Online PF Registration - An Overview
Employees’ Provident Fund is a social security scheme that helps employees save a small portion of their salary for future benefits. Every company has to offer its employees an EPF or Employees Provident Fund which is akin to a retirement fund. EPF comes under the purview of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. EPF registration is mandatory for organizations with total employee strength more than 20. Such employers can opt for online PF registration from Arvisa. Companies can register for employee provident fund, in 3 easy steps:
- Free consultation and form filling
- Connect with a dedicated affiliate for data validation
- Receipt of PF number
Eligibility for EPF Registration for Indian employers
To be eligible for PF Registration, an organization has to fulfill the following criteria:
- A factory with the total employee strength of 20 or more.
- An establishment that employs more than 20 persons. Here, the Central Government defines the class of such firms.
- An establishment that has less than 20 workers and has been notified of compulsory registration for not less than 2 months. Companies with less than 20 employees (Note: Such companies must issue a notice to the Employees’ Provident Fund Organization in 2 months or less than that) The employer and the employees of an establishment must mutually agree to apply for PF to the Central PF Commissioner. A notification has to be sent to the Official Gazette from the date of the agreement.
Every employee is eligible for PF right from the beginning of his employment. The responsibility of PF contribution and deduction is of the employer’s.
Besides the contribution of the employee to EPF, the employer adds an equal amount which is inclusive of Employee Pension Scheme (EPS). Therefore, EPF saves you a robust pension.
Cover of Risk
In case of instances like illness, demise or retirement, Provident Fund helps the dependents of the employee by covering the financial risks they face in such situations.
Single Account/one EPF Account
The PF account can be transferred while switching jobs. Universal Account Number(UAN) linked to the Aadhar will start to facilitate the linking of the previous accounts. It can be carried forward to the new employer instead of being closed down. This uniformity ensures that the rate of return is compounded over the years.
Employee Deposit Linked Insurance Scheme
Any person who has PF account is eligible for this insurance scheme that requires only 0.5 % of the salary deduction as premium.
The PF account can be extremely helpful for long-term goals like buying a property or setting up a fund for children.
Checking the EPF balance
Checking the EPF balance
How we help with EPF Registration Online?
The Provident Fund can be a great support, safety and assurance for employees as it offers a sense of financial security to the employees. It is regulated by the Employees’ Provident Fund Organization (EPFO), which is also one of the most well known and biggest Social Security Organisation in India. They handle huge amounts of financial transactions on a daily basis. The process of applying for the provident fund is also not a difficult task as long as you have a professional to help you sort things out. At Arvisa, we guarantee that you do not have to go through the legal complexities of registering for PF. Once we get the required information and the documents, our experts fill the forms accurately and submit them on time. Our team takes the responsibility of follow-ups and deliver you the PF number at the earliest time as possible..
Online EPF registration procedure for employers
- Collect relevant employee data and documents.
- Establishment Registered with EPFO.
- Register DSC (Digital Signature Certificate) of the Employer.
- Fill application with all employer details.
- Submit verified form
Our expert will be your advisors and consultants for PF online registration and help get the PF number in 5 to 10 business days (not factoring processing time). On the very first consultation, which is free of any charge, you will get the gist of our PF process. When we work on your behalf, we ensure that the PF application is submitted for the organization in the prescribed format without any errors. We pledge easy working at the most economical prices.
All the individuals will have to activate their UAN if they need access to all the direct/online facilities given by the Employee Provident Fund.
The EPFO members will be able to keep a tab of their UAN status using online methods. All you need to do is to provide the EPF number and select your state. You will automatically get the UAN status.
Documents required for PF Registration
Any business that wishes to apply for PF needs to submit the following mandatory documents:
- PAN card of establishment
- Certificate of incorporation
- Cross cancelled cheque of establishment
- Address proof that is in the name of the establishment. It can be:Rent agreement
- Telephone bill
- Specimen signature of directors and authorized signatories
- Digital signature of the authorized applicant
- In case of voluntary registration, consent of the majority of employees
In some entities the underlying may also be needed:
- First sale bill
- First purchase bill of raw material and machinery
- GST Registration Certificate
- Bankers details
- Record of a monthly employee strength
- Register of salary and wages
You just need to collect the mandatory documents and send a copy of each document to us. The rest will be handled by the efficient team at Vakilsearch. From filing the form to verification processes and legal formalities, we handle it all!
Pre Requisites for NBFC Registration in India
For NBFC Registration, below mentioned conditions must be fulfilled as per Section 45-IA of the RBI Act, 1934:
- Company Registration
An applicant must be a company registered under companies Act 1956 or Companies Act 2013.
- Director’s Experience
1/3rd Directors of the applicant company must possess experience in finance field in order to apply for NBFC license.
- Five Year Business Plan
An applicant company needs to draft detailed business plan for the next five years.
- Minimum NOF (Net Owned Fund) Requirement
The applicant company must possess minimum NOF of Rs. 2 Cr & Tax must be paid on it. However, based on increase in prices, real GDP and regulatory judgment, the entry point norms proposed to be revised from ₹2 crore to ₹20 crore. Applicable immediately for new registration however, existing may be given time, say 5 years.
- Qualify Capital Test
The RBI undertakes quality of capital test to check that invested capital is free non-compliance with the prescribed laws.
- Credit History
The credit score of the company, directors & its shareholders must be fine and they must have not defaulted loan re-payment deliberately to banks or to NBFCs.
- Quality Of Capital
An applicant company must have complied with the mandatory compliances.
- FEMA Compliances
In case of involvement of foreign investment, an applicant company must have complied with the FEMA Act. 100% FDI is allowed from FATF member countries.
Checklist of Documents Required for NBFC Registration
- Certified copy of COI (Certificate of Incorporation) / MOA / AOA
- Net Worth Certificate of Directors, Shareholders & Company
- Educational qualification documents of the proposed directors
- Highest Experience certificates
- Directors & Shareholders business profile
- Credit report of directors & shareholders
- KYC details, PAN of the company, GST number, address proof of the company
- Bank account details of the company [Rs. 2 Cr must have deposited as NOF]
- Audited balance sheet of last 3 years or from the date of incorporation
- Related Party Disclosures
- Income tax Returns
- Banker’s Report confirming no lien on fixed deposit
- Format of board resolution regarding NBFC registration
- Underwriting model - Detailed action plan of next 5 years including Fair Practice Code and risk assessment policy
- Business Structure & Loan Structure
- IT Policy
Frequently Asked Questions
Yes. PF has a direct impact on the pension of an employee. Of of the amount contributed by the employer towards EPF, 8.33% of it goes to the EPS, i.e., Employee Pension Scheme.
Both the employee and employer contribute 12% of the salary. The employers part consists of 12% of basic wages + dearness allowance + retaining allowance. If the number of employees is less than 20 in the firm, then the PF rate is 10%.
As expert advisors of the employee provident fund (EPF) on an online platform, Vakilsearch is capable of aiding every establishment in India. As long as you have an Internet connection that can be used to send over a copy of all your documents, we will be able to register for your PF.
For the financial year 17-18, the interest rate was capped at 8.55%. When compared with any other debt instrument, this is an incredible rate of return. Furthermore, a PF account comes within the Exempt, Exempt, Exempt (EEE) status. You need not pay tax on the amount saved in your PF account. Hence, in short, there is no better way to save for your old-age than getting a PF account while you are employed. It acts as a blanket of financial security for you.
Discover the status of my EPFO claim by clicking this link
Check out what is EPFO and how to check PF balance online.