Things You Need to Do After Opening a Company in India

0
637

Company opening in India is simple, but a long process. By the way, it isn’t only about the registration – even after getting  the registration certificate, you will have to do some work before being able to commence the business activities legally.

Here are the things that you need to do after registering an LLP (Limited Liability Partnership)in India. Alternatively, you can ask your India company incorporation services to do all these work for you.

File LLP Agreement

The LLP agreement is a contract paper that consists of the rights, responsibilities, and the liabilities of each partner depending on their capital contributions. You have to present it to the Registrar of the company within 30 days of registering the firm. If not, you will have to pay a fine of INR 100 every day until you present the agreement.

Application for PAN and TAN

You have to obtain the Permanent Account Number (PAN) and the Tax Deduction and Collection Account Number (TAN) from the Income Tax Department. This has to be done after receiving the registration certificate.

Corporate Bank Account

Depending on the bank you want to open an account, you will have to present an LLP agreement, Certificate of Incorporation, Pan Card, Company Details and other important documents. You may also have to sit in an interview.

Books and Accounts

A company will have to hire an accountant or outsource their accounting to keep records of all the receipt payments. Furthermore, if the capital contribution exceeds INR 40 lakhs and the annual turnover is more than Rs. 40 lakhs, the firm will need to hire an auditor. The auditor must be a Chartered Accountant. If you don’t have the funds to hire one, it can be a great idea to outsource the accounting with a well-known CSP like 3E Accounting India.

Other Requirements.

Other requirements include activity-based business licenses, corporate tax registration, GST registration, intellectual properties, etc. You can ask your India Company incorporation services provider for the requirements, as they vary depending on the nature and type of business.

You can take help from professional registration services to register a company in India. They will register your company and do all of the above work.

Comments are closed.