In this article we will discuss Producer Company Registration in Rajasthan, A Producer Company is a Corporate legal entity ( Producer Company Registration ) formed by primary producers, viz. farmers, milk producers, fishermen, weavers, rural artisans, craftsmen. A Producer Organisation can be a producer company, a cooperative society or any other legal form which provides for sharing of profits/benefits among the members. In some forms like producer companies, institutions of primary producers can also become member of PO.
Producer Company is registered as a private limited company with the last word of the producer company in the name comes with producer Limited, There is no limit for the maximum number of members in a producer company and there should be minimum 10 members and the minimum director in the company should be 5.
What are the Benefits of producer Company Registration in Rajasthan
Benefits and Income Tax Act for Agriculture Income
Loan facility can be provided to the members by the company
Can accept deposits in the form of fixed or recurring deposits
Good Pricing for produce
Procuring at cheaper price compared to individual purchase
Reduced Cost of Transporation
Reduced Cost of Production
Benefit of economies of scale.
Assistance by government in various schemes
NABARD has taken up the cause of supporting and to meet the needs of Producer Companies. It set up a Rs. 50 crore Producer Organisation Development Fund (PODF) in 2011, out of its operating surplus
What is Primary Produce
Primary produce means the produce of farmers from agriculture and allied activities or produce of persons engaged in handloom, handicrafts and other cottage industries, including any by-product and product resulting from ancillary activities thereof.
Primary produce also includes any activity intended to increase the production or quality of the aforementioned products or activities. Persons engaged in agriculture, horticulture, animal husbandry, fishery, sericulture, apiary, handloom, handicrafts, etc., can become members of the appropriate PO. Persons engaged in the collection of minor forest produce are also eligible for membership of PO although they gather these from forests and strictly are not producers
Documents Required for Members and Directors :
Bank statement or Bank pass book with name address and Last entry should not be older than 2 months
Passport size photograph of all the applicants
Certificate/Identity that all the applicants are involved in the activities relating to producer company
Construction business can be done both government or in a private sector in India for private sector business you need to apply for vendor code to the top construction companies in India who will assign you the particular construction work in the particular area through a work order and you may also apply construction work for a government projects by applying the e procurement website of State government or Central government,
please note that for government contractor you need to apply for empanelment as a contractor with the each of government departments.
Procedure for registration of a construction company in India
In this article we will discuss about registration of construction company in India, the construction industry is a very high growth industry right now and it is expected to remain high in the next coming years, the construction business is a capital intensive business and you may require to buy an equipment to carry on the business process human need labor and most importantly you have to decide your category of construction whether you want to be a general contractor or you want to acquire a specific niche for your business.
Construction Company can be registered in the following type of business is structures in India
Limited limited partnership
Private Limited company
Public limited company
You can your start your construction business with any of the above mentioned legal entities in India
You can choose to register any one of the legal entities in India in this article we will share you the information about registration of private limited company for construction business in India.
As private limited company is the most popular form of business structure for doing the construction business in India and it is now very easy to register a private limited company
Procedure for registration of private limited company for construction business in India
Decide name of the company
The name of the company e will be like ABC construction Company Private Limited, ABC construction Private Limited, ABC infra Private Limited, ABC infrastructure Private Limited.
Objects of Company should have Construction and Infra Activities
Memorandum of association of private limited company contains the main objects that are required to be carried on while pursuing the activities of the company, the main object of the company should contain the construction activities and infra activities so that company can legally do the construction business in India as per its charter documents.
Prepare documents required for construction company registration
Following documents are required for registration of a construction
Bank Statement with current address
Electricity bill office address
Rent agreement office address if office address is on rent
NOC from owner
Please note that minimum two members and persons are required for registration of a private Indian company so that the documents required will be of minimum two persons who will be directors of the company and also the shareholders, you can have different scenario use as per your requirements that who will be directors, who will be shareholders, how much shares will be held among the directors for shareholders
Find company secretary or any other professional for your registration process of your construction company
Now you can find the company secretary who will assist you in guiding the registration process for your private limited company for construction business also incorporation documents are required to be attested by the professional company secretary, chartered accountant or cost accountant in practice
Choose choose bank account in which you want to open a bank account for a company
The MCA has eased the incorporation and business process as now it is mandatory to have a bank account for every new company at the time of incorporation only so you need to choose the bank account in which you want to open a bank account and once your company is registered you will get a bank account number on your email id and Bank officials will contact you.
Submission of incorporation application for registration of as Private Limited Company (construction Company)
Once the above formalities are completed now you are required to apply for incorporation of a private limited company online through Spice + , if you have appointed any professional company secretary or chartered accountant or a cost accountant then he will process your incorporation form.
Registration of Private Limited Company by registar of Companies
Once the above application is approved by the registrar of companies then you will receive the certificate of registration of a company and your private limited company is now registered
What legal documents I will get once the company is registered
Along with the legal registration of a private limited company you will get the following documents aur certificates issued from various departments along with the company registration
How to enroll with Limited companies for construction company in India
Now if you are doing the construction work initially you need to enroll as vendors with different Limited companies that is big construction companies in India, these companies will provide you a construction work according to the profile of your company if they finds it good you can start initially with a small amount of work
Preparation of company profile of Construction Company in India
I need to create a business profile of your company business profile should mention all the details regarding company its directors and promoters the past experience and future prospects of the director’s and the expertise in education qualification of directors
Following points to be mentioned in a profile of construction company
Name of the company
Address of the company
Details details of directors along with their experience and education qualification
Projects undertaken or association if any
Details of past experience
Any other relevant details
Search for the project manager of company and book appointment
Now search for the project manager of a company in which you want to get the work and book appointment with him for meeting
When the meeting is fixed you need to submit your profile and ask him to provide particular work at the site.
Submit quotation for the project work of construction company
Now you are required to submit the project quotation to the project manager for a company designated officer
Issuing of work order by company
Once company is satisfied with your profile and your quotation then company will issue a work order , work order will mention all the terms and conditions regarding payment and work to be done so I need to carefully read the details conditions of the work order.
Acceptance of work order
Once you are satisfied with the work order terms and conditions and payment terms then you can accept the work order and send the acceptance to the company
Start your construction activities
Now start your construction activity activities at a particular site provided in the work order.
Issue of work contract invoices to company
for the work completed you need to issue the particular work contract invoices that you got to the company time to time and get the payment for the work done.
Filing of your GST returns
Now file your GST returns according to the work order invoices your issued and input credit you have claimed this can be done by maintaining the regular books of accounts of your company for that you may hire an experienced accountant in this purpose also you can take help of fast legal team for completing your accounting and GST return filing work.
Singapore is Considered as one of the best Countries in the world, Singapore is among the top countries in the list of Ease of doing Business Rankings published by world bank. It takes around 2-3 days to fully incorporate a company in Singapore, In this article we will talk about the detailed procedure on how to register a company in Singapore
Foreign Nationals who wants to register or incorporate a Company in Singapore must engage a Corporate Service Providers who provides Company Registration and Incorporation services, Corporate Service providers are local consultant who are basically authorized by Singapore Company Registry to deal with incorporation procedure, further it is much better to have guiding person with us always who can let us understand and help in legal compliance requirements as mentioned in Company law and regulations of Singapore
Minimum Requirements for Registration a Company in Singapore
Name of Company
Directors of the Company
Shareholding of the Company
Share capital of the Company
Registered office address of the Company
Company Secretary of the Company
Name of the Company
Name approval is the first step for registration of Singapore Company , name approval application is required to be filed online to ACRA.
Please make ensure that before applying for new name of Singapore Company you must follow the following guidelines:
The name cannot be identical or similar to an existing business in Singapore
The name must not be trademark registered for
The name cannot be vulgar
The name must not be applied by another company and is approved
If the Name contains the word like “Legal” “Law” “Broker” or “School” , This is subject to approval from respective regulator and may take time in name approval process.
It takes around 1 hour to 1 Day for name approval
Name approved is valid for 120 Days from the date of approval
Directors of the Company
Directors of the Company plays the main role in the functioning of the company , following are requirements for Directorship in Singapore Company :
Both Foreign Nationals and Singapore Resident can be Director in Singapore Company
One Resident Director is mandatory for Singapore Company
Corporate cannot be Directors in Singapore Company
Shareholding of the Company
Company must have minimum 1 Shareholder
Maximum Shareholders can be up to 50
Natural Person or Corporate Entities both can be shareholders
Share Capital of the Company
Minimum Share Capital is S$1
If Company wants to increase its Share Capital it can do so by injecting additional funds to the capital of the Company
Registered office address of the Company
Every Company is required to have registered office address of the company within Singapore, Company is required to maintain and keep statutory documents at the registered office address of the company.
Company Secretary of the Company
Every Company is required to appoint Company Secretary within 6 months from the date of incorporation of Company
Company Secretary must be natural person
Company Secretary must be resident of Singapore
Steps for Registration of Company in Singapore
Company Registration is simple , quick and hassle free in Singapore, it will take around 1 to 3 days to incorporate a Company in Singapore, following are the steps required to followed for registration of Singapore Company
Choose Corporate Service Provider
Due Diligence form
Reserve Your Name
Signing of Company Registration Documents
Application for Incorporation
Choose Corporate Service Provider
First thing that you need to do is to choose Corporate Service Provider who is officially registered company service provider.
This will help your new company to comply with Singapore Accounting and corporate regulatory Authority (ACRA), an Agency for Company Registration of Singapore government.
The Corporate Service provider will guide you through the complete business incorporation procedure according to your needs.
Now you are required to file Singapore Company Registration On boarding form.
Documents required for Incorporation of Singapore Company
For Individual Shareholders
Following Documents are required for each Officer, Shareholder and Beneficial Owner of the proposed company:
NRIC or Residency card , if applicant is Singapore resident
Residential address proof (i.e. a driver’s license, a recent utility bill, rental agreement, etc.)
Brief professional background. Brief Professional Background can be provided in the form of a curriculum vitae (CV), resume or link to the person’s LinkedIn profile or other profile.
For Corporate Shareholders
If the shareholder is a corporate entity, the following documents will be required for the corporate entity:
Certificate of Registration issued by the Registrar of the jurisdiction where the company is registered
Company Extract from the Company Registrar of the jurisdiction where the company is registered that contains the following information:
Company’s name, Registration number, and Registered address
Paid-up Capital and particulars of all Shareholders and Directors
Business activities that the Company is engaged in
Authorized Person Resolution passed by the director(s) of the shareholding company that includes the following:
Authorization to hold shares in the proposed Singapore Company
Appointment of an Authorised Person to sign the Singapore Company formation documents on behalf of the shareholding company
An ownership structure chart that identifies the Ultimate Beneficial Owners (UBO) of the shareholding company. Identification documents for the key UBOs may be required for KYC due diligence.
Due Diligence Form
Due Diligence are carried out by Company Service Providers for foreign nationals that the proposed promoters of the Company are legitimate and their business activities are in according to laws of Singapore.
Due Diligence helps both Promoters and Corporate Service providers from problems arising out in futures and it will be in better interest of both promoters and corporate service providers
This helps protect both your interests and the interests of your company registration service provider. While Singapore is one of the most transparent places in the world to do business, it’s important that it’s a level playing field for everyone.
It is must that you must file the company on boarding form accurately with correct information so not to face any difficulties while incorporating a company.
Reserve Your Name
Once the above steps are complete you can now proceed for name reservation application , Please note that name reservation should be in accordance with the guidelines as mentioned above.
Signing of Company Registration Documents
Corporate Service provide will send you required documents for singing and you need to get the documents signed asap and sent it to your CSP
Application for Incorporation of Company
Once the Above documents are signed and sent , corporate service provider will file incorporation application
अगर आप कोई बिजनेस स्टार्ट कर रहे हैं और आप सोच रहे हैं कि उस बिजनेस को आप प्राइवेट लिमिटेड कंपनी (Company Registration ) में कैसे रजिस्टर करें।
चाहे आपका बिजनेस कोई भी हो आप उसको प्राइवेट लिमिटेड कंपनी के अंदर चला सकते हैं प्राइवेट लिमिटेड कंपनी के अंदर चलाने से आपके जो बिजनेस की लाइबिलिटी है वह लिमिटेड लायबिलिटी होगी और कंपनी एक अलग सेपरेट एंटिटी रहेगी, जो उसके डायरेक्टर्स और शेरहोल्डर से बिल्कुल अलग होगी.
Directors कंपनी में वह व्यक्ति होते हैं जो कंपनी के ऑपरेशंस को मैनेज करते हैं और अपनी के बिजनेस को चलाते हैं
वहीं दूसरी तरफ कंपनी के शेयर होल्डर्स वह व्यक्ति होते हैं तू कंपनी में इन्वेस्टमेंट करते हैं,
अब बात आती है कि क्या डायरेक्टर और शेरहोल्डर्स एक ही लोग हो सकते हैं क्या? हां बिल्कुल एक ही पर्सन डायरेक्टर और शेरहोल्डर दोनों हो सकता है मैं खुद ही अपनी कंपनी में इन्वेस्टमेंट कर सकता है तथा उसको मैंनेज कर सकता है.
प्राइवेट लिमिटेड कंपनी (company) के अंदर बिजनेस स्टार्ट करने के लिए आप को मिनिमम दो डायरेक्टर्शो शेयर होल्डर की आवश्यकता होगी इन दोनों डायरेक्टर्स को शेरहोल्डर्स के केवाईसी डॉक्यूमेंट की जरूरत होगी जो कंपनी रजिस्ट्रेशन के लिए काम में आएंगे
Company Registration के लिए निम्नलिखित दस्तावेज या दस्तावेजों की आवश्यकता होगी
पैन कार्ड की कॉपी
आधार कार्ड की कॉपी
बैंक खाते की कॉपी ( Saving Account) with address
उपयुक्त दस्तावेज कंपनी के डायरेक्टर और शेयर होल्डर के होंगे
उपयुक्त दस्तावेज पूरे होने के पश्चात हमें डिजिटल सिग्नेचर के लिए अप्लाई करना होगा डिजिटल सिग्नेचर अप्लाई करने के लिए एक वीडियो की आवश्यकता होगी उसके अंदर जो भी डिजिटल सिग्नेचर अप्लाई कर रहे हैं उनका एक मिनिमम 20 सेकंड का वीडियो अपने को चाहिए होगा.
कंपनी के पंजीकृत कार्यालय हेतु निम्नलिखित दस्तावेजों की आवश्यकता होगी for Company Registration –
No objection certificate from owner (NOC)
किरायानामा, अगर ऑफिस एड्रेस किराए पर है तो
कंपनी रजिस्ट्रेशन (Company Registration) के लिए अप्लाई करना
रजिस्ट्रेशन के लिए अप्लाई करने के लिए आपको किसी प्रोफेशनल कंसल्टेंट की हेल्प लेने की जरूरत होगी, आपके कंसलटेंट आपकी यह एप्लीकेशन रजिस्ट्रार ऑफ कंपनीज में फाइल करेंगे.
* एप्लीकेशन पूरी तरह फाइल होने के पश्चात रजिस्ट्रार ऑफ कंपनीज उसका
जैसे ही आपको कंपनी का सर्टिफिकेट और अगर रिक्वायरमेंट्स मिलती है आपको कंपनी में जो सब्सक्रिप्शन अमाउंट आपने डाला है वह अमाउंट आपको कंपनी के बैंक खाते के अंदर जमा कराना होगा उसके पश्चात कंपनी को रजिस्ट्रार ऑफ कंपनीज के अंदर बिजनेस कमेंसमेंट फॉर्म फाइल करना होगा जैसे ही कंपनी बिजनेस कमेंसमेंट का फॉर्म फाइल करती है कंपनी अपना बिजनेस स्टार्ट कर सकती है
For Company Registration you need to carry on all the above procedure, if you need any help for company registration , Please contact us at 9782280098
With the introduction of the incorporation form spice + the ministry has made mandatory to get ESIC and EPF registration along with the bank account of the company in this purpose the stakeholders has got confused about the filing of the returns and EPF and ESIC as all these companies incorporated have laser numbers of employees then that are prescribed under these respective acts and not required to comply with respective regulations.
In this regard ministry has come out with the clarification that the return filing for these companies are not mandatory unless they cross the threshold prescribed under the respective acts
As per MCA website update
New companies incorporated through SPICe+ and thereby have obtained EPFO/ESI numbers will have to file statutory returns only when they cross thresholds prescribed under the relevant Acts.
In this article we will discuss starting social media marketing agency business in India, with the growing popularity of social media and perfect targeting mediums that provided by the social media websites, social media marketing agency business is now gaining popularity has the traditional form of advertising means are costly and provides the less conversation, what are the hand if you are doing a social media marketing with the very minimum cost you can start getting the actual customers that you need.
Social media marketing spending amounts to increasing the main requirement of the agencies who can handle the social marketing agency business for the clients.
Following steps are involved for starting social media marketing agency business
1. Learning the social media marketing:
If you’re starting the social media marketing business you need to know
how the social media marketing works, what are the steps involved, how you can acquire more targeted customers to your clients need,
To learn everything that social media marketing provides this will take time to get expert knowledge in the social media marketing but the first step involved is to get the learning how it works, there a penalty of online courses available or you can get it out by doing it yourself with experimenting the Facebook ads, Google ads, etc.
2. Setting up of website and social media accounts for your social media marketing agency
once you get some understanding about how the social media marketing works to start out by setting up you on the website and social media pages
3. Getting the first client
Getting the first client for the social media marketing business is not an easy task, to get the first client you need to do some promotional activities, the best thing that you can do is to offer a free service for first clients for a period of initial months this will help the client to have faith on you and once you prove the results, you will be getting a testimonial for your next clients
4. Getting your agency registered as a private limited company
Once you start out the actual business operations you can go for starting out your own private limited company and get all the activities of your agency get done through the bank account of the private limited company, you should raise all the invoices in the name of your company and accept payments in the bank account of the company.
You can get the payment gateway integration with your company bank account on accept payments via payment gateways
5. Maintaining the Regular Compliances for your Company
As you register your business as a private limited company you need to do certain compliance as per the government regulations, it is very much mandatory to do them all the government compliance is on time to get your business running smoothly, you can take help of consultants to manage your compliance very easily, please note that known maintaining the legal compliances can make you in trouble as there are very high penalties for non-compliances.
Fastlegal provides business registration and legal compliance Management services to all type of businesses, if you need any help you can directly email at [email protected] or call us at 9782280098
Nidhi Company is registered as Public Limited Company in India, Nidhi Company is Finance Company that deals with its members – Accept deposit from its members and provide loans to its members.
For Registration of Nidhi Company Following information and documents are required :
Minimum 7 Members are required
Minimum 3 Director are required , Please note that Director should also be member of Nidhi Company
Minimum Paid up Capital and Authorized Share Capital at the time of Registration should be Rs. 5 Lakh
Mobile No and Email id of Members and Directors
PAN Card Copy of all the Members and Directors
Aadhar Card Copy of all the Members and Directors
Bank Statement copy with Address and not older than 2 months
Photo – Passport Size
Duly Signed Digital Signature Form
Video for Digital Signature (20 Sec) of all the Members
Office Address Electricity Bill, Rent Agreement, if rented and NOC from Owner
Procedure for Registration of Nidhi Company –
Signing of Incorporation Documents – Form DIR-2, INC-9 , Declaration for Compliance of Nidhi Rules , 2014
Now Application is required to be submitted to CRC online with Incorporation forms along with required fee
CRC review the application and if found any issue , sent it for re submission. Other Company gets Incorporated
Resubmit the Application
Approval of Application
Certificate of Registration/PAN/TAN is issued to Company
Filing of Form INC 22 for Office address , if you have given Communication address while Incorporation of Company than you are required to file Form INC22 for Office address within 30 days of Registration of Company
Opening of Bank Account of Nidhi Company :
Once the Company is Incorporated, you are required to open a Bank Account of Company with Bank of your Choice and Deposit the subscription amount to Bank .
Filing of Form INC 20A for Business Commencement
Filing of Form ADT-1 for Auditor Appointment of the Company
To carry on a digital marketing business in India you need to register your business with any other business structures available to do business in IndiaFollowing options are available for registration of a business structure
Proprietorship firm registration
Partnership firm registration
Digital Marketing Agency Business is service based business where revenue is dervied from providing service for generating sales and leads through online platforms.
Proprietorship firm business
If you are a single individual and wants to the start out the digital marketing business you need and you do not want to spend much more money.
Start out with proprietorship firm business it is the most easiest and significantly used platform for small businesses this type of a business you do not need to spend much money on registration and compliance part and all what you can do is can be done and this form also the proprietorship firm is no different in yourself in this case you need your own personal account number that is pan number to be used while registration of this firm.
While filing the tax return form to the proprietorship firm you are filing your own personal return under the business income head.Under the income tax provisions you will get the benefit for the slab rates prescribed and will be taxed accordingly
Partnership firm business
If you are carrying on business with one or more persons that is partners you may start the digital marketing business and the partnership firm business modelpartnership firm business model gets significant popularity in the Indian market. It provides very easy registration as well as managing compliances.Register of firms do not require any financial reporting from a partnership entity and only you need to file the tax returns the registrar of firms require reporting only when there is a change in a constitution of a firm.
LLP business form
LLP business structure is none other than a partnership firm business with the benefit of limited liability.Here the benefit of limited liability provides a significant benefit to the partners in case of insolvency and liquidation of an LLP has personal property of the partner will not get influenced or will be under the obligation unless the personal guarantee has been provided by the partner to the extent.The tax structure and the partnership firm and limited liability partnership is significantly same as there the same provisions that apply to both the entities except few.For registration of a limited liability partnership the name of LLP should be very unique and there should not be any company or Trademark registered under the category of digital marketing services.
Private limited company business form
Private limited company is most popular business structure in India with benefit of a company and limited liability.Private limited company business structure needs to be understand before forming it this business structure provides shareholders and directorsShareholder are the investors in the company who provides capital to run the business of the company directors are interested with duties and powers to run the business very effectively.Further Director and shareholders can be the same person.Directors takes salary from the company for the services provided also if the directors are non executive directors company may give sitting fees for attending the board meetings.Father and the only private limited company structure you can provide stock options facility to your employees, stock options facilities are very important scheme for any of the growing startups that require employees to retain with them.Under Stock options facility employees are provided with options to to buy shares of the company at a future date on a predetermined price (all these conditions are mention under the esop scheme)ESOP provide significant value creation for employees where they sense the ownership in the company and if the value company increases significantly due to successful business the wealth of employees grow significantly.
Registration of all the business structure the applicant needs to provide the KYC documents and KYC for the business address place
Following KYC documents are required from individuals
With the ease in incorporation procedure for Company , MCA has come out with another notification that waives off filing of form INC-12 for Section 8 Companies, form INC -12 was required to be filed to ROC after obtaining name approval of the Company for obtaining Licence for Section 8 Company. Once the Licence for Incorporation of Section 8 company is obtained , the Company Incorporation application in SPICE form can be filed.
Now MCA has substituted the Form INC -12 with SPICE form and SPICE form to be amended accordingly.
Further in case of draft memorandum , the word Memorandum , further this also eases the incorporation process , as draft MOA was required to be filed with INC-12 earlier when applying for section 8 Company licence.
In case of Existing Company Company wants to Apply for conversion into section 8 company , the form INC -12 will be required to file for Application for grant of License to an existing company under Section 8
The new Section 10A has been introduced through Companies Amendment Ordinance 2018 with effect from 2nd November , 2018 which provides that every company is now required to file e Form INC 20A with Registrar of Companies within 180 days of its Incorporation for commencement of its business.
Main Requirements for Filing Form INC 20A:
The Subscribers has paid the share subscription amount to the Company
That the Company has obtained the regulatory approval required to be obtained for commencement of business for business activities which are specially regulated by other sectoral regulators like SEBI, RBI, IRDA etc..
What is required to done now :
No waiting for Opening of Bank Account
Deposit Share Subscription amount in Company Bank Account
File Form INC-22 for verification of Registered office
File Form INC-20A within ASAP, not later than 180 days of Incorporation of Company
How to pay Share Subscription amount to Company :
As normal practice every company is registered with Rs. 1Lakh paid up capital, now it is compulsory that Rs. 1Lakh should be compulsory deposited in Company Bank Account within 180 days of its registration, so it is advisable to avoid incorporating company with higher paid up amount and promoters should go with Rs. 1000/10000 like paid up amount that can easily be paid to company account and Authorized capital of the company should be made at higher limit , so to issue shares at the later stage if required capital is introduced afterwards.
Lesser amount can also be paid to company by cash , so having lesser amount of paid up capital will help you to better comply with this section. It Is always advisable to deposit the subscription amount to company bank Account as soon as Bank Account of newly incorporated company is opened.
Section 10A.Commencement of business etc.
(1) A company incorporated after the commencement of the Companies (Amendment) Ordinance, 2018 and having a share capital shall not commence any business or exercise any borrowing powers unless— (a) a declaration is filed by a director within a period of one hundred and eighty days of the date of incorporation of the company in such form and verified in such manner as may be prescribed, with the Registrar that every subscriber to the memorandum has paid the value of the shares agreed to be taken by him on the date of making of such declaration; and (b) The company has filed with the Registrar a verification of its registered office as provided in sub-section (2) of section 12.
(2) If any default is made in complying with the requirements of this section, the company shall be liable to a penalty of fifty thousand rupees and every officer who is in default shall be liable to a penalty of one thousand rupees for each day during which such default continues but not exceeding an amount of one lakh rupees.
(3) Where no declaration has been filed with the Registrar under clause (a) of sub-section (1) within a period of one hundred and eighty days of the date of incorporation of the company and the Registrar has reasonable cause to believe that the company is not carrying on any business or operations, he may, without prejudice to the provisions of sub-section (2), initiate action for the removal of the name of the company from the register of companies under Chapter XVIII.