List of best chartered accountants in bangalore

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chartered accountants in bangalore

How to Start a Private Limited company?

Private Limited Company is the most preferred type for registering a company in India. It is most popular in small, medium and large businesses in India due to various advantages.

Private Limited Company has minimum two member and maximum 50 Member.

How much does it cost to Register a PVT LTD Company

The Govt has reduced the prices to incorporate a private limited company from 26th Jan 2018 to Rs 7000 if the authorised capital is below 10lacs.

Assuming you register the company your self. Which is unlikely because of the complexity it involves and time take for doing it.

You can hire a Chartered accountant who can assist you and finish the entire process under Rs 10000 Get the list of CA near you.

To get in touch with chartered accountants in Bangalore 

Advantages of a Private Limited Company

  • Separate Legal Entity
  • Uninterrupted existence
  • Limited Liability
  • Free & Easy transferability of shares
  • Owning Property
  • Capacity to sue and be sued
  • Borrowing Capacity
  • Documents Required for Company Registration

To Incorporate a Private Limited company a minimum of 2 Directors are required to start the process of registering the Shareholders should submit the following documents

  • Scanned copy of Pan Card
  • Scanned copy of Adhar Card/Passport/Driver’s License
  • Scanned passport-sized photograph

Note: At least one of the director should attest the documents.

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List of Things required for an incorporating a company

  • 2 Digital Signature of the Directors
  • DIN of 2 Directors
  • Authorized Capital
  • Certificate of Incorporation
  • MOA & AOA
  • PAN & TAN
  • MSME Registration

Documents for the REGISTERED OFFICE

  • Scanned copy of a Notarized Rental Agreement
  • Scanned copy of No-objection Certificate from the Building owner
  • Scanned copy of Sale Deed/Property documents (in case of owned property)

Note: The registered office need not be a commercial space; it can be a residential property also.

Registration Process of a Private Limited

First, the Director must apply for the Digital Signature Certificate (DSC), which is necessary to file the company registration documents.

As soon as the DSC is applied, pick a name for your company,
This will be used to file INC-I and the Memorandum of Association (MoA) and Articles of Association (AoA). The Certificate of Incorporation will be approved at the end of this process.

Mandatory Compliance checklist for Private Limited

Receipt of MBP-1
As per Section 184(1) of Company Act 2013, all the Director’s, in the First Meeting of the Board of Director meeting will disclose their interest in other entities under (Form MBP-1) for every financial year.

Receipt of DIR- 8
As per Section 164(2) of Company Act 2013, all the Director’s of the Company in each Financial Year will file with the Company disclosure non-disqualification.

Receipt of MGT-7
As per Section 92 of Company Act 2013, Every Company will file its E-form: Annual Return within 60 days of holding MGT-7 Annual General Meeting. Annual Return will be for the period 1 st April to 31st March.

Receipt of AOC-4
As per Section 137 of Company Act 2013, Every Company is required to file its Balance Sheet along with the statement of Profit and Loss Account and Director Report in this form.
Following Attachment need to attach along with Form AOC-4
Balance Sheet, Statement of Profit& Loss Account (Including Consolidated Financial Statement), Directors’ Report, Auditors’ Report, Cash Flow Statement and Notice of AGM.

Mandatory Compliance – within 30 Days.
Appointment of First Auditor.
Preparing and printing Share certificate
Quarterly Compliance (After Every 90 Days)
Holding the Board Meeting
Drafting the notice of Board Meeting
Preparing minutes thereof
Preparation of attendance sheets of the board meetings,
Preparing the directors’ disclosures of interest in other concerns.

Quarterly Compliance (After Every 90 Days)
Holding the Board Meeting
Drafting the notice of Board Meeting
Preparing minutes thereof
Preparation of attendance sheets of the board meetings.

Annual Compliance (Financial Year)
Yearly Compliance (Financial Year)
Obtaining the financials from Auditor;
Drafting the minutes for the pre ­AGM board meeting
Auditor’s Appointment Document has to be prepared;
Drafting of Director Report
Preparation of Annual General Meeting Minutes
Filing of AOC 4, ADT 1, MGT 7 Filing of Company Income Tax Return

What is a Fassi Registration?

As for the Food Security Act, 2006 passed by Govt of India it is mandatory for all the products that are edible must be registered and obtain a license under the FSSAI even though it’s of small or medium scale.

Even the street vendors and small eatery shops on roads come under the licensing procedure of FSSAI

Types of FSSAI Registration?

FSSAI Basic registration
This sort of Registration is required by a small business or startups which have an annual turnover below Rs.12 lakhs. Essential registration can be upgraded to state license as your sales graph increases.

FSSAI State license
This license applies to mid-sized companies which have an annual turnover of between Rs.12-20 crores.

FSSAI Central license
This license is applicable typically on large business with an annual turnover above Rs.20 crores. It is also required in cases where you need to supply at the government offices or import/export of food products.

List of Documents required to obtain FSSAI Registration

Passport Size Photo of Applicant
Pan Card of Applicant
Incorporation Certificate
Company MOA
Form A

List of The documents needed to obtain FSSAI License

Copy of Aadhaar Card/ Voter identity card of Proprietor/Partners/Director
Property papers (If owned property)
Rent agreement (If rented property)
Partnership Deed (In case of Partnership)
Along with
Declaration form.
Authority letter with name and address of the responsible person
Electricity / Water /Telephone / Mobile bill of business place
Form IX: Nomination of Persons by a Company along with the Board Resolution
Food Safety Management System plan or certificate
MOA/AOA (In case of a company)

how to hire a chartered accountant

What is a One Person Company?

This is one of the newest formats of Company bought in which has all the features like a private limited company, but the only notable difference from a Private limited company is that it allows to have just one director like the name suggests “One Person Company.”

It helps a single entrepreneur to get his business incorporated as a company and get limited liability protection.

How much is the minimum capital required for a One Person Company?

Rs. 1 lakh is the minimum capital required to start the One Person Company. If the average turnover is equal to or more than Rs 2 crores for an average of 3 years, then it needs to convert into a Pvt. LTD company.

List of Mandatory Compliance for a One Person Company that has to be observed.

Proper books of accounts to be maintained.
Statutory audit of Financial Statements
Filing of Income tax return every year before 30th September of the business
Filing Annual ROC return which includes form MGT-7

Are there any Stamp Duties that has to be paid during the Registration Process?

There is a Stamp duty which has to be paid to the state govt where the Registers office is located and following are the charges prescribed by the government

DIN (1 Nos): Rs.500
RUN Form: Rs.1000
AoA: Rs.1000 (up to Rs.10 lakh of authorised capital)
MoA: Rs.1000

What is a Partnership Firm?

Partnership firm is a where 2 or more people come together to form a Business. In a Partnership firm, the partners are the joint owners and carry out business mentioned in the partnership deed.

When should one apply for registering for a partnership firm?

A Partnership company can be registered at the time of formation of the company. The Application has to be submitted to Registrar of Firms of the location where the business is going to be operated, It is good to register the business as soon as it starts to enjoy the rights which are enjoyed by a registered firm

What will be the government fee for firm registration?

The government fees applicable varies from state to state based on partner contribution. In most states, the charges fall in the range of Rs.1000-1500 along with stamp duty.

Documents required for registering a Partnership firm.

Address Proof of all the partners
Photo ID Proof of all the partners
NOC of the owner of the Property if rented property
Rent agreement.
Ownership documents if own property

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Following are the Mandatory Documents to run Smooth operations for a business

Company PAN Card
Partnership Deed Registered
TAN number
GST Number
Registration Certificate

What is GST?

GST (Goods and Service Tax) is a Tax that is put on Manufactures, Traders and service providers across India by the Government of India to replace most of the Centre and State Taxes like VAT, Service TAX, Excise Duty and more.

What is a GSTIN?

GSTIN(Goods and Services Tax Identification Number) it is a 15 Character Alpha Numerical identification Number which is PAN-based to know if the company is registered under GST

Should I apply for my GST

Any Business which has an annual Turnover of 20 Lakhs and above are supposed Register for GST

The registration is mandatory on crossing the limit of Rs.19,00,000 in the previous year.

Note: If you are selling your goods through online platforms like Amazon, Flipkart etc, GST mandatory.

Do I need to register in GST again if I have an operational office is in a different city than my registered business?

Yes you need to register in both the states
I already registered for GST in Maharashtra. Now, I have started operations in Karnataka and need to get my business registered in Karnataka under GST. What do I do?
Yes, if the place of business is in two different states, you need to apply for separate registration even if business PAN is same.

I am a vendor selling through an e-commerce portal. Do I need opt for GST registration?

GST registration is mandatory for all businesses selling their product or rendering services through e-commerce operators like Amazon, Flipkart, Ola etcGST registration

List of Chartered accountants in Bangalore

To get in touch with chartered accountants in Bangalore 

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