June 17, 2024

 The overall cost of Company Registration is quite essential for starting a Company in India. We are here to discover the various elements which add up to this cost including Government fees, professional charges and fees for essential prerequisites like DIN & DSC.  Startups established as companies in India are required to get a mandatory registration under the Companies Act. However, most startup-owners lack the legal know-how of the company registration procedure and cost, thus being compelled to seek professional consultation for the same. The added charges of consultation, along with the government fees for company registration, results in a huge amount being paid by startup companies to get incorporated as a legal entity. Company registration in India is governed by the Company’s Act 2013 under the Ministry of Corporate Affairs (MCA). The cost of registering a company in India varies according to the number of stakeholders and size. There are different types of business structures under which an entrepreneur can register a company depending upon the need and nature of their Company. Therefore, the fee for incorporation varies accordingly to the nature of the business structure and state.  What are the Factors Influencing Company Registration Cost in India? Type of Company: The type of company you choose to register plays a significant role in determining its registration fees. Each type of company, such as a private limited company, public limited company, or one-person company, has specific requirements and compliance obligations for incorporation.  For instance, a private limited company may have a higher registration fees compared to a one-person company due to additional statutory requirements, such as, appointment of additional directors, admitting additional shareholders, drafting additional documents, and so on.  Stage of Company Incorporation: The stage of incorporation at which your company is can also impact the overall cost of registration. Pre-registration costs include name reservation, drafting the Memorandum of Association and Articles of Association, and acquiring other necessary documents like DIN and DSC of promoters. Once this stage is surpassed, we have costs of filing the application and submitting the documents to the ROC. Even after registration, post-registration costs like obtaining, PAN, TAN, and various other tax and labour law registrations are incurred.  State of Incorporation: The state in which you choose to incorporate your company can affect the registration fees and overall cost as well. Different states in India have different fee structures, stamp duty charges, and compliance costs applicable . So, it is important to consider the state-specific requirements while estimating the overall cost of company registration for your startup.  Requirement for Professional Services: Engaging legal and professional services is crucial for a smooth company registration process. The professional fees charged by lawyers, chartered accountants, or company secretaries for incorporating your company can vary based on their expertise and experience, as well as the complexity of the process. It is advisable to research and compare the fees charged by different professionals to ensure you are offered quality services at a reasonable cost. Additional Requirements: Besides the primary costs involved like the registration fee and professional charges, there may be additional expenses like fees for DIN, name reservation, digital signature certificates, notary stamp, stamp duty, and other incidental charges. For instance, obtaining digital signature certificates (DSC) of promoters are required for authenticating the Company Registration form. Similarly, all directors of the company are required to pay the fees to obtain their DIN before company incorporation. What are the Different Stages in Company Registration Cost? Paying DIN and DSC Fees: The first step is to obtain a Director Identification Number (DIN) for all the proposed directors of the company. This is done by filing an application with the Ministry of Corporate Affairs (MCA). Additionally, a Digital Signature Certificate (DSC) is required for online filing of documents. If you’re at this stage, you need to spend the prescribed amounts fees in acquiring DIN and DSC from the respective authorities.  Drafting and Paying Stamp Duty for MOA and AOA: The next stage involves drafting the Memorandum of Association (MOA) and Articles of Association (AOA), which are essential documents defining the company’s objectives, rules, and regulations. Once drafted, the documents have to be stamped by a public notary for which stamp duty charges and notary fees applicable in the state will have to be paid. . Application & Document Filing Fee: After the MOA and AOA are prepared, the next step is to file an application for company incorporation with the Registrar of Companies (RoC). Along with the application, certain documents need to be attached in their digital formats. At this stage, the application fees for Company Registration will have to be paid, which will be based on Authorised capital of the company.  Post-Incorporation Compliance Fees: After the company is registered, certain post-incorporation compliance requirements need to be fulfilled. This includes obtaining a Permanent Account Number (PAN), Tax Deduction and Collection Account Number (TAN), and Goods and Services Tax (GST) registration, if applicable. If you use the integrated SPICe Plus Form for incorporation, you can fulfil most of these compliances free of cost (only company registration cost will be applicable). Cost of Opening a Bank Account: Finally, the company needs to open a bank account in its name. While this stage does not incur any government cost, it is worth noting that there may be charges associated with opening and maintaining the bank account, such as minimum balance requirements or transaction fees. FAQs Why should I register my company? Registering your company provides several benefits, including legal recognition, limited liability protection for owners, potential tax advantages, and enhanced credibility with customers and partners. What are the typical costs associated with company registration? The costs can vary depending on the country and the type of company being registered. Typically, costs include government filing fees, legal or consulting fees, and other administrative expenses. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India |

Pravasi Pension Scheme (PPS) is a post-retirement best pension plan for Non-Resident Keralites (NRKs) who wish to settle in the state after returning from a foreign country. Kerala Pravasi Welfare Board manages this scheme and is funded by the Pravasi Welfare Fund (Pravasi Kshemanidhi). The government of the Indian state of Kerala set up the Kerala Pravasi Welfare Board which governs the Pravasi Welfare Fund for the Kerala Pravasi Pension Scheme (PPS). This Pravasi Welfare Fund benefits the citizens of Kerala who are Non-Resident Keralites (NRKs) and engaged in an occupation in a foreign country (NRIs) or in other parts of India. Kerala has a sizeable population of NRIs working outside the state. A majority of these NRIs are lower or middle income group citizens who have moved out of the state in search of employment. However, most of them are engaged in unregulated or unorganised sectors and therefore do not enjoy any employee benefits, including pension. What is the Kerala Pravasi Pension Scheme? The Kerala Non-Resident Welfare Act was passed in 2008 by the state government of Kerala and subsequently, the Kerala Pravasi Welfare Board and the Pravasi Welfare Fund were formed to provide various welfare schemes, such as the Pravasi Pension amount to eligible Non-Resident Keralites. The Kerala Pravasi Welfare Board, under the guidelines of the Kerala Non-Resident Welfare Act and with the help of the Pravasi Welfare Fund manages a wide range of Pravasi Pension Schemes – pension plans for NRKs, family pension plans, pension plans for invalids, pension plans for medical assistance and so on. The Kerala Pravasi Pension Schemes are also applicable to NRKs who have come back to the state for permanent residence after spending at least 2 years in a foreign country. Features of Pravasi Pension Scheme Features Details Launched by Pinarayi Vijayan, Chief Minister of Kerala Introduced on 21 April 2018 Scheme u/ Act Keralites’ Welfare Act, 2008 Managed by Kerala Pravasi Welfare Board Funded by Pravasi Kshemanidhi/ Pravasi Welfare Fund, Kerala Entry Age 19-60 years of age Beneficiaries Non-Resident Keralites (NRKs) and their families Monthly Contribution by Beneficiaries Eligible NRKs Working Abroad: Pay Rs. 350 per month for a period of 5 years Eligible NRKs Settled in Kerala: Pay monthly Rs. 200 for 5 years Eligible NRKs Settled Elsewhere in India: Pay monthly Rs. 200 for 5 years Pension Benefits Monthly pension (Pravasi Kshemanidhi) of Rs. 2,000 from the age of 60 years onwards  Additional pension benefits for more than 5 years of contributions Minimum Additional Pension: Minimum 3% of prescribed monthly pension of Rs. 2000 Maximum Additional Pension: Up to twice of prescribed Rs. 2000 Eligibility Criteria for Pravasi Pension Scheme S. No. Eligibility Criteria 1. Non-Resident Keralites (NRKs) who are working abroad 2. NRKs who permanently returned to settle in Kerala after working abroad for at least 2 years 3. NRKs who came back to settle elsewhere in India (outside Kerala) after working for 2 years or more in a foreign country Documents Required List of Documents Details Form 1A: NRKs Filed by Non-Resident Keralite (NRK) working in a foreign country Form 1B Filled by NRKs repatriated from abroad and settled in Kerala Form 2A Filled by Non-Resident Keralites settled in India but outside Kerala ID Proof Valid Passport Aadhar Card Birth Certificate Voter ID Card Address Proof Utility Bills Aadhar Card Passport Important Documents Valid Visa Valid Passport Other Documents Passport-size Photo Digital copy of the NRK’s signature How to Register for Pravasi Pension Scheme Online Step 1: Visit the official website of the Kerala Pravasi Welfare Board Step 2: Click on a ‘Services’ option  Step 3: Visit the menu of Online Registration and press on the tab ‘Online Apply’ tab Step 4: This will forward you to the application form page of the Pravasi Pension Scheme Step 5: Choose the type of registration according to your group i.e., Form 2A, 1A, and 1B  Step 6: Enter your name, gender, age, address, and other basic details Step 7: Upload the self-attested documents with your photo and a digital signature Step 8: Submit the digital copies of your valid Visa Passport Step 9: Pay the applicable monthly fee required to register with Pravasi Kshemanidhi/ Pravasi Welfare Fund Step 10: Click on ‘Submit’. Note your application number shown on the screen. FAQs Who can enrol for the Kerala Pravasi Pension Scheme? Kerala Pension Scheme is provided to the Non-Resident Keralites (NRKs) who age above 60 years and are working in foreign countries. It is important to note that the scheme is also open for the NRKs who returned to settle in Kerala or elsewhere in India after working for at least 2 years. How can I get a Kerala Pravasi pension? To join Kerala Pravasi Pension Scheme, you can register online at the official website of Kerala Pravasi Kshemanidhi/ Pravasi Welfare Fund after paying the monthly registration fee along with all the required details and document proofs. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration | Trademark Registration | Copyright Registration | Patent Registration | Import Export Code | Forensic Accounting and Fraud Detection | Section 8 Company | Foreign Company | 80G and 12A Certificate | FCRA Registration |DGGI Cases | Scrutiny Cases | Income Escapement Cases | Search & Seizure | CIT Appeal | ITAT Appeal | Auditors | Internal Audit | Financial Audit | Process Audit | IEC Code | CA Certification | Income Tax Demand Notice | Psara License | FCRA Online Most read resources tnreginet |rajssp | jharsewa | picme | pmkisan | webland | bonafide certificate | rent agreement format | tax audit applicability | 7/12 online maharasthra | kerala psc registration | antyodaya saral portal | appointment letter

Shram Suvidha portal was launched on 16th October 2014 by the Government of India. It is developed by the Ministry of Labour and Employment to cater to four major organisations under its boundaries: Office of Chief Labour Commissioner, Directorate General of Mines Safety, Employees Provident Fund Organisation, and Employees State Insurance Corporation. It enables businesspersons to procure all kinds of registrations and submit returns required under Labour Laws on a single online platform. It also allows them to access the inspection reports prepared by the Enforcement Agency inspectors through online modes. The procedures have been unified to provide a healthy business environment that encourages compliance by reducing transaction costs and nurturing ease of business. What is Shram Suvidha Portal? The Ministry of Labour & Employment has created a centralised Web portal called ‘Shram Suvidha’ that serves four significant organisations falling under its purview: Employees’ Provident Fund Organisation, Directorate General of Mines Safety, Office of the Chief Labour Commissioner (Central), and Corporation for Employees’ State Insurance. The creation of the Unified Shram Suvidha Portal will make it easier to report inspections and submit return, where it will act as a single point of contact for employers, employees, and enforcement authorities.   The Unified Shram Suvidha Portal aims to increase openness in these parties’ regular interactions. Each inspectable unit under any Labour Law has been given a Labour Identification Number (LIN) in order to integrate data among multiple enforcement agencies.  The Unified Shram Suvidha Portal serves as a comprehensive platform for labor law compliance, aiming to streamline the reporting process for various labor laws and consolidate information regarding labor inspections and enforcement. The Web Portal improves reporting ease, labour inspection transparency, and labour inspection monitoring based on key performance criteria.  What are the benefits of Shram Suvidha portal? This portal helps handle establishments and their inspection reports The entry by employer, establishment and enforcement agency can be done online Entity verification is possible by the Enforcement Agency Labour Identification Number can be generated easily Notification to the establishment is available via phone/email Users have the option to pre-assign a user ID/password Password management is available for users at any time Establishments can get their credentials online The first stage for LIN generation is by the CLC(C) organisation  It facilitates online CLC(C) and DGMS annual return submission EPF and ESIC monthly return submission can be made on a single integrated platform LIN registration, verification and further modification in data can be done online What accidental benefits do workers who register with Shram Suvidha Portal get? All the unorganised registered workers will get the accidental benefits of two lakhs for one year. Suppose a worker meets with an accident and is registered in an e-shram portal. In that case, they will be eligible to take accidental benefits, two lakhs on death/permanent disability and one lakh on partial disability. Services offered on Shram Suvidha Portal A web-based menu-driven system for managing, creating, and updating establishments that can be inspected as well as their inspection reports.  Facilitating the monthly filing of Employees’ Provident Fund Organization8 (EPFO)/Employees’ State Insurance Corporation (ESIC) Common Returns; expediting the submission of the Chief Labour Commissioner (CLC) and Directorate General of Mines Safety (DGMS) annual returns.  Enforcement Agency Entity Verification.  The login information and passwords for Inspectable Establishments are available online.  The initial phase of the CLC Organization’s LIN generation.  Generation of labour identification number.  Online entry by the employer, the establishment, or the enforcement body.  Monthly Return Submission for EPFO and ESIC in Common.  data change and verification using LIN.  What are the objectives of the Shram Suvidha portal? It is a single-integrated portal for all enforcements pertaining to the Chief Labour Commissioner of India (CLC), Director General Mines and Safety (DGMS), Employee State Insurance Corporation (ESIC), and Employee Provident Fund Organisation Formation of a unique number known as the labour identification number (LIN) to endorse all other registration numbers such as Provident Fund Establishment Code , Employee State Insurance Corporation Registration number, etc. Employee grievances can be received online, and the employer has to settle them and submit proof of clearance Online servicing of notices from the labour department and online submission of answers with documents What is the process of Shram Suvidha portal registration? The Employees Provident Funds and Miscellaneous Provisions Act (EPF) Act-1952  Employees State Insurance Act (ESI) Act-1948 Contract Labour (Regulation and Abolition) Act-1970 Building and Other Construction Workers (BOCW) Act-1996 Inter-state Migrant Workmen (ISMW) Act-1979 After the selection of Labour Act, the following simple procedures are used:- Click on the official website link (Shram Suvidha – Unified Portal for Labour and Employment). Enter your personal information. Click on submit.  Login ID and password will be designed for you. Login using your credentials. Register yourself under the Act.  What is Shram Suvidha portal’s annual return? The Shram Suvidha Portal annual return is the e-return facility developed to facilitate establishments or employers to submit returns under Labour Laws online. The annual returns module of Shram Suvidha portal starts with an establishment representative who submits the annual labour returns for a particular year for DGMS and CLC(C) enforcement agencies. The establishment can file CLC(C) returns through an online form from their USSP account and upload the signed annual return online into the unified portal. The regional head and inspector can view and submit the return report. FAQs Who can participate in Shram Suvidha? Employers can register themselves on the Shram Suvidha Online Portal under the heading “Under EPF-ESIC Registration.” The Employees Provident Funds And Miscellaneous Provisions Act (EPF) Act-1952 requires mandatory registration for all businesses with a minimum of 20 employees and voluntary registration for smaller businesses.  What is Shram Suvidha’s E-return facility? Employers can use the Shram Suvidha Portal to file or submit their returns to the Labour Laws. Select Annual File Return from the main menu after logging in successfully to submit annual labour returns to the Chief Labour Commissioner (CLC) enforcement agencies. entrusted primarily with the prevention and resolution of workplace disputes, the enforcement of labour regulations, and

There is no separate registration process available on the reporting portal. To enable access to the reporting portal, the reporting entities Principal Contact must add the users through the income tax e-filing portal. To create a user on the reporting portal, the Principal Contact would initiate the registration by accessing the Reporting Portal link at e-filing Portal under “My Account” tab. Principal Contact will then identify the authorised persons i.e. Principal Officer and Designated Director and enter the basic information required to create a user. On submission, user ids and passwords will be provided to respective users on the reporting portal. The users will then be able to log in on the Reporting Portal using the communicated User id and password Reporting Entity Reporting entity is an entity that is mandated to furnish a Statement of Financial Transaction in Form 61A or Statement of Reportable Account in Form 61B with the Income Tax Department. The official notification issued by the Income Tax Department states that from 9th April 2018 onwards, all aspects pertaining to reporting entities like registration, uploading of statement and other facilities for Form 60, 61, 61A and 61B would be handled through the reporting portal. Some of the categories of reporting entities which are applicable to most taxpayers are mentioned below: For Form 61 and Form 61A Mutual Fund NBFC/Nidhi Company Post Office Reserve Bank of India Securities Market Intermediary Insurer Government Co-operative Bank Banking Company Depository For Form 61B Specified Insurance Company Investment Entity Custodial Institution Depository Institution Benefits of the Reporting Portal Seamless data processing and quality monitoring. Data encryption for improved security. Seamless exchange of information with reporting entities. Comprehensive resources module for capacity building. Seamless Reporting Entity compliance management. Dedicated help-desk support. Forms Required to be Filed Form 61 According to the Income Tax Act, it is mandatory for an entity to obtain PAN of the transacting party. If the transacting party doesn’t hold a PAN, form 60 needs to be filed by the transacting party. Details of Form 60 must be reported in form 61 for the period of 1st October to 30th March within the 30th of April; as well as for the period of 1st October to 30th September within the 31st of October. Form 61A A reporting entity must file a statement of financial transactions in Form 61A. The report under this form has to be produced by the entity for the relevant financial year within the 31st of May immediately succeeding the particular financial year. Form 61B Form 61B is filed for the implementation of FATCA (Foreign Account Tax Compliance Act) and CRS (Common Reporting Standard). Reportable accounts identified by the entity must be filed in Form 61B for the calendar year by the 31st of May following the end of the particular calendar year. ITDREIN ITDREIN is a 16 character identification number allotted by the Income Tax Department to a Reporting Entity for reporting on reportable transaction of a specified type. ITDREIN is a system-generated number. Once the registration application is processed and accepted by the Income-tax Department, the system will generate the ITDREIN and communicate the same to the Reporting Entity. ITDREIN Format ITDREIN is a 16-character identification number in the format XXXXXXXXXX.YZNNN where XXXXXXXXXX is PAN or TAN of the Reporting Entity, Y is Code of Form, Z represents Reporting Entity Category and NNN is the sequence number. FAQs What is the Reporting Portal? The Reporting Portal is an online platform that allows users to generate, view, and download various reports related to our services. It provides real-time access to data and insights to help you make informed decisions. Who can access the Reporting Portal? Access to the Reporting Portal is typically granted to authorized personnel such as employees, partners, and clients. If you need access, please contact your administrator. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration | Trademark Registration | Copyright Registration | Patent Registration | Import Export Code | Forensic Accounting and Fraud Detection | Section 8 Company | Foreign Company | 80G and 12A Certificate | FCRA Registration |DGGI Cases | Scrutiny Cases | Income Escapement Cases | Search & Seizure | CIT Appeal | ITAT Appeal | Auditors | Internal Audit | Financial Audit | Process Audit | IEC Code | CA Certification | Income Tax Demand Notice | Psara License | FCRA Online Most read resources tnreginet |rajssp | jharsewa | picme | pmkisan | webland | bonafide certificate | rent agreement format | tax audit applicability | 7/12 online maharasthra | kerala psc registration | antyodaya saral portal | appointment letter format | GST Search Taxpayer | caro 2020 | Challan 280 | itr intimation password |  internal audit applicability |  preliminiary expenses |  mAadhar |  e shram card | ec tamilnadu |  aaple sarkar portal |  epf activation |  scrap business |  brsr | depreciation on computer | west bengal land registration | traces portal | Directorate general of GST Intelligence | form 16 | rtps | patta chitta