Introduction
In India, ESIC registration is mandatory for all private limited companies and if it is not done, then the company will be liable for prosecution. Private Limited Company ESIC Registration Process in India In India, ESIC stands for Employees’ State Insurance Corporation, which is a government agency that provides social security to the employees working in India. In order to avail of the ESIC benefits, the companies are required to register with the ESIC and for that reason, it is necessary for you to read this short article by EAdvisors.
ESIC registration is mandatory for all private limited companies and if it is not done, then the company will be liable for prosecution. So, get your private limited registered in ESIC with us.
Before knowing the process, it is important for you to understand the reasons for ESIC Registration for Private Limited Company. SO, continue reading the article and gain knowledge.
Why ESIC Registration is required?
Some of the most common reasons for registering with ESIC are listed below:
- An employee gets a salary or a fixed income from the employer.
- An employee is getting an income from the employer.
- The headcount of the employees are more than 20.
- The employees are getting an annual income of more than 2.5 lakhs.
- If a company has been allotted EIN number then it is compulsory to register with ESIC.
- The employees are working in a hazardous environment.
- The employees are getting an annual income of 2.5 lakhs or more.
- If a company is paying tax to the government or is filing an income tax return then it is compulsory to register with ESIC.
About ESIC
ESIC Registration is said to be the Social Security Scheme provided by the Employees’ State Insurance Corporation of India. The Employees’ State Insurance Corporation of India was established in the year 1948, by the Parliament of India. It is a government-owned corporation, that provides health insurance to people employed under the private sector. The scheme is available for the all of the employees, who are engaged in establishments, which have more than 20 employees. Companies, who are having less than 20 employees, are not required to register under the Employees’ State Insurance Corporation of India (ESIC).
About Private Limited Company Registration
The Indian Private Limited Company Registration process is a bit lengthy and tiring, but once the process is done, the company becomes a legal entity and the owners are protected by the law. A private limited company can be formed by at least 2 members, with a minimum of 1 Director and 1 Shareholder. The Directors are responsible for the day-to-day decision making and the Shareholders are responsible for the financial stability of the company. Private Limited Companies are suitable for businesses that have a limited number of investors and limited capital.
Private limited company is a company owned by shareholders. In other words, it is a limited liability company, having a limited liability to its members. Among other advantages, the most important one is that members are not liable to pay any debt beyond their investment in the company. The liability of a private limited company is limited to the extent of the capital invested in it by its members.
Private limited are governed under the Companies Act, 1956. A pvt ltd company is a separate legal entity and hence its name is not included in the name of its members. It has perpetual succession and a common seal. The liability of the members of a private limited company is limited to the extent of the capital invested in the company.
Do ESIC Registration for Private Limited Company with EAdvisors
For ESIC Registration, you can contact our professional and they shall guide you with a simple process. Also, to incorporate your company if you haven’t done then also you can take our Company Registration Services by contacting us.
We have a wide range of company registration services. Our main focus is to gain trust of our clients by providing them with the services they want in the best price.
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