choosing the corporate structure and kind of organization to be formed is the first and most crucial decision each new firm must make. This action has broad repercussions for the entity’s existence as well as important effects on the tax system and regulatory needs. A well-thought-out organizational structure is flexible and scalable.
The business has to take into consideration factors like nature and type of business, source of fund raising, area of business operations, growth and future plans etc. to decide on the type of company to incorporate. Munemji helps you identify the most efficient form of business entity for your operations. Some common forms of business entities in India are:
- Public Limited and Private Limited Companies – These are the most common types of legal entities. Both these types of companies have their advantages and are chosen based on the needs and goals of the business. While a Private Limited Company is popular among startups and small to medium-sized businesses due to its simplicity and operational ease, a Public Limited Company is preferred by large organizations looking for a broader capital base.
- Limited Liability Partnerships –This follows the Limited Liability Partnership Act and requires simpler process and less time to incorporate.
- One Person Companies – A One Person Company (OPC) is a type of business entity where there’s only one individual owner. It blends characteristics of sole proprietorship and corporation, aiming to allow a single entrepreneur to enjoy the benefits of a company structure while also maintaining full control.
- Section 8 Companies (Non-Profit) – Section 8 companies in India refer to a specific type of company that is established for the primary purpose of promoting arts, commerce, education, charity, protection of the environment, research, social welfare, religion, and similar objectives. These companies have certain distinctive features when compared to other corporate entities.They combine the flexibility and legal stature of a company with the essence of a non-profit organization.
- Partnerships and Proprietorships – It follows the Indian Partnership Act where partners have unlimited liability. It involves simple and quick incorporation. Registration can be done subsequently.
- Trusts and Societies
Trust registration refers to a legalizing procedure of the trust deed (a legal contract between the Trustee and the settlor) from the respective jurisdiction’s registrar. Our professionals at Munemji can support you by ensuring you have better clarity on the governing provisions of India’s Trust. This will make sure that you can undertake Trust related actions hassle-free.
- Incorporation Application (SPICe+ form)
- Memorandum of Association – An MOA (Memorandum of Association) is the primary document for incorporation of a company and contains the essential details about the company.
- Articles of Association – An AOA (Article of Association) includes rules and regulations designed by the company. It contain the rules or by-laws and regulations that control or govern how its business is conducted and how its internal affairs are managed.
- DIN (Director’s Identification Number) Registration – DIN is a unique Director Identification Number allotted by the Central Government to any person intending to be a Director or an existing director of a company. It is an 8-digit unique identification number which has a lifetime validity. Through DIN, details of the directors are maintained in a database.
- Certificate of Incorporation – Section 7 of the Companies Act 2013 deals with the procedure for the incorporation of a company which sets out Certificate of Incorporation (issued by the Ministry of Corporate Affairs or the State Government) as the final step to the incorporation of a company. It provides legal identity to the company and a license to commence business.
- Opening of Business Bank Account – After incorporation, a company can open one or more current account in any bank for transaction of its business. Munemji takes care of all the required documents and steps for this service.
Conversions
According to section 18 of the Companies Act of 2013, any type of company that has already been registered can change into a different type of company by making a few amendments to the Memorandum of Association (MOA) and Articles of Association (AOA) of the company.
- Private limited company into Public limited (and vice-versa)
There are many Private limited companies in the Indian economy. But every one of them eventually wants to go public in order to scale more easily. Initial Public Offerings are an option that public limited companies provide (IPO), which is one major attractions.
The Central Government has the authority to approve conversions, freeing up the tribunals from handling conversion cases and making it easy for the companies themselves. Following that, the Central Government granted the Regional Director authority to approve the conversions through notification S.O. 6225 (E) dated December 18, 2018.
- Proprietorship concern & partnership firm into a company
One can change sole proprietorship into a company once the business is established and thriving. An agreement to sell the firm is often drafted between the Proprietorship and the Private Limited Company once it is incorporated.
- Limited Liability Partnership, and conversion thereof into a company
There are a number of conditions that must be met before an LLP can become a Private Limited Company. The consent of partners, newspaper advertisements in both local and national publications, an NOC from the ROC where such LLP is registered etc. are some documents that are required. Munemji offers its deep-domain knowledge for any conversions in the business arena.
Registrations
Munemji has in-depth knowledge and deep-domain expertise in registration services required for businesses in India. Our experience span across various domains and for various purposes. Additionally, we have complete awareness of the standards, guidelines, and best practices in banking and taxation. As a result, we can build your case to meet the particular requirements of starting your business. We provide solutions to clients for services that include:
- GST and other tax related registration
- PAN and TAN allotment
- SEZ, STPI / EOU registration
- Start – up India
- Under MSME Act – UAM
- ISO certification – Non IAF / IAF
- Import Export Code ( IEC )
- Digital Signatures (DSC) – This is mandatory to obtain the DIN
Account & Book-Keeping
Recording financial transactions and day-to-day activities is the backbone of any business. Robust accounting helps businesses present in-depth data leading to meaningful insights that can translate into the financial health of a company. Munemji provides end-to-end accounting and book-keeping services in India. Our expertise pans across multiple business verticals and accounting environment.
Statutory Compliances
The type of entity, the nature of business, the location, etc. all affect the filing requirements. However, a system of self-declaration is in place in accordance with the country’s current taxation and compliance requirements. This implies that all entities have a duty, under various acts, to periodically report business performance and to pay taxes in line with that. Misreporting and improper filing can have serious repercussions, including fines and legal action. Hence, it makes strategic sense to take onboard a trusted partner like Munemji to help with this critical aspect of business.
Financial Projections & Reports
Over 15 years of experience
Munemji to do it for you! We will work with you to ensure that all information is accurate and accounted for, and you don’t miss your deadline dates. Go on, it’s easy!
