CA – Blog

During audit review we used to see many IT service providers, not registering with STPI. If you are earning in foreign exchange currency, by providing services in IT (Informational Technology) area, then register with STPI. It will save you from many hassles from government department.

Two types of registration available.

1. Registering as STPI unit (Suitable for companies registered with MCA)

2. Non-STPI registration (Any form of entity can register, including individuals)

Why to register?

a.      STPI certify your export invoices through SOFTEX form procedure.

b.      GST department will not harass you with show cause notice. Even if they harass, you have certified export invoice.

c.      You can import duty free IT systems if you are registered as STPI unit and established a bond with custom.

For any questions in STPI registration and monthly compliance’s, you can contact us

Registering a company in India involves several steps and compliance with the regulations laid out by the Ministry of Corporate Affairs (MCA). Here is a general overview of company formation steps in India:

1. Choose the Type of Company:
• Decide on the type of company structure you want to register (Private Limited, Public Limited, Limited Liability Partnership, etc.).

2. Company Name Reservation:
• Check the availability of the proposed company name through the MCA’s official website (mca.gov.in). Then reserve it by filing SPICe+ part A and pay a fees of Rs. 1000/-

3. Digital Signature Certificate (DSC):
• Obtain a Digital Signature Certificate for the proposed directors and shareholders.

4. Director Identification Number (DIN):
• Obtain a Director Identification Number for all the proposed directors by filing DIR-3.

5. Preparation of Documents:
• Prepare the necessary documents, including the Memorandum of Association (MOA) and Articles of Association (AOA)

6. Filing the Incorporation Application:
• Once the company name is approved in SPICe+ Part A then continue with remaining forms. Click on each form and update the information.
• SPICe+ Part B – will have the details of directors, shareholders, share capital, etc.
• INC 9 – Declaration by first directors and shareholders
• INC 33 – Memorandum of Association (MOA). Copy the data that you have already prepared.
• INC 34 – Articles of Association (AOA). Select the articles for your company type and click the check box to adopt it. Edit the first director section and update the first directors
• AGILE Pro – This is a new initiative by MCA. In this section you will apply for PAN, TAN, GST, Bank account (currently two banks are allowed to select PNB and ICICI Bank), EPFO registration.
• Submit the forms, download and digitally sign and upload.

7. Payment of Fees:
• Pay the required fees for the incorporation process and submit.

8. Verification of Documents:
• The MCA will review and verify the submitted documents. If there are any discrepancies or additional information is required, you may be asked to provide it.

9. Certificate of Incorporation:
• Once the documents are verified, the Registrar of Companies (RoC) will issue a Certificate of Incorporation (COI). This is proof that the company has been legally formed. In the COI you will have PAN, TAN.
• You are supposed to get the account opening intimation from banks, visit the nearest branch and complete the KYC.
•As per my experience GST not opened automatically, we ended up filing for GST separately for many clients.
•EPFO email you will receive after one or two months

10. INC20-A:
•This is an important form that you have to file after depositing funds in the bank account by the share holder.
•Make sure that all the share holders deposit the full amount in one transaction, in the form you can enter only one date of deposit per shareholder.
•After filing this form only the company can start commencing the business activity.

https://lnkd.in/gapKx3wf

Arunkumar R
Chartered Accountant
www.ca-arunkumar.com
Arunkumar and Associates

Contact us at Arunkumar and Associates