GST Return filing is mandatory for every GST Registered person , Filing of GST Return is main part to carry on business in smooth manner and to avoid non filing penalties. Non Filing of GST Return will make you Non compliant and you have to pay high penalties of Rs. 50 per day for per month return.
Here we will discuss about the present Return that every GST Dealer should file :
Filing of GSTR 3B :
GSTR3B Return contains all the information regarding Taxable and Exempted Supplied made and received by the dealer during the filing period. Like if any taxpayer has to file GSTR 3B Return , He has to fill all the amount of
Taxable Outward Supplies made and Tax Collected on Invoices
Zero Rated Supplies (Export and SEZ)
Non GST Supply
Inward Supplies liable to reverse charge
Input Tax Credit for Purchase of Goods and Services
Input Tax Credit for Import of Goods and Services
any other ITC
GSTR 3B is very Important return that is required to be filed by every month before 20th of the Next month , Due date for November , 2019 will be 20th December, 2019
Late Filing Fee : Rs. 50 per day or Rs. 20 per day for NIL return.
Filing of GSTR 1 Return :
GSTR 1 is Return for outward Supplies made by Registered Person, GSTR1 is both monthly and Quarterly return depending upon the turnover of the previous year period.
Following information is required to be filed in GSTR 1 Return :
In this article we will discuss the process of changing of authorized signatory in the bank account of the company in India, there may be a situation that either Director of the company has resigned from the Board who was also acting as an authorized signatory in the Company bank account or any other person has resigned from the post of the authorised signatory or he has been assigned other duties or any other case, the company has to intimate the same to the respective bank that such person who was acting as authorized signatory has been changed and the following new person has been appointed to act as an authorised signatory to the bank account of the company, in this case following step by step procedure is required to be followed
Certified copy of Board Resolution
In this case the first step is to take certified copy of resoltuoin passed for change in authoired signatry ,any of Directors can provide or any Director specially auhtoirued will provide the signed copy of resoltuoin, The Board Resolution should contain all the information that following person was authorised signatorty in the bank on behalf of company and now he has resigned and powers has been vested to such other person.
Prepare Covering Letter for Change in Authorised Signatory
Now company is requried to prepare the Covering letter to the Branch Manager of Bank in which company wants to change the authorised signatory Following information is requrired to be mentioned in covering Letter : 1. Name of Bank and Bracnh 2. Account no of the Company 3. Account Type, Current or CC etc 4. Name of Existing Authorised Signatory 5. Name of New Auhorised Signatory 6. Designation of New and Existing Auhorised Signatory 7. Date an Time when Existing Authorised Signatory Ceased to act as Authoirsed Signatory 8. Effective Date from which New Authorised Signatory will act as Authorised signatory or with immediate effect 9. Date and Place 10. Stamp of Company 11. Signature of Director Authorised
Enclose Necessary Supporting Documents
Along with covering letter , enclose necessary Supportig documents like: 1. Resignation Letter 2. New Appointment Letter 3. Board Resolution for Change in Signatory 4. If, Resignation of Director of Company Form DIR-12 5. Any other supporting documents which are necessary
Submit to Bank Branch
Once all the above are compelte than submit it to bank and let the bank process the application
Follow up with Bank Branch
After 2-3 days follow up with Bank Branch on the status of application submiited
In this article we will talk about how to open Bank Account for Private Limited Company in India, a bank account for private limited company in India can be opened anywhere in India and authority for such vests with Directors of the Company for which Following procedure is required to be followed
Estimated Time Required to Open Bank Account in India5 days
Explore Different Bank’s as per requirements
Choosing of Bank in which you want to open a bank account is the first step for opening of new Bank account, for this you can get in touch with Bank by Searching Bank nearest to your office address or place of business, you can now put online request from Bank website and than Bank will designate you sales person, who will get in touch with you.
It is always advisable to get in touch with two or three bank for this process
Terms and Conditions for Current Bank Account
Once Sales person get in touch with you, you are required to let him know the important terms for maintaining Bank account of the Company
Following questions may be asked by you in this regard :
– Minimum Average Balance Requirement – Cash Deposit Limit – Internet Banking availability – Mobile App Availability – Inward Remittance procedure ( if your business receives foreign inward remittances ) -Outward Remittance procedure -Online Fixed Deposit – Premature of Fixed Deposit -Relationship Manager and many other relevant questions relating to your business
Passing of Board Resolution for Opening of Bank Account in the Name of Company
Once the proposed bank for opening of account is shortlisted than company is required to get approval through board resolution , Board Resolution can be either passed at duly held board meeting or by way of circulation. Board Resolution should provide all the details of Bank and Branch, Signatory or signing authority who will operate the operations of bank account and other related requirements.
Signing of Application and Documents for Opening of Bank Account
Once the resolution is passed by board of Directors of the Company for opening of Bank Account than authorised person will arrange and sign the necessary required documents for opening of Bank Account. Following documents are required for opening of Bank Account: 1. Certificate of Incorporation of Company 2. Copy of MOA and AOA of Company 3. KYC of Directors of Company (PAN/Aadhar ) 4. Duly Certified Board Resolution 5. Photo of Authorized Person 6. Mobile no and Email id of Authorized Person
All the documents are required to signed and stamped by authorized person
Submission of Account opening application
Once all the above formalities are completed you are now required to submit the account opening application to Bank in this regard, many banks provide designated sales persons in this regard , if you are in touch with the sales person , sales person will take application and required documents from you and submit the Bank for approval of Bank account
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
MCA has issued an advisory to Investors and depositors of Nidhi Companies, that they should invest only to Companies making regular Compliances of Nidhi Rules, 2014 and Companies Act, 2013
Following are the text from MCA Advisory to Investors and Depositors
In order to make regulatory regime for Nidhi Companies more effective and also to accomplish the
objectives of transparency & investor friendliness in corporate environment of the country, the Central
Government has recently amended the provisions related to NIDHI under the Companies Act and the
Rules (effective from 15.08.2019).
Under Nidhi Rules, 2014, Nidhi is a company which has been incorporated as a Nidhi with the object
of cultivating the habit of thrift and saving amongst its members, receiving deposits from, and lending
to, its members only, for their mutual benefit.
The amended provisions of the Companies Act (Section 406) and Nidhi rules (as amended
w.e.f. 15.08.2019) require that the Nidhi companies have to apply to the Central government for
updation of their status/ declaration as Nidhi Company in Form NDH-4.
2. The time-frame for applying to Central Government in form NDH-4 is as under:-
(I) Companies incorporated as Nidhi before Nidhi Amendment Rules, 2019 i.e. 15.08.2019 have
to apply within a period of one year from the date of its incorporation or within 9 months of the
Nidhi Amendment Rules i.e. 15.08.2019 whichever is later.
(II) Companies incorporated as Nidhi on or after Nidhi Amendment Rules, 2019 i.e. 15.08.2019
have to apply within 60 days of expiry of one year from the date of incorporation or extended
period (as granted by concerned Regional Director).
3. In case a company does not comply with the above requirements, it shall not be allowed to file
Form No. SH–7 (Notice to Registrar for any alteration of share capital) and Form PAS–3
(Return of Allotment).
4. Such companies are required to ensure strict adherence to provision of Companies Act,
1956/2013 and Nidhi Rules, 2014 as amended. In case of contravention of the provisions of
these Rules, the company and every officer of the company who is in default shall initially be
punishable with fine which may extend to five thousand rupees and further fine in case of
5. Investors are advised to verify the status of Nidhi company from the notification issued by
Central Government in official gazette before making any investment or deposit.
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
If a Private Limited company wish to undertake any object (New Business Activity) which is not mentioned in its MOA, and the company wants to start up a new business which is not as per it’s MOA then, it should make a change in its main object by Following the procedure mentioned below
Step by Step Procedure for Change in Object Clause of MOA of Company
Time Requierd25 days
Hold Board Meeting and send Notice for Extra Ordinary General Meeting for change in Object Clause
The first step for change in object clause of the MOA of the company is to hold Board meeting of the Company, in the board meeting main agenda should be to hold an Extra-Ordinary General Meeting of the Company.
Hold Extra-Ordinary General Meeting on the specified date for the change in Object Clause
Now hold the extra Ordinary general meeting of the Company, in this regard do necessary legal and procedural requirement at venue of general meeting
Pass Resolution by taking approval of Shareholders for change in Object Clause
Now start the proceedings of general meeting and pass required resolution for change in main object of the company, resolution is required to be passed by requisite approval of shareholders of company
Get true certified copies of all the documents and resolutions in respect to change in Object Clause
Once all the approval of shareholders are received , any director of company or authorized person will prepare necessary documents , like certified copies of all the documents and resolution , Following documents certified copies is mandatory required to be arranged : 1. Altered MOA of the Company 2. Resolution passed at EGM of the Company
File MGT-14 with all the Resolutions and Altered MOA
Once the above requirements are complete in all respect, Company is required to file E Form MGT-14 to Registrar of Companies with payment of fee.
Approval of E form MGT-14 for Change in Object of the Company
Once e Form MGT-14 is filed with ROC , the ROC will check and verify the correctness of the Form and will if deems fit approve or send back the e form
Certificate of Registration for Change in Object Clause of the Company
Once the E form MGT-14 is approved by ROC , the Company will receive the email in this regard along with Certificate.
Once all the above is completed, complete all the required certificate and altered MOA in single set as new set of MOA of the Company.
Investment in India by Foreign Company will be in accordance with FDI Policy in India, so foreign nationals incorporating a company in India are required to check out the required permission ( how much FDI is allowed in India for particular Sector ) under the Foreign Direct Investment (FDI ) policy If we take an example of Technology Company, FDI policy permits 100% FDI policy under Automatic route.
1. Automatic Route
2. Approval Route
#1. Automatic Route: In this route, prior approval of Government is not required, the only intimation is required to RBI in the Form FC-GPR, FDI Policy provides sectors where FDI is allowed at what percentage of Equity Capital of the Company.
#2. Approval Route: This is route prior approval of government is required, where FDI is allowed under approval route under FDI Policy.
Foreign Nationals Company Incorporation Procedure :
With the Increase ranking of India in ease of doing business, Company Incorporation Process is the main reason due to governments efforts on simplification process in registering or setting up a company in India, Here is a step by step guide on setting up a company by Foreign Companies :
#1. Getting the Documents Notarized and Apostle of Foreign Nationals :
Indian companies Act requires that the Documents for foreign Directors and Foreign Investor or Shareholders should be notarised and Apostle, Documents may also be signed in India if the applicant is in India on Business Visa. Documents of foreign entities like
Certificate of Incorporation
Charter documents like MOA AOA,
Resolution by Board of Directors of Foreign Entities should be all in English Language and certified translated copy in English copy along with Notarised and apostle.
#2. Indian Resident Director:
Indian companies act requires that every company in India should have at least on resident Director who is resident in India during the financial year, we at Fastlegal provides resident Director appointment services in India, you may avail our services if you do not have your own person.
#3. Registered Office Address for Company :
Every Company in India should have a Registered Office Address situated in India, you need to have one place as a Registered Office address. Fast legal helps in getting the registered Office address.
#4. Name Approval Application
Company name approval application is required to be made for availability of name of the company, the company name should be unique, no other company or LLP or trademark should be already there.
#5. Digital Signatures of Directors and Subscribers ( Foreign Nationals and Indian Resident Director ):
We need to obtain a digital signature in the name of Directors and shareholders from certifying authorities in India, Fastlegal team members help in getting the DSC. DSC is required for signing the incorporation documents that are required to be submitted to the Registrar of companies.
#6. Application for Incorporation of Company :
Once all the required documents of foreign nationals and Indian Resident Director are fine and digital signatures have been obtained than incorporation application is required to be submitted. All applications are verified by the registrar of companies and once he is satisfied with all the particulars of the application, he MCA issues a certificate of incorporation to the company.
#7. Company Bank Account :
The company bank account is now mandatory Opened along with the Incorporation application, Indian Company may open a separate Bank Account also.
#8. Funding of Subscription Money into company bank account :
Now subscription money for equity capital is required to be invested into the company by the subscribers to the company.
#09. Filing of Form FC-GPR to RBI
#10. Application for GST Registration
#11. Filing of Business Commencement Application to ROC
Once the Subscription money is entered in Companies Bank Account, the company is required to file business commencement application to Registrar of Companies online
Documents Required for Incorporation of Company by Foreign Nationals :
Apostle and Notarized Signed Documents are required for foreign Shareholders and Directors.
For companies it will be :
Certificate of Incorporation,
Memorandum of Association,
Articles of Association,
Board Resolution duly passed for entering and forming Company in India and
for Foreign Directors :
Driving Licence and
Current Address proof in the form of a Bank Statement is required.
Please email us at [email protected] or place your request below for your company formation requirements in India