ESIC REGISTRATION

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ESIC REGISTRATION

What is Employee state Insurance Corporation?

It is a multidimensional social security scheme that is designed to provide socio-economic protection to employees working in an organized sector.

Benefits of ESIC registration:

ESI ensures that employees are ensured several benefits under the employee state insurance scheme:

  • Maternity benefit
  • Disability benefit
  • Funeral benefit
  • Dependent benefit
  • Medical benefit
  • Old age medical care

Entities Covered Under ESCI

  • Shops
  • Hotels or restaurant only engaged in sales
  • Cinemas which include private threaters.
  • Road motor transport
  • Newspaper establishments
  • Private educational institutions( those run by individual, trustees, societies or other organization)
  • Medical institutional ( including Corporate, joint sector, trust, charitable, and private ownership hospital, nursing homes, diagnostic centers, pathological Labs)
  • Manufacturing units, trading units, wholesale, warehouse, listed company and unlisted company.

Eligibility for ESIC:

  • An organization with more than 10 employee (in some state it is 20 employees) who have maximum salary of Rs. 21000 has to mandatory register itself with the ESCI within 15 days from its applicability.
  • The employer needs to contribute an amount of 3.25% of the total monthly salary payable to the employees whereas an employee needs to contribute only 0.75% of his monthly salary every month.

STEPS FOR ESIC REGISTRATION:

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DOCUMENTS REQUIRED FOR ESIC REGSITRATION:

Document required are:

  • Registration certificate obtained under the following:
  • Factories Act, or
  • Shops and establishment Act
  • Trade license
  • Certificate of registration of company, LLP, proprietorship firm, or partnership deed in case of a company
  • Memorandum of association and article of association of company.
  • Address proof such as the utility bills or rental agreement.
  • List of all the employees working in the organization.
  • PAN card of the business as well as of all the employees working in the establishment.
  • The compensation details of the employees.
  • A cancelled cheque.
  • List of directors of the company.
  • List of shareholder of the company.
  • Register containing the attendance of all the employees working.

Compliances after ESIC registration:

  • Maintaining the attendance register of all the employees working.
  • Maintaining a complete register of wages for workers of the organization
  • Inspection book
  • Monthly return and challan within 15th of the next month.
  • Maintaining a register that records any accident that happened on the premises
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  • Documents verification
  • Online Employee State Insurance Application For Proprietorship firm, Partnership firm, LLP & Company.
  • Application submission & generating ESI No.
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COMPLIANCE TO BE FOLLOWED

There are several compliances the private company needs to adhere to under the Companies Act,2013. It is imperative that you take note of this or else risk facing unnecessary penalties and fees.

There are several compliances the private company needs to adhere to under the Companies Act,2013. It is imperative that you take note of this or else risk facing unnecessary penalties and fees.

Annual General Meeting

Under Section 96, The company needs to conduct an Annual General Meeting (AGM) every year with a gap not exceeding 15 months between any 2 AGM. The Annual General Meetings need to be presided over with a minimum attendance of 1/3rd directors or a minimum of 2, whichever is higher.

Statutory Auditor

A company auditor needs to be appointed within 30 days of the company's incorporation through Form ADT – 1 and sent to the ROC.

GST Registration and Filing

A company needs to apply for GST to conduct any business activities in the country. Having a GST number becomes mandatory if the company is engaging in interstate business, having an online store or having an annual turnover exceeding 20 lacs.

At the same time, the company needs to ensure GST is filed every month irrespective of any turnover in the company books.

Trademark Registration

The registration of the company name with the ROC does not ensure the protection of your name or brand. For complete ownership rights over your name, brand and logo, you need to apply for Trademark Registration.

Annual filing with ROC

Every year a private limited company is required to file multiple forms depending upon several factors. Among them 2 important ones are, Form AOC 4 containing the company financial statements that are Profit and Loss account and Balance Sheet and Form MGT – 7 containing the annual return.

Income Tax Audit

All regulations mentioned under section 44AB need to be complied with and followed. This includes tax audits and various other requirements.!

The list is not exhaustive and there still remains a lot of compliances which a private company needs to keep in mind while conducting business operations in India. Our team at helpmybiz helps ensure that each and every regulation is adhered to and followed in compliance with the laid down regulations. Get in touch with our experts today!

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