I am developing game for oculus Gear VR (to put in your consideration memory management ) and I need to load another screen after specific time in seconds
void Start () {
    StartCoroutine (loadSceneAfterDelay(30));
    }
    IEnumerator loadSceneAfterDelay(float waitbySecs){
        yield return new WaitForSeconds(waitbySecs);
        Application.LoadLevel (2);
    } 
it works just fine ,
my questions :
1- What are the best practices to achieve this?
2- How to display timer for player showing how many seconds left to finish level.
Yes, it is the correct way. Here's the sample code to display a countdown message:
using UnityEngine;
using System.Collections;
public class Test : MonoBehaviour
{
    bool loadingStarted = false;
    float secondsLeft = 0;
    void Start()
    {
        StartCoroutine(DelayLoadLevel(10));
    }
    IEnumerator DelayLoadLevel(float seconds)
    {
        secondsLeft = seconds;
        loadingStarted = true;
        do
        {
            yield return new WaitForSeconds(1);
        } while (--secondsLeft > 0);
        Application.LoadLevel("Level2");
    }
    void OnGUI()
    {
        if (loadingStarted)
            GUI.Label(new Rect(0, 0, 100, 20), secondsLeft.ToString());
    }
}
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