COMPANY SECRETARY PRACTICE- GETTING READY

PCS Tanu Tyagi (Practising Company Secretary) ACS, B.Com, LLB COMPANY SECRETARY PRACTICE- GETTING READY Email: geegeecorplegal@yahoo.in Website: www.geegeecorplegal.com

 

 COMPANY SECRETARY PRACTICE–GETTING READY

“Action speaks louder than Words!” Hence, we can connect the profession of Company Secretary in Practice with this phrase. Company Secretary is a very esteemed professional course. It is conducted by Institute of Company Secretaries of India after passing course one can became professional deals in Corporate law. It’s an immensely colossal dilemma for a fresher professional to decide initially whether to be plenary time Company Secretary (for employment) or Company Secretary in Practice. Passing the professional course doesn’t denotes that your battle is over, if you are culling practice over job, then your genuine battle commences now.CS is in practice called Practicing Company Secretaries (PCS). A member of the ICSI not in any employment is entitled to practice after obtaining a Certificate of Practice from the Institute. Owning a practice denotes both practising the vocation of Company Secretaries and operating a business. At one end it may be exhilarating and at the other equivalently arduous. The chances of prosperity in practice are greatly incremented if one determines for oneself why opening professional business is captivating and pens down a business plan that engenders the practice plan as desired.

In the present COVID- 19 pandemic period everything has transmuted. This year realizes the world that this year is not for profiteering but for survival. As like every industry Company Secretary fraternity is withal facing this arduous time, many Company Secretaries may be asked to work for minimizing salaries or put up their papers in view of lockdown. Freshers may not get the job of their cull or may not get a job at all. The next natural cull would be to take Practice certificate and start at own.

For the girls it is withal arduous to optate practice or job because the espousement location is consummately skeptical and they have to switch to other cities and which engenders a plethora of quandaries for them to do the job in the same city as it was afore marriage. Hence, for girls it would be much more convenient and useful to commence the practice before marriage so that there may not be any break in their professional life.

 

SOME FASCINATING FACTS ABOUT PRACTICE::

 There are some fascinating facts which magnetizes others to persue the practice over employment these are as follows::

• Practice is a very unique concept which makes your own ascendant figure.
• Practice is the mirror of your reputation and management skills.
• Practice takes test on conventional substratum of your ethics, values, cognizance, experience, soft- skills, intrepidity, quality and zealousness.
• Practice gives you the opportunity to learn and grow from your mistakes.
• Practice demands from you to be dedicated and updated.
• Practice provides you the continuous learning.

 

ROUTINE ASSIGNMENTS OF COMPANY SECRETARY IN PRACTICE::

This very paramount for a company secretary in practice to ken the routine assignments so that bread and butter may remains perpetuate. These are as follows::

1.	Incorporation of Company and other forms of business;
2.	Appointment of Directors;
3.	Resignation of Directors;
4.	Procurement of Directors Identification Number (DIN);
5.	Procurement of Digital Signatures;
6.	Preparation and maintenance of statutory registers and papers;
7.	To conduct regular Board Meetings and Annual General Meetings;
8.	To do annual filing along with XBRL filings;
9.	Appointment and Resignation of Statutory Auditors;
10.	To Increase in authorised capital of the Company;
11.	To increase the paid up capital of the Company;
12.	To alter the memorandum of association of the Company;
13.	To alter Article of association of the Company;
14.	To file the charge forms on MCA portal;
15.	To shift the registered office of the Company;
16.	To facilitate Appointment and Resignation the Statutory Auditor of the Company;
17.	Share Transfer & Transmission;
18.	Corporate Social Responsibilities (CSR) Compliance;
19.	Secretarial Audit;
20.	To Comply with the related party Regulations;
21.	Stock Exchange Compliances;
22.	Completion of Pending Compliances.

BEYOND COMPANIES ACT, 2013::

 

There are sundry assignments and projects for Company Secretary in Practice which are beyond Companies Act, 2013 and provides you the best magnitude of mazuma. These are as follows::-

 

i.	NGO Related Work: –      Formation; –      Registration; –      Regular Compliances; –      Record Maintainance; –      Preparation of other necessary documents; –      Ammendment in rules and regulations/ bye laws; –      Ammendment in Trust Deed/ Memorandum/ Society registration document; –      Any other work related to NGO or society.
ii.	To do the registration and other related works of :: – Trademark and – Copyright ;
iii.	MSME Registration & Others related works & registrations;
iv.	Opportunities under Arbitration Act;
v.	RBI & FEMA Compliances for FDI; ·         Advising on legal and procedural matters falling under FEMA. ·         Advising Non-Resident Indians regarding investment in India and repatriation of such investments and returns thereon. ·         Obtaining RBI/FIPB approvals. ·         FLA & LEI Compliances.
vi.	To do the Corporate Restructuring; –      Merger –      Demerger –      Takeover
vii.	To facilitate the Foreign Collabration and joint ventures abroad;
viii.	Filing of Income Tax & Goods and Service Tax (GST) Return;
ix.	Appearance Before Regulatory Authorities:: – NationalCompany Law Tribunal (NCLT), – National Company Law Appellate Tribunal     (NCLAT), – Regional Director (RD), – Registrar of Companies (ROC).
x.	To deal with Partnership Act; –      Preparation of Partnership Deed; –      Registration of Partnership under concerened authorities; –      Amendment in Partnership Deed; –      Registration of Parnership firm under various portals.
xi.	To Deal with Contract Act.

 

STUDY MATERIAL FOR STARTING PRACTICE::

Following study material and books are required for starting the practice and you should have a fair knowledge and idea about the important sections and topics  of these so that while intracting with the client you should not fumble::-

• Companies Act, 2013 along with related rules;
• Partnership Act;
• Contract Act;
• Foreign Exchange Management Act
• General cirulars and related amendments thereon;
• Income tax Act & GST .

PREPARATIONS FOR STARTING PRACTICE::

Following preparations are required before starting the practice::-

• Apply online for Certificate of Practice (COP) along with necessary fees on ICSI Portal;
• Preparation of Rubber Stamp;
• Getting your letter head prepared;
• Getting your visiting cards ready;
• Getting prepared your Digital Signatures for your certifications;
• Getting separate professional mail ID ready for client communication along with your signatures;
• To create the format of proposal which will help you to quote your professional fees;
• Create your checklists, data and quotation formats so that in future in case of need you can use them.

All above things are necessary for starting your practice with ease and better efficiency.

CREATING INFRASTRUCTURE ::

For starting the practice following infrastructure is required::-

• A Mobile Phone;
• A Laptop;
• A Scanner;
• A Printer;
• A good internet Connection;
• A Table and a Chair;
• Rack to keep the Documents and Liabrary;
• For Backup a Hard Disk;
• A diary to note your daily to do list;
• A calendar on your table to plan your official visits;
• A Calculator;
• Necessary Books like – Companies Act, FEMA, Income Tax Act, GST Act;

 

For above mentioned infrastructure estimated cost is approximate  One Lakh Fifty Thousand Rupees Only.

 

IS PRACTICE FROM HOME IS POSSIBLE?

 

Yes, if you want to start your practice from your home then you can start it with a very low budget approximately costs you around one lakh fifty thousand rupees only. At a later point of time when you get settled in your practice then you can shift into the commercial place with high investment for the practice. But in beginning your home can be the your office.

 

INITIAL DAYS SURVIVAL::

It is the story of every practitioner that in the initial days of his Practice he has to survive with some difficulties. In beginning there are not very much professional assignments. But, from that struggle you require not to trepidation as it is well verbally expressed point that in the commencement of any business you must work on break even point.

But you should learn to pretend the opportunities during your survival days so that your survival time becomes the profiteering time for you.

Initial days practice tips::-

–   Always have habit to study before starting your work;

–   Focus on quality of work;

–   Be expeditious;

–   Be optimistic;

–   Learn from your mistakes;

–   Be veracious to yourself;

–   Work on your deficiencies;

–   Accept your mistakes;

–   A good complete work is better than incomplete excellent work;

–   Balance between personal and professional life;

–   Be responsible;

–   Always have a habit to cross check your own work.

 

SOURCING OF WORK::

Sourcing of work is very important during practice. Everyone in the practice is always worried about the sourcing of work. For sourcing of work following tips are necessary ::

• Always visible in your professional groups – जो दिखता है वही बिकता हैI
• Identify the practice area which has demand but no professional supply.
• Always active during professional interactions.
• Join the professional meets and seminars.
• Build long term collaboration with professional friends and always leave your fragrance on their mind so that in case of any help they will remember you first.

Sourcing avails you in long run and it is very paramount for a professional.

 

OUTSOURCING OF WORK::

If in any assignment you feel that you are not capable to handle it or you have not enough experience or assignment is not of your subject area of expertise matter then you should be ready to outsource your work to other professional at a negotiated fees. Outsourcing of work creates a relationship of confidence and trust between you and client. For outsourcing preserve the cost of outsourcing of assignment in your professional fees.

Make your client thoroughly dependent upon you so that he will not cerebrate to commence anything else without your advice. Indulge yourself in the work as this work is yours not of client’s.

“कभी  क्लाइंट  को  किसी  काम   के  लिए  मना  मत करो चाहे काम छोटा हो या बड़ा I”

 

USAGE OF LEAN TIME::

For a PCS it is very compulsory to keep him updated on conventional substructure so that there is no chance of any professional malfeasance and noncompliance. If at any point of time you are liberate from your professional assignments you should learn and utilize that spare time to build your capacities.

You should endeavor the following things during your lean time:-

–       Update yourself with amendments;

–       Learn something incipient which you have never learned;

–       Improvise your formats and documents;

–       Always have a habit of book reading because books provides you the ingenious conceptions;

–       Work on your deficiencies;

–       Try to improvise your communication skills;

–       Try to engender your mission and vision for your future.

 

ALWAYS REMEMBER — UNIQUE DOCUMENT IDENTIFICATION NUMBER (UDIN)

A PCS should develop the habit to generate the UDIN Number before certifying any form & document and Quoting UDIN on the certifications, w.r.t the professional services shall be mandatory w.e.f 1st October, 2019.

When can UDIN be generated?

 At the time of signing::-

• of Certificate / Report / Form / Other Documents or
• can be generated seven days in advance of the date of such signing as above.

Steps to generate UDIN::

 Go to the website https://udin.icsi.edu/

• create a login id and password by entering the Membership Number, COP No., Phone No., Email – id, Aadhar and Income Tax PAN
• The login id would be verified through a computer application

How to Generate UDIN Number::

Member should login into the system using UDIN credentials.

• Fill the Name and CIN of respective Client Company;
• Select the Document Type;
• Select the certificate type for which UDIN has to be created;
• Enter the description of assignment;
• Select the submit button;.
• UDIN will be generated and ready for use.

 

 

Revocation of UDIN Number::

 

• The UDIN cannot be revoked after seven days from
• the date of generation.
• However, the same may be intimated at udin@icsi.edu.

Steps to revoke UDIN Number::

• Login in to system using your UDIN credentials.
• Search the particular UDIN using search facility and
• Click the submit button to revoke.

Note :: There is no possibility to generate the back dated UDIN number as system will only allow you to select the current date or any prospective date within next 7 days.

Hence, it is advisable to generate UDIN before certifying and Form or Document. Otherwise, you will miss it out.

 

DELIVERABLE – ART TO ARRANGE DOCUMENTS/ PAPERS FOR CLIENT’S AND HIS SATISFACTION ::

Client satisfaction is the basic principle of Practice.

A PCS should learn the art to arrange the documents and papers in such a way that is understandable by client and client will value for you work. For a PCS deliverable is papers only hence, you should prepare your assignment file captivating and arranged so that client will not feel cheated and have something in reciprocation.Client satisfaction is totally dependent upon your deliverable.

 

SOME MORE PRACTICAL TIPS FOR PRACTICE::

There are following tips which makes the practice more efficient ::-

–   Try to consummate your assignment always on or before time;

–   Always use inscribed communication rather than oral;

–   Always use checklist for any of your assignment and fine-tune the responsibility of yours and your client on the same so that there will not any perplexity;

–   Always coordinate with your client on conventional substratum so that he cannot inculpate you that you have not remind me for the same;

–   Create the whats app group with cognate client and provide the updates on the group so that there is expeditiousness in your communication and work.

–   Be Updated about the amendments and circulars;

–   Be soft and gentle with your client;

–   Be clear about payment terms and amplitudes of payment so that there must not be any chance of dispute;

–   Always follow your professional ethics;

–   Always use simple method for client otherwise he will not able to coordinate with you;

–   Be subsidiary;

–   Be ingenious;

–   Be Futuristic.

 

CONCLUSION ::

 

Profession of a PCS is not bed of roses  but if it is planned in better way then it could be. A PCS should always ready to grab the opportunities and try to make hard for his practice. He should create his own standards and create a fragrance in the mind of his clients and in professionals.

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