Stamp Duty varies from State to State and therefore the amount s determined by the state in which the office of the company is registered. Registered Office could be a corporate building, or it could be residential complex whether owned or rented doesnt matter as long as you have the approval documents (like NOC) / proof of address to prove that you are allowed to carry out business operations on those premises. Here, produce are the products that have been grown or produced by farming. A draft resolution for the appointment of a board of directors. This is to be done by the directors. Entire team of Ebizfiling consists of Highly qualified CA, CS, Lawyers and business administrators. No doubt Sec 8 company enjoys lot of benefits and exemptions from government still there are some common post incorporation compliances that needs to be mandatorily followed by sec 8 company too. 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. Some attractive features of Section 8 Company. After all, you wouldnt want your newly incorporated company to be on the wrong side of the law now, would you? The first annual general meeting shall behold within 90 days from the date of its incorporation. Ebizfiling.com provides Company Annual Filing / company compliance / ROC compliance services all across India.

Ans.- the first annual general meeting of the producer company shall be held within 15 months extension of holding the annual general meeting can be granted with the permission of the registrar. These compliances are especially critical and time-bound when your company will be involved with FDI (Foreign Direct Investments) Some of the most basic post incorporation compliances include setting up a bank account and acquiring the PAN of the company. So, the Designated Partner sand Partners are required to be aware about the legal and process compliance requirements a Registered LLP should follow under various laws from time to time. Audit balance-sheet and profit and loss accounts of the Producer Company. Sec 8 company is under obligation to issue share certificates to the shareholders of the company within 60 days from the date of incorporation of the company and pay stamp duty within 30 days from the date of allotment of shares as per the relevant stamp act applicable on the state. Proceeding of the annual general meeting director report, balance sheet, profit & loss account shall be filed with the registrar within 60 days of the annual general meeting. Your email address will not be published. Form DIR 8 under sec.164 (2) read with 143 (3g) every director needs to file to the company in every financial disclosure of non-disqualification. 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. Make your Producer company ROC compliant with Ebizfiling.

no, it depends upon the activity whether it is exempt from the income tax act,1961 or not. Though there is no explicit conditions in LLP Act as to this time limit for bringing the capital, it is advisable to bring the subscribed capital with 60 days of incorporation. For non-compliance the Penalty is heavy. 50,000 to Rs. This is a state specific mandatory registration for all the business and establishments. Directors Meeting or Board meetings are very important events in decision making process and management of the company. Ms. Ishani and other team members are very helpful in the entire process of GST filing. Every director every year is required to file e form DIR 3 KYC till 30th September. Prices start at INR 6999/- only. Once you're done with company incorporation procedure , as a business owner you have to look over completeing the post incorporation compliances. These vouchers and supporting documents are the primary reference for each transactions.. To record a transaction, use the voucher as a cover note for every payment and receipt transactions with relevant supporting documents such as Supplier Invoices / Receipts with Transaction details. The company has to circulate the notice of the general meeting at least 14 days before the meeting. Form ITR 1 to ITR 7 for filing Income [], A compilation of all the ROC (Company) Filing Due dates for Financial Year 2021-22 (AY 2022-23) As soon as one financial year ends and a new one starts, it is an alarm for all the companies registered in India to [], A compilation of all the ROC (LLP) Filing Due dates for Financial Year 2021-22 (AY 2022-23) In India, if you have registered your business, it is important to follow necessary compliance for your business structure. As a Parent and Guardian of your LLP, you are responsible for the actions and inactions of a registered LLP and are personally responsible to answer the regulatory authorities for any non-compliance of any legal requirements by a LLP. In the very first board meeting of the company, following decisions/matters have to be accounted for: Companies should get their letterheads printed as soon as possible as many documents of approval and other compliances require that documents contain the letterhead of the company. Appointment of board of directors in the annual general meeting. All Rights Reserved. You can obtain Company Annual Filing in Ahmedabad, Mumbai, Pune, Bangalore, Chennai, Delhi, Kolkata, Kanpur, Nagpur, Jaipur or any other cities easily with us. 100 Lakhs. 500,000. You need to fill up that checklist and submit along with your documents for processing. no, the annual complaints of producer companies are for all companies wheater it is a working producer company or a nonworking producer company.

Thus, it becomes pivotal that the share subscription money has been received before issuing share certificates through a proper banking channel. Members of sec 8 company cannot have unlimited liability. The management should be fully aware of the post-incorporation compliance to avoid any penalties or punishments. The Auditor Appointment (ADT-1) to be filed within 15 days from the AGM.

10,000 to Rs. Producer companies mean the companies which are registered under the companies act,2013 and it is formed by (A) by any 10 or more individuals every individual should be producer (B) 2 or more producer institution (C) combination of 10 or more individual and more producer institution and the things which have been produced through farming activities. If articles specify the required number of the quorum then it will prevail over onefourth of the total number of members. Post Incorporation Compliance for Sec 8 Company is most essential and basic need from compliance view in order to avoid monetary as well as non-monetary penalties. Hello there!!! Annual Compliance refers to specific forms that the Companies are required to file with the Registrar of the Companies during a year. Ignorantia juris non excusat means ignorance of law is not an excuse. 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.

'IGNORANTIA JURIS NON EXCUSAT' : IGNORANCE OF LAW IS NOT AN EXCUSE. It is advisable to maintain physical records of each transactions throughPayment Voucher&Receipt Voucher(Click the link to download formats). Your email address will not be published. Even online service provider serving customers in another State will instantly attract GST registration. Every LLP whose capital contribution exceeds Rs.25 lakhs or annual turnover exceeds Rs.40 lakhs has to get the accounts audited by a Chartered Accountant in Practice. There is no mandatory audit requirement for other LLPs. We will get your Annual Compliance Filing Forms reviewed from you before filing the same with Registrar of Companies. Recommended for Business organization looking for services pertaining to Incorporation, Secretarial Service, Compliance, Very Prompt service and Proactive Approach! The Producer Company needs to file the Balance Sheet, P&L Account and other documents with MCA. Ultimate protection for a company name is secured only by way of aTrademark. Producer company for promotion of its objective can acquire the shares of the producer company. Q4 if any director interest changes then at which meeting he is required to disclose his interest? If the green tea leaves are processed for manufacturing then 60 percent of income is exempt and 40 percent is taxable. Section 173(1), of The Companies Act 2013 deals with conduct of Board meeting of the companies. document.getElementById( "ak_js" ).setAttribute( "value", ( new Date() ).getTime() ); Rajput Jain & Associates is a Chartered Accountants firm, with it's headquarter situated at New Delhi (the capital of India). Always available and prompt response. Ans. Ans. Delay in obtaining the registration will attract penalty to business on yearly basis. This means that, a Producer Company primarily is engaged with agriculture and post-harvest processing activities. The Annual Return must be signed by two directors of the company. Non compliance of same shall attract penal provisions and even suspension of license in certain cases. Mobile or Telephone Bill/ Latest Bank Statement(not older than two months): These documents act as the residence proof of directors and must contain the name of the director. if there are any changes in the directors interest then he is required to disclose his interest immediately following the next meeting of the board. It may subscribe to the share capital whether by way of subsidiary, joint venture. You may get in touch with our compliance manager on 09643203209 or email at info@ebizfiling.com for free consultation and to know more about the services provided by us. on monthly basis. Registering a Company or LLP with a name does not provide complete protection to the name or brand name. 011-43520194 (Landline) Email: [emailprotected], 2022 Rajput Jain & Associates Chartered Accountants in Delhi. The books of account should be kept at its registered office or such other place in India as the Board of Designated Partners may decide from to time. Statutory Audit will be done by independent auditor appointed by the Board of Directors, Complete your Annual compliance in 5 Easy Steps, Notice, Director Report, Forms are prepared. Once bank account is opened, the next compliance by sec 8 company is of depositing the share capital money in the bank account within 180 days from the date of incorporation of the company. Section 12 mandate sec 8 company to print the following information on all its Business Letterhead / Billheads/Letter Papers etc. Limited Liability : The liability of members is limited.

All newly incorporated Companies should put out a Board/ display stating their name and their registered office, it helps people find the premises as well as helps keep you visible for new prospective clients/ business opportunities. Members shall adopt the articles of association of the producer company. In addition to Rs. No, the producer company must hold a board meeting every quarter of the year.

ANNUAL GENERAL MEETING AND INVESTMENT OF PRODUCER COMPANY, Compliance for Foreign Subsidiary Companies in India, INVESTMENTS OF PRODUCER COMPANY IN OTHER COMPANIES, MEMORANDUM OF ASSOCIATION AND ARTICLES OF ASSOCIATION, PROCESS OF INCORPORATION OF PRODUCER COMPANY, TAX BENEFIT UNDER INCOME TAX FOR PRODUCER COMPANY. 1,000 per day for continuing default. State of the affairs of the producer company. As a post incorporation requirements of a company, every sec 8 company is required to file a declaration of commencement of business within 180 days from the date of incorporation of the company in accordance with the Companies (Amendment) Ordinance 2018, Section 10A, in form INC-20A. How can we assist you to get the Registration of the Producer Company? 25,000 to Rs. 100,000. The First Board meeting of multiple director OPC Company shall be conducted within 30 days of Incorporation. 40 lakhs (Service providers 20 lakhs) is required toGST Registrationunder Goods and Services Tax (GST) Act and Rules. Go to the FIRMS Portal to Report through Single Master Form [SMF]. No attorney-client relationship is created when you access or use the site or the materials. Dont worry!! There are banks offering Zero balance Accounts as well subject to conditions. Thus the directors and shareholders will have to be aware of the legal compliance involved post-incorporation of the company. This again is a state specific labour registration mandatory for all registered business whether you have any employees or not.

Section 8 Company And All You Need To Know About It, Appointing the very first Statutory Auditor. The Following are the main annual compliance for a Producer Company. an annual general meeting shall be called upon business hours, shall be on the day which is not a public holiday and held at the registered office of the producer company or some other place within the same city, town, village. You get solutions from the experts and they are very reasonable. Does a Non-Working Producer Company required to comply with the Annual Compliance, even if the Producer Company is not working? Our Retainership Packages will absolve you of all worries of taking care of book-keeping, returns filing, advisory, HR, Payroll, Vendor Management and many other legal compliances. Q1 weather the complaints of the producer company is only for the working producer company? Also, every LLP who employs people with more than the specified limit of salary (this limit varies from State to State) has to obtainProfessional Tax Employee Registration(Registration Certificate), when they start employing people. This letterhead should contain registered office name and address, CIN, Phone Number along with e-mail/ website address or both if required. does not have any law to tax profession. We request to spare few minutes periodically to review the timely compliance of requirements from time to time. is the procedure to get your company registered under MSME development Act for SME benefits. Every business with annual turnover exceeds Rs. Now you know the selecting a name for your LLP is more difficult than naming your baby. Ebizfiling would be a one stop destination for Company Compliance / ROC Compliance and filing and entire gamut of Professional and advisory services in India. It is mandatory as a post incorporation compliance for Sec 8 Company to maintain following statutory registers at the registered office of the company. Within 30 days from the date of allotment of subscription money, Form FC-GPR has to be filled on FIRMS, RBI Portal. The appointment of auditor through shareholder must be completed within 90 days. Email: contact@legalraasta.com, 405 Ocean View Legal Raasta Technologies Pvt Ltd Union park, Bandra Mumbai - 400052 Amount paid to limited return on share capital. TAXAJ gives away free Online Invoicing and cash flow management software with automatic account syncing for itsAMCclients which starts @ Rs.1500 per month.tsAMCclients which starts @ Rs.1500 per month.

Read our Comprehensive Guides for registering a company: How to register your Company and Company Incorporation Procedure No part of this site, either text or image may be used for any purpose. Note: In case the subscribers to the memorandum of association of the Company areforeign nationals or the funds have been received by the Company from the country other than India, then the FDI Reporting underFEMA Regulations, 1999 has to be complied with. Q7- can a producer company can make an investment that is not mentioned in its object? -It can not be converted into a public company. Make your Producer company ROC compliant with Ebizfiling. At this point of starting your business, please keep in mind the famous legal maxim. has to obtain the GST Registration immediately after registration of LLP. Once we Incorporate or Launch a Start Up, we are bringing a child to the world which needs proper care and nourishment in order to properly flourish and grow in the manner we want it to, here the care refers to taking care of the proper compliances & filing just after the registration of the company which can be for Ministry of Corporate Affairs, Income Tax Act, Goods & Service Tax Act, FEMA, etc as applicable from case to case. Disclaimer: The materials provided herein are solely for information purposes. It either by itself or together with the subsidiary can invest by way of subscription, purchase, or otherwise. Permanent Account Number (PAN) of the LLP, Resolution by partners of Opening and operation of bank Account, KYC details for Designated Partners and Partners of the LLP, Cheque for initial deposit of amount to Open Bank Account (This deposit can be considered as the capital infusion by the partners), Bookkeeping and Accounting starts with recording of accounting transactions such as Receipts and Payments. New Online filing eForm DIR-3 eKYC Directors, Producer company as interstate co-operative society, Key Update on 47thGSTC Meeting recommendations, Tax & Statutory Compliance Calendar for July 2022, TDS on perquisites U/s 194R & its Impact on Business, MCA Electronic Scrutiny Of Corporate Filing in India, Realisation & Distribution of Assets by Liquidator: IBC, Impact of Green Banking Sustainability on our Environment, Books of Accounts & Financial Statements of Company, Is separate GST registration need for different branches, Process to add Additional Trade Name under same GST No, Tax & Statutory & Compliance Calendar for June 2022. In simple words, section 8 Company is a legal entity for non-government or non-profit organizations. Let's take a look at these compliances. Phone: +91 8750008585 As per Section 139 of the Companies Act, 2013 every company is required to appoint its first auditor within 30 days of incorporation by its board of directors and in case the board of directors fails to appoint the auditor within said period of 30 days then they shall call an extraordinary general meeting of shareholders for appointing an auditor. Any changes in the disclosures shall be intimated by the director to board of directors in its first meeting held during each financial year. Get MSME registration in 1 day @ Rs. Stamp Duty has to be paid within 30 days of issuing the share certificates. Upon successful filing, we will send you the acknowledgment receipt via email to your registered email ID. A Current Account with a bank: Also, the details and documents and initial deposit may vary from bank to Bank. The books of account can be maintained in electronic mode subject to conditions under Companies Act. MSME 1 form company has to file this return within 30 days of the end of half-yearly in respect of pending payment of MSME vendor to the registrar of company. An Annual Return contains the details of a companys share capital, indebtedness, directors, shareholders, changes in dictatorships, corporate governance disclosures etc. If a trademark is used for goods and services underdifferent classes, separate applications are required to be filed under each class to get protection of trademark for the respective goods and services. Dont forget if you want any services with regards to companies like GST Enrollment or IEC codeor filing any of the ROC compliance you can contact us at LegalRaasta, where we aim to simplify the legal journey. The LLP can obtain this registration as and when required. The books of accounts and financial statements shall give a true and fair view of the state of the affairs of the LLP, including its branch office or offices. The annual general meeting shall be sent to every member and auditor of the producer company. For this purpose, the Partners / Designated Partners shall be treated as employees if they are drawing salary beyond the specified limits. A Producer Company means a company that is formed with a purpose of engaging in any activity that is connected to or relatable to any primary produce. How many in a year? The delay in filing LLP agreement shall attract penalty of Rs.100.00 per day till the date of fling Form 3 with ROC. Lets talk about A Limited [].

To enable the TDS remittance, Tax Deduction and Collection Account Number (TAN) is required. One Person Company

How to deal with income from Bank Deposits and FDs while computing your income? Notice of the annual general meeting mention the date, time, and place of the meeting. -Minimum of 5 directors and a maximum of 15 directors is required. Bookkeeping and Accounting starts with recording of accounting transactions such as Receipts and Payments. Every LLP is required to obtainProfessional Tax Employer Registration(Enrolment Certificate) within 30 days of incorporation. Immediately after incorporation of the LLP, the Partners of a Limited Liability Partnership are required to execute anLLP Agreementand a copy has to be filed with the Registrar or Companies in LLP Form 3 with in 30 days of incorporation of LLP. Form AOC 4 company is required to file a financial statement, cash flow statement, profit, and loss account within 30 days of the annual general meeting. Your LLP is born as an artificial legal person with certain inherent features, rights, powers and liabilities. (5) On registration the Producer Company shall become a body corporate as it is a private limited company to which the provisions contained in this Part apply, without, however, any limit to the number of Members thereof. By continuing past this page, you agree to our Terms of Service, Cookie Policy, Privacy Policy, Refund Policy and Content Policies. 2018-@ebizfiling india Private Limited All rights reserved. All the transactions in the name of the LLP should be transacted through the LLP Bank Account only. For non-compliance the Penalty is heavy.

Income Tax Department has notified 7 various forms up till now i.e. Keep in mind that this not a final decisive comprehensive list of post incorporation compliances and there could be some specfic to the indsutry of operation of the company incorporated. Every producer company each year holds an annual general meeting in addition to any other meeting and the gap between two annual general meetings shall not be more than 15 months. Scan Copy of PAN Card of All the directors, One Document ScanCopy of Driving License/Voter ID of Directors, Regular updates during the incorporation process, Filling of company incorporation e-forms with the Ministry of Corporate Affairs. The LLP has to maintain the Books of Accounts of all receipts payments and to comply legal requirements under Companies Act and other various laws. At this point of starting your business, please keep in mind the famous legal maximIgnorantia juris non excusat, which means "ignorance of law is not an excuse It is legal principle holding that a person who is unaware of a law may not escape liability for violating that law merely because one was unaware of its content. Yes, Ebizfilings packages for ROC filing fees are inclusive of the government fees for company return filings. If a company fails to maintain the prescribed books they might be looking at some fines under the penal provisions the act.

Audited balance sheet and profit and loss account if any, along with the board report with respect to-. 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. Opening of bank account may require following documents-. Filling of Annual Return of Assets and Liabilities (FLA Return) by 15th day of July every year in respect of FDI on FLAIR portal of RBI and to file FLA Return, the Company should register itself on the FLAIR portal of RBI. Every LLP has to obtain a Permanent Account Number (PAN) from Income tax department, Government of India. The general reserves of the company shall be invested to ensure the highest return.

50 Lakhs and upto 100 accounting transactions, One Year Income Tax filing upto turnover of Rs. The firm has been set up by a group of young, enthusiastic, highly skilled and motivated professionals who have taken experience from top consulting firms and are extensively experienced in their chosen fields has providing a wide array of Accounting, Auditing, Taxation, Assurance and Business advisory services to various clients and their stakeholders. Does a Producer Company require to hold Board Meetings? Every company shall file an annual return within 60 days of holding an annual general meeting in MFT 7. Certain category of payments requires Tax Deduction at Source (TDS) and the tax so deducted must be remitted to the government.

As per section 128, every sec 8 company shall maintain proper books of accounts which shall represent true and fair view of the financial disclosure of the company.