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21
Aug
17
Promotion and Incorporation of Company

Promotion and Company are the two basic formalities that company that need to face when their Business comes into existence. Business or company need to be promoted through marketing strategies. This makes your company public visible in the market. People invest their initial funds are called the promoters of the company.

There are different forms documents prepared by the promoters to make company according to the need of the market. Documents can be Memorandum of association and Article of association. Promoters also have the right to decide whether the company will be private limited company and public limited company.    

Memorandum of Association

Following are the charter or constitution that provided in MoA

  • Company’s name
  • Company’s Registered Address
  • Activities Company wishes to carry on
  • Amount of Share capital and units

Article of Association

Following are some of the charter or constitution that provided in AoA

  • Set of rules of the internal management of the company.
  • According to the Companies act Article of association can be altered from time to time into pursuance or any previous of this act.
  • AoA are the subordinate and controlled by MoA

Promoter is mainly a person involved in prelimnary work of the company. It can be renumerated for its services. It has its contract before the formation of the company. Promoters are the nominee or first director of the company. They are also required to work compulsorily in the formation of the company. Professionals such as chartered accountant, solicitor also and they are paid for their service. In India promoters generally secure the management of the company.

Functions performed by the Promoters

  • Decision of the name of the company can be accepted by the registrar
  • Arranges printing of MoA and AoA
  • Details of the Company are added such as MoA, AoA, Nomination of the director, Bankers, Auditors and registered office of the company.

Company Incorporation

Company incorporation is a lawful mean forbidden law and contrary to the public policy. Many Companies have Certificate of Incorporation but that does not mean company is lawful. Subscribing names MoA putting their signatures to the memorandum.

Documents to be filed by Registrar

  • Memorandum of Association signed by the subscriber.
  • Articles of Association if any duly signed by the subscribers of the memorandum
  • Statement of the nominal capital   
  • Individual or company proposes to manage whole time director.
  • Notice of the address and registered office of the company.
  • Things can be filed at the time registered.
  • List of the directors and first director of the company.
  • Written consent to be signed by each person.

Certificate of Incorporation

After Company Registration, Registrar will issue whereby he certifies that company is incorporated. Date of incorporation mentioned in the Certificate of the incorporation and company becomes capable of all the functions perpetual, common seal etc. It also shows details about the company are separate from its shareholders. Issued by the registrar all the rules compiled within the rule and regulation.

There are many benefits of company registration or incorporation.

  • Company become legal distinct entity
  • Company acquires perpetual succession
  • Company property is not regarded as the property of shareholder
  • Establishment of Business Account
  • Company can ask ventures to raise funds
  • Employees take interest towards the company

 

 

21
Aug
17
Selecting a Trademark Class for Good or Service

It is very crucial for the applicant of the trademark registration to identify the class of the goods and services that their good or service belongs to. All the goods and services are classified into 45 categories, 34 categories out of 45 belong to the products while rest 11 classes belong to the services. While making an application for registering a trademark an applicant shall determine the class of their product or service. The class of the product or service can be determined by checking the list of 45 classes of goods and services.

Following is the list of classes of trademark goods and services-

Classes of Trademark Goods

Class 1

 Various kinds of chemicals used in industries, science, photography, agriculture, horticulture and forestry, manures, fire extinguishing compositions, tempering and soldering preparations. It also includes chemicals used in unprocessed artificial resins, unprocessed plastics. In addition to this chemical substances for preserving foodstuffs and tanning substances adhesive used in industry.

Class 2

Any Kind of Paints, varnishes, lacquers. It also includes preservatives against rust and against deterioration of wood, colorants, mordant. Further, it includes raw natural resins, metals in foil and powder form for painters, decorators, printers and artists.

Class 3

Various substances used in laundry, cleaning and polishing; and has chemical applications, soaps, perfumes, oils, any kind of cosmetics.

Class 4

Every kind of industrial greases and oils, any kind of lubricants, wetting or binding compositions, all fuels and candles and wicks is included in this class.

Class 5

This class includes various medical preparations (Veterinary and Pharmaceutical, including sanitary preparations also, any dietetic substance), baby food, plasters, dressing material, disinfectants, dental wax, preparations to destroy vermin.

Class 6

Any kind of common Metals and alloys, any material used for metal building is included here. It also includes non-electric cables and wires (all of the common metals), pipes and tubes and other small metal hardware.

 Class 7

Machines and their tools, motors or engines (land vehicles not included), incubators (for eggs) and agriculture machines (hand operated not included) are included here.

Class 8

It includes Hand tools, cutlery, razors and side arms.

Class 9

Any kind of instrument and apparatus used in science, navigation, Photography, Cinematography, optics, weights and measurements, signals, supervision, life-saving and/or teaching, also conducting, transforming, switching, regulating, transmitting or reproduction of sound or images; any kind of magnetic data carriers or recording discs, vending machines(automatic) and any coin-operated apparatus; computers, cash registers, calculating machines and fire-extinguishing apparatus.

Class 10

Any kind of medical apparatus including surgical, dental and veterinary instruments and apparatus, artificial limbs or eyes or teeth and orthopedic articles are included in this class.

Class 11

Any lighting, steam generating, heating, drying, cooking, refrigerating, ventilating and sanitary or water supply related appliances and apparatus are included in this class.

Class 12

This class includes the products like Vehicles and apparatus for locomotion (in/by land, air or water).

Class 13

Fireworks, Firearms, Explosives, and ammunition (also projectiles) products are included in this class.

Class 14

 Any precious metal and its alloy and any goods made of that precious metal or even coated with, jewels and ornaments and precious stones, also chronometric instruments are included in this class.

Class 15

This class includes any Musical Instrument.

Class 16

This class includes the products like Cardboard and paper, any goods made from them, printed matter, photographs and all stationary given that they are not included in any other classes, adhesives (at the household level), paint brushes, office requisites; teaching material (excluding any kind of apparatus), printing blocks and plastic material for packaging.

Class 17

 Rubber, mica, gutta-percha, asbestos, gum and any goods made from these, packing, insulating and stopping materials, extruded plastics, pipes (flexible and not made up of metals) are included in this class.

Class 18

This class includes leather of any kind of its limitation, any goods from this material, trunks, hides, animal skins and traveling bags, parasols, umbrellas and walking sticks also harness and whips.

Class 19

This class includes Non- metallic building materials, rigid pipes again non-metallic and used for building purposes, bitumen, asphalt, and pitch, monuments, not of metal.

Class 20

This class includes Mirrors, furniture, picture frames, any goods of wood, reed, cork, wicker, cane, bone, horn, whalebone, ivory, amber, shell, meerschaum, mother-of-pearl or any kind of their substitutes, also plastics given that they are not included in any other class.

Class 21

It class contains the various products like Household utensils and containers (including kitchen), sponges and combs, brushes(excluding paint brushes) and materials included in their making, steel wool and unprocessed glass, porcelain and glassware and also earthenware.

Class 22

It includes the products like Tents, nets, strings, ropes, tarpaulins, awnings, sacks, sails, bags (which are excluded from other classes), stuffing and padding materials, raw textile materials (fibrous).

Class 23

This class includes Threads and Yarns (textile use).

Class 24

Textile and their goods like bed covers and table covers are included here.

Class 25

It contains the articles related to footwear, clothing, and headgear.

Class 26

This class includes all types of Ribbons, Embroidery, Lace, and braid. Also, this class includes the other products like hooks and buttons, needles, pins and artificial flowers.

Class 27

Mats, rugs, carpets and matting, linoleum and other similar materials used for covering existing floors and also wall-hangings which are non-textile are included here.

Class 28

Any kind of Sporting and gymnastic articles, games and any kind of play things given that they are not included in other classes and also decorations for Christmas Trees are included here.

Class 29

Fish, meat, poultry, meat extracts, dried, cooked, frozen edibles (fruits and vegetables), jellies, jams, eggs, milk and its products, oil (edible) are included in this class.

Class 30

This class includes tea, coffee, rice, sugar, tapioca, artificial coffee, and sago, bread, flour, pastry and confectionery items, honey, ices, yeast, treacle, salt, baking powder, mustard, sauces, vinegar, spices, and ice.

Class 31

Products of agriculture, forest and horticulture and grains that are not included in other classes, fresh vegetables and fruits, live animals, seeds, plants and flowers (natural), the food product for animals are included in this class.

Class 32

This class includes mineral and aerated water. Further, all kinds of non-alcoholic drinks and beers, fruit juices and drinks, syrups and preparation for beverages are included in this class.

Class 33

It includes all Alcoholic drinks (except beers).

Class 34

It includes the various products like Smoking articles, Tobacco, and matches.

Classes containing trademark Services

Class 35

The activities related to Business Management, advertising, business administration and other office functions are included here.

Class 36

It includes all the services related to financial affairs, Insurance, Monetary affairs and real estate affairs.

Class 37

It includes Repair, Building construction, Installation Services.

Class 38

This class includes the services of telecommunications.

Class 39

This class includes the services of packaging and storage of goods and also transportation of goods.

Class 40

This class includes activities related to the treatment of Materials.

Class 41

The services like providing training, Entertainment, sports, Education and other cultural activities are included here.

Class 42

This class includes the technological and scientific services, industrial analysis and research services. Further, it includes the services of the development of computer hardware and software and their designing.

Class 43

Services related to providing drinks and food or temporary accommodation is included here.

Class 44

 Any kind of Medical services (including Veterinary, hygienic and beauty services) both for humans and animals, horticulture, agriculture and forest services are included in this class.

Class 45

Legal and security services are included here. Also, the personal and social services are also included here.

19
Aug
17
How is One Person Company different from Sole Proprietorship?

A Sole Proprietorship firm is also known as a sole trader or simply a proprietorship. It was a popular form of business prior to the introduction of One Person Company due to its simplicity, ease of setup, and nominal cost. It is a kind of business set up in which a single person owns the business and is solely responsible to pay all the debts of the firm. One of the biggest disadvantages of this type of company is that the identity of sole proprietor is not distinct from the identity of the firm thus the liability of the owner is unlimited.

To overcome the drawbacks of sole proprietorship the concept of One Person Company was introduced through Companies Act 2013. One Person Company contains the features of both the sole proprietor and the company. This concept was introduced to help the sole proprietor in fulfilling their desire to start a business with limited liabilities. One of the major benefits of the one person company over the sole proprietor company is that the one person company formed is a separate legal entity from its members and the liability of the owner is limited.

Difference between Sole Proprietorship and One Person Company is as follows-

Basis

One Person Company

Sole Proprietorship

Liability

The liability of the member is limited to his share.

The liabilities of the members are unlimited.

Legal identity of entity

It has a separate legal identity from its members.

It is not considered as a distinct identity from its members.

Registration

OPC can be registered under Company Act 2013.

Registration of sole proprietorship is not compulsory.

Taxation

OPC will be taxed in the same way as a company.

It will be taxed as an individual.

Existence

An OPC does not get dissolved with the death or retirement of the member.

The life of this form of the company comes to an end with the retirement of the sole proprietor.

Compliance

 

 

 

 

Conversion

 

 

 

    

Maximum number of members    

 

Foreign Ownership                           

It is required to file annual returns and get its accounts audited.

 

 

 

An OPC will be converted into private limited company if has an average turnover of over Rs. 2 crore for three years or a paid-up share capital of over Rs. 50 lakh.

 

It can have maximum 2 members.  

 

 

 

Foreign ownership is allowed in case one member is director and the other is nominee. However both director and the nominee cannot be the foreign citizens.                                       

It is required to get its account audited only if its turnover exceeds the threshold limit as per income tax act.

 

A sole proprietor will always remain a sole proprietor irrespective of its turnover.

 

 

It can have only 1 member.

 

 

 

Foreign ownership is not allowed.

 

 

 

 

18
Aug
17
Restoration of the Expired Trademark

A Trademark is a “brand” or “logo” associated with the product. A properly used and promoted trademark helps the product to establish a brand image in the minds of the people.

It is very crucial to obtain trademark registration as it gives protection to the business entity against the other companies who might commence their activities using identical or similar marks. Trademark registration can also be obtained for a business name, distinctive catch phrases, taglines or captions.

The trademark once issued is valid for the time period of 10 years and after the completion of 10 years, the trademark issued get expired thus the trademark owner is required to get it renewed.

Following steps shall be taken to renew the trademark when it gets expired-

  1. Initially, the owner of the trademark is required to file TM-10 within 6months from the expiration and pay a specified amount of charges for renewal of the trademark.
  2. As soon the application made is accepted, the owner of the trademark is required to advertise the trademark in the trademark journal in order to inform the concerned about its restoration and invite objections from the people.
  3. In case there are no objections received within the specific timeframe, then the trademark is re-registered and enclosed within the trademark information. The trademark reregistered will again be valid just for the tenure of ten years.

Procedure for Trademark Renewal of Associate in Nursing terminated Trademark in India:

  1. In case the owner of the trademark does not make any application regarding the renewal of the trademark, minimum 1 month and maximum 3 months before the expiration of the last registration of the trademark, the Registrar himself could inform the businessman or his agent about the approaching expiration of the mark.
  2. In case the trademark owner or his agent fails to pay the prescribed trademark renewal fee before the expiration of the last registration of the trademark, then the Registrar is empowered to take away the mark from the register and advertise it within the official journal. However, the Registrar cannot take remove the mark from the register, if Associate in a Nursing application is filed by the trademark owner for payment of the renewal fee within six months of the expiration of the last registration of the trademark.
  3. In case no application regarding the renewal of trademark is filed within six months of the expiration of the last registration of the trademark, then the trademark expires.
  4. An application for the renewal of the trademark shall be filed within one year from the expiration of the last registration of the trademark. Further, the Registrar will consider the request for restoration of the terminated trademark scrutinizes the interest of differently affected persons.
  5. In case the terminated trademark is restored by the trademark owner, a notice will be sent by the Registrar to businessman concerning such restoration and therefore the same will be publicized within the Official Journal.
  6. Through the advertisement published in the journal regarding the restoration of the trademark, the Registrar invites the objection against restoration. In case no such objection is detected then the trademark is rehabilitated within the register for successive ten years.
  7. If any objection is raised, then the Registrar conducts the hearing and after hearing each the parties it passes a call on whether or not to revive the trademark or not.
  8. If someone else applies for registration of the terminated trademark, then the businessman needs to file Associate in nursing objection against the third party who has applied for registration of the terminated trademark.

Getting the trademark renewed helps the businessman to protect itself from duplicity and help them to maintain the exclusivity of their brand.

17
Aug
17
Penalty for Late Filing of Annual Return of Company

As per the Companies (Management and Administration) Rules, 2014 all companies are required to prepare and file an annual return. The annual return of the company shall be filed in MGT-7 containing the annual information about the Company’s general compliances. Further, it is mandatory for every company to file the annual return within 60 days of holding the annual general meeting or within 60 days from the last date on or before which an annual general meeting must have been held by the Company.

Applicability of Annual Return Filing

The following companies incorporated in India are required to file annual return at the end of each financial year.-

  1. Private Limited Company
  2. One Person Company
  3. Limited Company
  4. Section 8 Company
  5. Producer Company
  6. Nidhi Company

Further, even the companies which no longer exist are required to file annual returns till the name of the company is struck off from the Register of Companies by the Registrar. Moreover, nonfunctioning companies or companies with no activity are also required to file the annual return at the end of each financial year. Thus the fact that a company has not been functioning does not exempt the company from its requirement for filing of the annual return.

Penalty for Failure to File Annual Return

A penalty would be levied in case a there is a failure in filing the annual returns of the company or the returns are not filed within the due dates.

Section 9(25) specifies the penalty provision in this regard. As per this section, the company will be punishable with a fine shall not be less than Rs.50000 but which may extend to Rs.5 lakhs. Further, every Officer (Director) of the company who is in default shall be punishable with imprisonment for a term which may extend to six months or with fine which shall not be less than Rs.50,000 but which may extend to Rs.5 lakhs, or both.

In addition to this if the company secretary in practice certifies the annual returns, which is not in conformity with the rules made in this regard than he shall be punishable with the fine which shall not be less than Rs 50,000 but which may extend to Rs 5 Lakhs.

Disqualification of Director

To make directors accountable for filing the annual returns of the company properly the provision for disqualification of directors in this regard has been made. Any director of the company will be disqualified, in case the annual return of a company is not filed continuously for three financial years. Further, he would not be eligible for appointment as a Director of any other company for a period of five years from the date on which the defaulting company failed to file annual returns.

Miscellaneous Provisions for punishment regarding failure to file annual returns by company

To ensure proper Corporate Governance and Proper Compliance of provisions of Companies Act, the following action would be implemented by ROC:

  1. The ROC would not accept any other e-filing of the company from Directors of defaulting companies for any other company also.
  2. No certificates will be issued to such defaulting company by the members of ICAI, ICSI and ICWAI.
  3. A strict action will be taken against defaulting companies and their Director in default in coordination with RBI and SEBI.
  4. The Company Secretaries and Auditors of defaulting companies would not be allowed to sign and certify the filing with the MCA-21 system, till the defect is rectified.
16
Aug
17
LLP Compliance Post Incorporation

Limited liability partnership is a corporate structure that contains the features of both partnership firms as well Company. Limited liability Partnership (LLP) was introduced in India under the Limited Liability Partnership Act (2008). The main objective behind the introduction of limited liability partnership was to provide the flexibility of a partnership with the benefit of limited liability of a company.

There are certain compliances and procedural matters that are required to be fulfilled prior to the incorporation of a Limited Liability Partnership (LLP). Mnay other forms of companies like the private company are also required to fulfill certain compliances requirements before their incorporation. However, the overall compliance requirement for an LLP is less cumbersome, as compared to the post incorporation compliances required for a company. 

The LLP must fulfill the compliances requirement to ensure the smooth incorporation of the proposed LLP.

  1. LLP Stationary
  • LLP Seal: LLP is a separate legal entity from its members. Thus, LLP seal would be required for the opening of the bank account of the company and for applying for PAN. Every LLP is required to purchase two rubber seals – round type with LLP name and LLP name with the designation.
  • Letterhead: LLP stationary like letterhead, invoice, official documents, etc., shall be prepared containing the LLP name and registered office of the LLP.
  1. Filing LLP Agreement

The LLP agreement is an agreement between the members of LLP just as the partnership agreement. It plays a very crucial role in an LLP as it states the rights and duties of partner. It is mandatory for every LLP to file LLP agreement within 30 days after incorporation of an LLP. Further, LLP agreement is mandatory for all LLPs and even in the absence of a specific LLP Agreement, an LLP Agreement must be executed, specifically excluding applicability of any or all paragraphs of Schedule I (default LLP agreement).

In case any LLP fails to file LLP Agreement within 30 days of incorporation of an LLP, a heavy penalty of Rs.100 per day of default with no ceiling on the maximum fine will be levied on the LLP. Hence utmost care must be taken to ensure that the LLP agreement is properly executed and filed within the due-date.

  1. LLP PAN Application

Every LLP is required to make an application for obtaining a valid PAN card prior to its incorporation. An applicant can make a PAN application in form 49A. As soon as an application is submitted online, the PAN acknowledgment must be signed and sealed by a Designated Partner of the LLP. The signed application must then be couriered to the NSDL office for issue of PAN card. Within 10-20 days the PAN card of the LLP will be sent to the registered office address of the LLP.

LLP Bank Account Opening

By submitting the documents mentioned below the bank account for an LLP should be opened-

  • Copy of the LLP agreement
  • Copy of the Incorporation document and DPIN of the designated partners
  • Copy of the LLP Registration Certificate issued by the ROC
  • Copy of LLP-IN issued by the ROC
  • Copy of the Resolution to open a bank account
  • List of authorized person/s with the specimen signatures to operate the account duly attested by Designated Partners
  • Copy of PAN allotment letter

An important point to be noted here is that all the above documents must be signed by a Designated Partner and must have the seal of the LLP.

 

14
Aug
17
Difference between Trademark Objection and Trademark Opposition in India

Trademark examination and Trademark opposition are the two terms we often hear when we deal trademark. Both the terms sound similar but both are separate proceedings. People often get confused between trademark objection and trademark opposition. Here are some fundamental difference between Trademark objection and Trademark opposition.

Trademark Examiner does Trademark objection whereas Trademark opposition is initiated by third (person in public having objection) and his/her has doubt in acceptance of your mark.

Trademark Objection is the part of Trademark examination process. In this process Trademark examiner examines your application and issues the Trademark examination report against your mark.  In most cases Trademark applications are objected and the objection should be responded within a month calculated from the date of issuance of the report. Whereas, third party opposes trademark. This is mainly done after the advertisement of the acceptance of your mark, from the Trademark registry in Trademark journal.

What is Trademark Objection?

Trademark objection is a form of preliminary negation issued by the trademark examiner after examination of your application. Trademark are objected for lack of distinctiveness some similarity with pending or registered marks. According to the trademark law and there are some other reasons as well like international proprietary names, geographical names, offensive or obscene words as a part of or as a trademark. It is the formality in most that can be overcome by proper representation before the registrar. In some cases one should approach the appellate board to appeal against the decision. It is mandatory to have periodical checking on trademark application. Trademark objection raised by examiner will lead to abandonment. It is similar to the fact like you’ve lost your money spent on Trademark Filing.  

Points to remember

  • Get in touch with a ‘reputed’ trademark attorney to represent your case. Unless you know what you are doing.
  • It is advised not to use sample or format available online. 
  • In case you are use the sample, the trademark office would not consider your reply and post your case for hearing.
  • Respond to trademark objection within 30 days.

What is Trademark Opposition?

Trademark opposition is a legal proceeding instituted by third parties. Opposition is similar to the activity like some body’s has stolen your exclusive right or idea. It is mainly accepted soon after its publication in the trademark journal, generally within 3 months from the date of publication. Opposition is third party action done by people having genuine interests in the trademark or by a person who feels that trademark registration of that trademark would be the decorum, market or any affect related to business of that person.

Opposition is an activity that is becoming increasingly common and easier than ever before. In case you applied for a trademark, even though the trademark examiner reviewed and approved it. Trade mark opposition is a serious matter should be kept in mind while registering a trademark. Opposition can sometimes lead to accusations and claims of infringement and monetary damages.

In case any applicant’s trademark has been opposed then he/she need to respond to the opposition within 2 months of the receipt of communication from the registrar of trademarks. Here are some of the difference between Trademark objection and opposition. 

Trademark objection

Trademark opposition 

Objection is issued by examiner

Opposed by the third party

Need to be responded within 1 month

Need to be responded within 2 months

No fee involved

Applicant need to reply with fee

Process under Trademark Registration

Separate process from Trademark Registration

No response will lead to removal

No response will lead to removal

Appeal lies against Rejection

Appeal lies against judgement

Acceptance is published in Journal

Judgement is communicated to the parties.

 

12
Aug
17
Procedure for ISI Mark Registration

ISI mark on a product aims at providing a guarantee of the quality, reliability and safety of the products to the end consumers. The ISI mark is issued by the Bureau of Indian Standards. Further, obtaining an ISI certificate is voluntary in nature thus it is not mandatory to obtain ISI certificate for every product. However, taking public health into consideration the government of India has made ISI certification mandatory for certain classes of products.    

BIS Product Certification Scheme

Through BIS Product Certification Scheme an ISI mark certification is provided to the manufacturer of the product. It is one of the largest schemes in the world, with over 26500 licensees covering more than 900 products. With BIS Certification the licensees are empowered to use the popular ISI mark on their product, which is synonymous with quality products. As per Government notification, 90 products are mandatorily required to have BIS certification. BIS also operates Foreign Manufacturers Certification Scheme through which license to use the BIS Standard Mark is granted to overseas manufacturers. At present, over 350 licenses have been granted for over 50 Indian Standards in 40 distinct countries.

Products for which BIS Certification is mandatory

The government of India has made BIS certification mandatory for certain products by keeping in mind the health and the safety of the people. These products cannot be sold without obtaining a BIS certification. The products for which BIS certification is mandatory are as follows- 

  • Cement
  • Household electrical goods
  • Food and related products
  • Diesel engines
  • Oil pressure stoves
  • Automobile accessories
  • Cylinders, Valves and Regulators
  • Medical Equipment
  • Steel Products
  • Electrical Transformers

Types of BIS Certification Schemes

The distinct types of BIS certification scheme are as follows:

  1. Normal Procedure for Domestic Manufacturers – Initially the applicant is required to submit the BIS Certification application with required documents and requisite fee. As soon as the application is submitted to the BIS, the BIS officer will conduct a preliminary factory evaluation. To check the capability of the manufacturer to produce the goods according to the standard lay down by the government for that category the samples are tested in the factory. Also, the samples are drawn for independent testing. When the BIS officer is satisfied with the sample of the product then BIS certification is provided. Under this method, BIS Certification is expected to be granted within 4 months of submission of application.
  2. Simplified Procedure for Domestic Manufacturers – To facilitate ease in the procedure of obtaining ISI certification the simplified procedure was introduced. Under this scheme, the applicant submits a test report of the sample from a BIS approved lab along with the application for BIS Certification. In case the test report is satisfactory, then a verification of the factory premises is carried out by a BIS Officer. If the BIS officer is satisfied then a BIS certification is issued. Under this method, the license is expected to be granted within 30 days of submission of BIS Certification application with the required documents and test report.
  3. Tatkal Scheme- Every manufacturer who requires BIS standard mark mandatorily as per Government notification can obtain BIS license under the tatkal scheme. The application filed through tatkal Scheme will be processed on the priority basis and will be adhered to the strict time norms. The total time for processing is specified as 30 days.
  4. ECO Mark Scheme – Through this scheme, the BIS License for eco-friendly products are granted. The procedure for granting ISI certificate under this scheme is similar to that of the Domestic manufacturer scheme. Eco-friendly products are required to fulfill the additional requirements specified in the Indian Standards to qualify for the ECO mark.
  5. Foreign Manufacturers Certification Scheme – The Overseas applicants/foreign manufacturers can make an application for BSI certification under this scheme. Obtaining ISI certification will provide them the conformity of their products to applicable Indian standards. The BIS certificate under this scheme is issued within 6 months period.
05
Aug
17
How to Get PAN Card for Company?

Permanent account number (PAN) is a 10 digit alphanumeric number that is issued by the Income tax department to every person who filed an application in this regard.  Through PAN card number the taxpayer is connected with the tax department. It is a mandatory requirement for the incorporation of various forms of the company like the private limited company, public limited company and one person company etc. 

Why is it important to have a PAN card number?

As per the Income Tax Act, 1961 it is mandatory for individuals and any form of entity to generate a PAN number while the payment of counterpart in India. Any person that fail to do so will be charged with the concealing tax which can be at the rate of more than 30% of the total invoiced payment i.e. the government will deduct tax at the highest rate possible.

Also, having a valid PAN number will grant benefits while paying the invoices, income tax returns and remittances to the holders.

Documents required

Following documents are required for obtaining a PAN card number-

  1. Any one of the following documents shall be submitted as the Proof of identity
  • A valid copy of the certificate of incorporation
  • A valid copy of the business registration certificate
  • An authentic copy of articles of association
  1. For the proof of address a valid copy of the company’s bank statement bearing the company’s name and full current address for any kind communication. The PAN card will be delivered to this address.

How to apply for PAN card?

Following steps shall be undertaken to acquire a PAN card-

  1. To begin the process of acquiring PAN number an application form 49A shall be downloaded.
  2. In the form, downloaded the applicant is required to fill all the necessary details.
  3. The applicant is required to acquire a bank draft for the payment of the pan card fees.
  4. The Column of name and the details of accessing officer can be left blank
  5. As soon as the form has been filled by the applicant he can download it and take a printout of it.
  6. The downloaded form shall be signed by the authorized director on behalf of the company and should be sent to any PAN agent or broker
  7. The applicant can send the form directly to any NSDL processing centers in India in case he does not prefer online services.
  8. The applicant is required to note down the PAN card number in order to track down the status of his application.
  9. A PAN number will be provided in around 15 days to 5 weeks to the applicant.
04
Aug
17
How to Get a TAN Number for a Company?

The tax deduction account number is a 10 digit alpha numeric number that is allotted to all the Persons/Employers who are responsible for deducting tax at source or collect tax at source on the behalf of income tax department.  The TAN number is allotted by the income tax authorities to the applicant. As per section 203 A of the Income Tax Act 1961 it is mandatory for every tax deductor to quote the tax deduction number in all TDS returns and all other communication with the tax authorities and failure to do so will attract a penalty of Rs 10,000.

Structure of TAN number

TAN number is a 10 digit number. In which first 3 alphabets represent the jurisdiction code, the 4th alphabet is the initial of the name of the TAN holder who can be a company, firm, individual, etc further five numbers and the last digit makes the TAN number of every person unique.

Who can apply for TAN Registration?

The following legal bodies collecting TDS are responsible for obtaining TAN Number

  • Central/state government or local authority.
  • Statuary/ Autonomous body.
  • Company
  • Branch/Division of a company
  • Individual/Hindu undivided family
  • Branches of the individual business.
  • Firm/ Association of persons.

Documents required for obtaining a TAN number

Following documents are required obtaining a TAN number-

  • Applicant proof of identity.
  • Applicant proof of identity.
  • Form 49-B for filing application

How to apply for TAN

An application for TAN can be filed through online mode or offline mode.

Offline

Form 49B in duplicate shall be submitted to any TIN-FC to file an application for allotment of TAN. Addresses of TIN-FCs are available at NSDL-TIN website.

In the case of an applicant, being a company which has not been registered under the Companies Act, 2013, the application for allotment of Tax Deduction Account Number may be made in Form No INC-7.

Online

To initialize the process of obtaining TAN through online mode form-49B shall be filed.

  1. The applicant is required to pay the fees of Rs 62 for filing the TAN application. The payment can be made by cash, cheque, demand draft or net banking.
  2. After the successful payment, a 14 digit acknowledgment number will get generated. The applicant shall submit the duly signed acknowledgment along with the required documents to the NSDL within 15 days from the date of the online application.
  3. After the documents and application are verified by NSDL, the TAN number will be communicated to the applicant.
04
Aug
17
Subsidiary Company Registration

A subsidiary company is a company in which more than 50% of the stock is held by a company known as the parent company or the holding company. Parent company substantially holds the controlling interest in the subsidiary company. Partial or complete control can be exercised by the parent company over the subsidiary company. The subsidiary company controlled completely by the holding company is called the wholly owned subsidiary company. In cases a foreign subsidiary is held by the principal company, the subsidiary must follow the laws of the country where it is incorporated and operates, and the parent company carries the foreign subsidiary's financials on its consolidated financial statements.

Documents required for registering a Subsidiary Company

Following documents are required for registering a subsidiary company-

  1. Proof of address
  • Electricity bill or rent agreement and latest electricity bill in case of rented accommodation.
  1. Indian National
  • PAN Card (mandatory)
  • Address proof
  • Photo ID Proof
  1. Foreign National
  • Passport (mandatory)
  • Address Proof (Document must be certified by the Indian Consulate)
  • Photo ID Proof (Document must be certified by Indian Consulate)

Minimum Requirements to Register Subsidiary Company

  1. Two directors
  2. Two shareholders

Procedure of obtaining registration for subsidiary company is as follows-

Step-1

To initialize the procedure of subsidiary company registration, any of the two directors are required to apply for DSC (Digital Signature Certificate)

Step-2

Then all the directors must apply for DIN (Director’s Identification No.)

Step-3

Through form INC-1 applicant shall apply for the name approval of the proposed subsidiary company.

Step-4

Once a name approval is obtained from ROC (Registrar of Companies), an applicant is required to file the following forms –

  • Form INC-7- Containing the Application for Incorporation of subsidiary Company of any private limited company or public company etc except one person company.
  • Form DIR-12- Containing the particulars of appointment of directors and the key managerial personnel and the changes among them.
  • Form INC-22- Containing the notice of change of situation or change of address of the registered company along with the Memorandum and Articles of Association of the Company.

Step-5

Once the incorporation documents are filed, the applicant is required to make an online payment ROC fees and Stamp duty. The fees paid shall be based on the authorized capital of the company.

Step-6

After receiving the fees and stamp duty, ROC verifies the filed documents. Form INC-22 and DIR-12 are approved through the Straight-Through-Process (STP) and the ROC Form INC-7 is verified in detail. The ROC may suggest some changes in the form or attachment submitted.

Step-7

Once the changes have been affected and the ROC is satisfied, Certificate of Incorporation is sent to the applicant through email.

01
Aug
17
Annual Compliance Checklist for Startups

In today’s time, many people aspire to become an entrepreneur. Thus the concept of the startup is becoming very popular amongst people. Every person who is aiming at setting up a startup should keep in mind that there are certain mandatory annual compliances which all the companies are required to fulfill.

Every form of a company like Private Limited Company, Public Company and Government Company is required to fulfill certain annual compliances requirements. Likewise, startups are also required to fulfill these annual compliance requirements.

Some of the annual compliances to be followed by every startup are as follows-

  1. Appointment of Auditor- Every start up is required to appoint a statuary auditor and file ADT-1 within 30 days of its incorporation in the first board meeting held. Further, subsequent auditors shall be appointed for 5 years in annual general meeting.
  2. Holding Boards Meeting- First board meeting shall be conducted within 30 days of incorporation and minimum 2 meetings shall be conducted in a calendar year. Also, a minimum gap of 90 days should be there between two meetings.
  3. Holding Annual General Meeting- Every startup is required to one annual general meeting in one year and the maximum gap between 2 annual general meetings shall not exceed 15 months.
  4. Filing electronic forms- Every startup is required to file following electronic forms annually-
  • MGT 7- Every startup is required to fill this form electronically within 60 days of holding of Annual general meeting for the period from 1st April to 31st March.
  • AOC 4- Within 30 days from the conclusion of annual general meeting form AOC-4 containing the financial statement that is Balance Sheet along with Statement of Profit and Loss Account and Directors’ Report shall be filed by every startup.
  • Form MBP 1- Through MBP-1 every director of the company in the first meeting of the Board of Director in each Financial Year needs to disclose his interest in other entities. Further, fresh MBP-1 shall be filed whenever there is a change in his interest from the earlier given MBP-1.
  • Form DIR 8- Through form DIR-8 the director of the startups in each financial year are required to file with the company disclosure of non- disqualification.
  1. Directors’ Report- A Directors report signed by the chairperson and authorized by the board shall be filed by every startup.
  2. Statuary registers and books of accounts- Every start up is required to maintain certain statuary registers. Also, it is required to maintain the minute book of the board meeting and annual general meeting. In addition to this, books of accounts and register of directors attendance shall be submitted to the registrar.
  3. Other statuary compliances like maintaining of books under income tax act and statutes applicable.

Further, the compliance requirement for start-ups differs from case to case based upon the nature of the business, size etc. 

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