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16
Oct
17
New Exemptions Granted to Private Limited Companies

Companies Act 2013 which replaced the earlier Companies Act 1956 levied certain Restrictions on the Private Limited Company. Due to which the owners of private limited company raised concerns. Keeping in mind the interest of the private limited company an exemption list provided to the private limited company was released on 5th June 2015. Following exemptions were granted to the private limited company through the notification of 5th June 2015-

  1. Related Party Transactions- With the implementation of companies Act 2013 undertaking the related party transactions required the board approval and in some case, the approval of shareholders is required.

The amendment introduced modified the definition of a 'related party' for private limited companies. Due to which the following were excluded from the definition of related party-

 (a) Holding companies

 (b) Subsidiary companies

 (c) Associate companies

 (d) Subsidiaries of holding companies of the private limited company.

 Thus, transactions of a private company with Exempted Entities will not be considered to be a "related party transaction" and will not require compliance with the provisions of Section 188 of the 2013 Act. Further, the related parties were not permitted to vote at a general meeting of shareholders for a resolution to approve any contract or arrangement between the company and a related party. Through the Exemption Notification, this restriction will also be removed from the private limited company.

  1. Kinds of Share Capital- Companies Act 2013 put forward the restriction on the private limited company that it can issue only two kinds shares i.e equity shares and preference shares. This restriction was removed through the exemption list issued. Thus now private limited companies are free to issue any type of share they desire without any restriction but subject to their charter. This helped the private limited companies to issue any class of shares.
  2. Accepting deposits from members- The companies Act 2013 permits all kinds of companies to accept deposits from their members subject to the fulfillment of certain conditions. After the exemption list was released these restrictions do not apply to the private limited companies accepting deposits from members which are less than 100% of its paid- up share capital and free reserves. However, the private companies are required to file the details of such deposits received from the members with the registrar of companies in the prescribed manner.
  3. Power to purchase own shares- Earlier no private limited company and the public limited company was empowered to purchase its own shares. However now the private limited companies who satisfies the following conditions are empowered to purchase its own shares-
  • No other body corporate has invested any money in share capital of the Company
  • Borrowing from banks, Financial Institutions or Body corporate is less than twice of its paid up capital or ₹ 50 crore, whichever is lower
  • Such a private company should not have defaulted in repayment of borrowings as may be existing on the date of the transaction under the section.
  1. Loan to directors- As per the provision of section 185 of the companies act 2013 no company can advance loan to its directors or any person in which director is interested. Further, it prohibits giving any kind of guarantee or providing any security in connection with any loan that the directors avail in their personal capacity. Now an exemption is being granted to the private limited companies for granting loans if they satisfy the following conditions-
  • There shall be no other body corporate shareholder in the lending company
  • If the borrowings of such a company from banks or financial institutions or any body corporate is less than twice of its paid up share capital or fifty crore rupees, whichever is lower
  • Such a company has no default in repayment of such borrowings subsisting at the time of making transactions under this Section.
  1. Resolutions and agreements- As per the Companies Act 2013 the private limited companies were required to file the all kinds of resolutions passed and the agreements made with the registrar of companies. However, after the exemption list was released they are no more required to submit the resolution and agreements with the ROC.
  2. Auditors’ Eligibility- The restriction was imposed by section 141 of companies Act 2013 to the auditing firms, partner or the partnership firms. The auditor who is in full time employment elsewhere or in the capacity as auditor of more than 20 companies at the date of appointment or reappointment shall not eligible to be appointed as auditor of the company.

The exemption notification has modified this restriction. Now the appointment of a person as an auditor of one person companies, dormant companies, small companies; and private limited companies having a paid up share capital of less than Rs. 100 Crore may appoint its Auditor irrespective of the limit of 20 audits provided earlier.

  1. Participation of interested directors- Under the Companies Act 2013 the director is required to disclose his interest in the company with whom a contract and arrangement is entered if he is directly or indirectly is in association with that company. Further, he was not allowed to participate in a meeting of the board where discussion of this contract or arrangement is held. This restriction made it difficult to many private companies to comply with companies act provision, particularly in companies having two directors and either one or both of them are interested. Thus through the exemption list, the interested directors were allowed to participate in the meeting where such contracts or agreements are discussed.
  2. Appointment of senior personnel- As per the sections of companies Act any appointment of the Senior Management by the board of directors shall be subject to the approval of shareholders at a general meeting. The companies appointing Senior Management are also required to comply with the prescribed terms and conditions. In case of failure to comply with the terms and conditions specified in Schedule V, the approval of the central government is required to be obtained by the relevant company.

Further, if the shareholders at a general meeting do not approve the appointment of the Senior Management by the board of directors, such disapproval shall not result in the actions of the Senior Management prior to the general meeting becoming invalid.

Through the exemption list, this restriction is not applicable to the private limited companies.

  1. Minimum Capital Requirement- Earlier in order to incorporate the private limited company, it was mandatory for every private limited company to have a minimum paid-up share capital of rupees 1 Lakhs. Through the exemption list, the requirement of minimum share capital has been removed.
03
Oct
17
Patent Encourages Technology

Innovation and imagination are like companion for patent. There are two types classification on which IPR service is divided industrial property rights and copyright. Another one is Trademark, Patent and Copyright. In India companies, firm or individual need to acquire Trademark registration, Copyright Registration or Patent Registration.    

Copyright is a term that describes a legal right to creators for artistic and creative creation. For example music, painting and technology or any form of product.

Patent has a significant role to play in case of higher intellectual rights also this can also prominent role in the world of technology and life cycle. Initially in the R & D process goes stage wise giving raise to competitive technology. Patent also hikes the market value of any product. WIPO (World Intellectual Property Organization) is responsible for all the Patent Registration and other IPR related issues dealt internationally.

Person registered patent enjoys the exclusive right of a particular product or service. Exclusive Right let innovators to levy more on ROI (Return of Investment).Powerful Business tool enables business to expand more in India. It develops a strong market image of the brand.  

Patent registration is normally looked for at the innovative work (R&D) phase of the innovation life cycle. Different offices in organizations, including research units and specific legal counselors, assume a key part in the improvement of innovations, and also during the time spent planning and recording patent applications and getting, keeping up and abusing licenses.

As an end-result of select rights, the creator should adequately uncover the protected innovation to the general population, so others can get to the new information and can additionally build up the innovation. The exposure of the innovation is a basic thought in any patent-allowing method. Along these lines the patent framework is intended to adjust the interests of innovators and the overall population.

Patents are special in the way that they grant time-constrained privileges of selective utilization of thoughts or ideas that can be utilized to give valuable items and administrations. Licenses are rights ensuring the results of an advancement procedure (normally called "innovations"). Developments can identify with the making of a totally new gadget, item, technique or process, or may basically be a change to a known item or process. A solitary item can be secured by a scope of licenses, while then again an individual patent is regularly part of a bigger innovation arrangement, requiring critical know-how to execute an unpredictable innovation organization.

Comprises of patentable topic

An innovation must fall inside the extent of patentable topic as characterized by the pertinent national law, which fluctuates starting with one nation then onto the next. Numerous nations prohibit certain topics from licensing, for example, logical speculations, numerical strategies, plant or creature assortments, disclosures of characteristic substances, techniques for restorative treatment (instead of therapeutic items), and any development where avoidance of its business abuse is important to secure open request, great ethics or public health.

Development ought to be new

A development must demonstrate some new trademark that isn't known in the group of existing information, alluded to as "earlier craftsmanship", inside a similar specialized field. While the meaning of earlier workmanship may vary between nations, numerous nations consider any data revealed to people in general anyplace on the planet in composed frame, by oral correspondence, by show or through open use, to constitute earlier craftsmanship.

Includes an imaginative advance (non-conspicuousness): An innovation is considered to include a creative advance when, considering the earlier workmanship, the development would not have been clear to a man having normal expertise in that craftsmanship. This prerequisite is intended to guarantee that licenses are just conceded in regard of genuinely imaginative and innovative accomplishments, and not to creations that could be effectively concluded by a man with normal learning in the specialized field from what as of now exists.

Ability of mechanical application

A development must be of viable utilize, or prepared to do some sort of modern application. A creation can't be a negligible hypothetical marvel; it must be helpful and give some practical advantage.

Is completely unveiled

A patent application must unveil the development in a way adequately clear and finish for it to be done by a man gifted in the important specialized field. In a few nations, the "best mode" known to the creator for rehearsing the development should likewise be revealed.

Licenses are vital for mechanical development in the setting where they apply. They can be utilized to create incomes (from licenses), energize synergistic associations, or to make a market advantage and be the reason for profitable exercises. All things considered they make solid motivating forces for development in advertise based economies. An option approach is keep creations private, restricting community to vital innovation propels. Nonetheless, this would have points of interest and weaknesses for the two designers and for society in general, which can profit by the developments.

25
Sep
17
Start-up a Platform to Raise Opportunity in India

Make in India and Digital India are the two parallel steps for start ups in India. Start-up registration has given opportunities to youngsters. Technology has encouraged many young minds in India to start Business in India. Since in India unemployment rate is decreased by1 percent.     

Start-ups have important roles to play in economy of the country. Many new comers have been employed with start-up regime in India. Therefore, is the major concern to boost start-up registration in India and also the event Start-up India Stand-up India campaign has motivated many young entrepreneurs to make a wake call to start the Business. Youngsters and Mid-level executives are seeking a stable career with start-up.

Many start-ups have got funding from the investors for Business expansion. Business with private limited company is the simplest and easiest form to start business in India. Since, it is easy to raise funds. The company has also greater flexibility and Limited Liability to make things reliable. It is a corporate structure that has generated better ROI and managed operational cost in India. 

Running Business in India has been has ocean of opportunity. Since, Couple of years MNCs have shown interest to invest the capital for start-up in India. Indian Human Resource is among greatest in all over the world. Many Foreign Company in India has Indian CEO. Plans and strategies have emerged to a greater success and consistency in the work is the best factor to set of factors that make startup companies successful. It is the curiosity in the young minds that succeed better.

Here are some of the points to start a successful start-up

  • Greater focusmotivation, commitment and passion
  • Enjoy small success and celebrate them
  • Follow success stories and failure stories side by side
  • Taking advice from a good mentor or consultant and domain-specific business knowledge for example finance, operations, and marketing.
  • Good pitch for the funding.
  • Usage of technology and internet make things less costly and saves time and manpower.
  • Patience and persistence due to the timing mismatch of expectations and reality.
  • Passionate about the Business and shows commitment.

A genuine start develops better outcomes for greaterprofits with the flexible procedure. It could be along the item pivot or the market hub, yet it must be a sufficient change that it truly requires a modification in technique and a relating alteration in asset portion. In any event, that is my definition. Energy and inspiration are the undeniable variables. Each business person, business mentor, specialist, counselor, news analyst, speculator and industry examiner discusses energy. It's likely progressed toward becoming excessively antique.

What I like about this examination is that it goes to the foundation of the enthusiasm. Individuals that are fruitful trust in what they are doing. The fruitful business visionary feels that they can have an effect and an effect on the planet. There is so much idleness and antagonism around getting a startup off the ground. Effective business people are aggressive. They play to win, and they prefer not to lose. This quality may show-up distinctively with various identity sorts; however I have never met a fruitful business visionary that doesn't have an aggressive soul and a will to win.

The following two things go as an inseparable unit. I kept them isolate since I think mentorship is so vital, and it has assumed such an immense part in my vocation achievement. Because you will learn does not imply that you will look for a tutor and tune in to their direction. Incidentally, I'm not upholding that you accept each suggestion and direction from your tutors, however in the event that you have chosen solid coaches that have huge space, specialized or business skill.  It gets to modesty. It's something when you think you have it, you don't.

Past that, you require an arrangement, steadiness, persistence, a readiness to be adaptable, and a world-class group. You additionally should be cheap, brilliant, and develop solid coaches. The most ideal path know to do every one of these things well and productively is to take after an efficient procedure where you design, confer, track comes about, advance achievements and raise the essential capital, or "fuel in the tank," to drive the development of your startup.

22
Sep
17
Procedure for the ISO 9001 Certification

ISO is an organization to standardize products in India and worldwide. ISO is an independent organization established in more than 160 countries. It is a non-governmental organization that has it’s headquarter in Geneva, Switzerland. ISO standardize products on the basis of voluntary international standards and facilitates world trade by providing common standards between nations. There more than twenty thousand standards have been set covering everything from manufactured products and technology to agriculture, healthcare and many other essential goods.  

There are many measures taken by ISO that makes the product safe and reliable.

Features of ISO 9001

  • Facilitate companies in entering new markets and assist in the development
  • Standards also serve to safeguard consumers and the end-users of products and services
  • Increases the productivity and minimize the errors of the goods
  • ISO 9001 maintains the Quality Management Systems of many organization

ISO 9001 Registration Process

ISO Registration is intermediate process after company’s ISO 9001 audit. Main purpose of registering your company is to show the requirements. Here are the eight essential steps to be followed.

Experienced Registrar should be selected within the scope for which trademark is to be formed. Accreditation, fee, and scheduling should be kept in mind. Qualification of the registrar should be strictly considered.

Creation of an ISO application-When the registrar or the company will agree on the contract then ISO application should form which should include right liabilities and access.

Conduction of Quality document Review-Review of the application is done according to the quality manual. This process takes around 2-4 weeks.

Determination of Preassessment need- Before actual assessment this is needed which saves time. It is an initial review of the quality management. All the deficiencies are corrected.

Issue an ISO agreement - Auditing is done and it is also the scope dependent process which includes

  • Opening meeting
  • Brief tour,
  • All of the Review
  • Examination
  • Closing Meeting
  • Issue of audit report

Completion and Checking- This is done for the maintenance of the system. Regular surveillance is done according to the need.

ISO registration costs in 3parts

Contract with registrar- In this registration depends upon the organization. Charges are charged according to the audit date. The quote can be generated according to the need. Costing depends upon

  • Auditor’s fee
  • Application fee
  • Initial assessment
  • Certification audits
  • Surveillance audits

Initial cost-It is the fee for the time and work which required all the operations and examination.

  • Learning about ISO
  • Gap Analysis
  • Project Planning
  • Training of Employees
  • Quality Management System documents and its implementation
  • Quality Manual
  • Procedures/Work Instructions/Flowcharts
  • Forms/Records
  • QMS audit
  • Registration
  • Interview Auditors
  • Outside help- Fee of consultant and purchasing of tools to help you with the project. Hiring a consultant is not mandatory.
13
Sep
17
Need of Agricultural Products License in India

Agriculture is the root of any countries economic development. Agricultural are the key source for primary sector in India and it contributes a significant figure of GDP in India. India is one of the exporters in the world. FSSAI is the organization to legalise, authorize and certify agricultural food products in India.  

India has gone through many revolutions to grow in the agricultural field. Indian government has made special efforts to hike the production of Agricultural products and has made India one of the leading producers of food grain in international market. Import Export Code is the number that should be each and every exporter in India with Director General of Foreign trade.

Exporter should register with an appropriate export promotion agency by obtaining a registration certificate to get enjoy mutual benefits under the export-import policy.

Features of Agriculture License in India

  • All Exporter and Importer need to acquire IEC (Import Export Code) from Government.
  • Every exporter or importer needs to comply with the conditions of License.
  • Inform authorities with regard to every changes or modification in the activities
  • Financial assistance is extended to exporters

All the businesses which expect to do global trading of agricultural goods need to register with a local licensing authorise that gives them an Import Export Code (IEC) Code. Custom authorities won't allow freedom of products unless the merchant gets an Import Export Code (IEC) number from the territorial permitting expert. Executive General of Foreign exchange is the specialist that gives them an Import Export Code (IEC) number.

Indian government has built up a few bodies like APEDA, Spices Board and so on for improvement of agro enterprises and to control the timetable items for trades by settling of benchmarks and details for send out. To get advantages and concessions under the fare import approach, exporters should enlist with a suitable fare advancement office by acquiring an registration cum-participation declaration certificate. There are different enlistments which an element is required to acquire over the span of business, some of them are being talked about here. Notwithstanding, in view of the business exchanges a specific business may require different enlistments, you may please get in touch with us for consultancy on that.

Major agricultural goods are needed to experience quality control and pre-shipment reviews before trade under the Export (Quality Control and Inspection) Act, 1963. Be that as it may, items that have an ISI Certification Mark or Agmark don't should be investigated by any organization. All merchandise ought to be named, bundled, stuffed and set apart before send out.

Imports to India are represented by the Foreign Trade (Development and Regulation) Act 1992. Under this Act, imports of all products are free aside from the things directed by the strategy or some other law in constrain. The things managed by this arrangement is named denied list which can't be foreign made. For import of things that show up in the "Limited" show one have to secure an import License while the things that are counted in the canalized list are allowed to be transported in through canalizing Agencies. Every other item can be unreservedly foreign.

Import of agrarian item was a worry for the fabricates as there was no settled strategy for it. Presently we have import methodology for the greater part of the agrarian items, fisheries segment, agriculture, domesticated animals items. There are diverse offices/offices for advancement of businesses, settling of benchmarks and particulars identifying with the planned items for send out, enlistment of individuals, permitting, and so forth.

12
Sep
17
Tips to Start your Own Company

Company Incorporation is a massive load of work for entrepreneurs those who are fresher with own Business and having professional experience. Business men need to deal with lot of legal formalities to follow rules and regulation according to the Indian company Law. People in India are very talented and hardworking to achieve something they put effortless hard work and cooperating with their social environment.     

There are many ways to start company in India. Private Limited Company is considered the most preferable form of company due to greater flexibility and Limited liability. It is easy to raise funds when company registration is registered as Private limited Company. Private Limited Company in Delhi NCR, Kolkata, Mumbai, Chennai or in electronic capital of India Bangalore are beneficial to start. You will have great Business expansion in India. They are many other forms of that you can register One Person Company, Section 8 Company and Public Limited Company.

Business Registration is a not faint hearted task. It is a mountainous and stressful job. Entrepreneur need to have full focus upon the demands of the market. Here are the points to start your company.

Evaluation of sources and time

Time Management and Sources are the two parallel deeds required to start a Business. What Resources do you have with you and how you will implement them according to the time are the most important aspects that should be followed across to carry business.   

Business Idea development

Person should have unique and impressive idea to start a Business. It should match each reliable criteria so as to be successful. Anyone should not just move into something that is in vogue and you think commercializing it will make money. Be passionate about what you are doing and you are experience about that niche. Develop an Idea that will solve problem of the society integrate it to practically make it real.  

Market identification and Business plan

Business should be planned according to the market in which you will implement it. Target your people to work with whether they are freelancer or solopreneur. Be ready with mission statement, an executive summary, a company summary, a service or product offerings, a description of a target market, cost of the operation and the financial projections. Perform a competitive assessment.  Assess the market, targeting the customers most likely to make a purchase    

Budget

Identification of the capital is an important aspect to manage your business more effectively. Determine money for mandatory compliances to figure with product development. Funding is an important whether it is from your savings, loans, credit cards, grants or venture capitalists. 

Legal Structure and Support system

New venture requires full attention time and resources. There are some of the process for which you need to be aware with should be challenging. Person before starting sure about the form of company a sole proprietorship, a limited liability company, partnership,  corporation, a non profit or a cooperative. Go to web and check online about the domain whether it is available or not in the country.

Business Name Registration

Person need to check company name on MCA portal and before any company registration or firm registration, or Sole proprietorship Registration. Arrangement of Insurance covers theft or damage to business assets, as well as liability for any business-related injuries. Location of the Business should be chosen as per convenience. Place that best fits the needs of your business. Offering opportunity for growth with the right competition and be accessible to customers. Having an Office is the second need and trademark, patent and copyright can wait. Trademark registration can be done afterwards after good business expansion. There are some other forms of registration for intellectual property like patent registration, Copyright registration etc. Since, it cost extra money to invest. 

Flexibility of Business

Original idea is many times modified to succeed more in Business. Things should be known  to the nearest and dearest to honest people who can suggest and advice you for the betterment of the Business. At the same time, there will be some people to criticize the concept try to ignore them in case the idea of being listened and approved by most of the expert. Control your anger towards the interference in the Business this weaker your energy to work for your start-up.

Quick service with motivation

Launch your product or service quickly. Through this business will work in progress. Interaction with people is an important part of Business. Potential customers want to know as much about your business. Keep moral stories your and always remember that success won’t happen overnight. Profit will come day by day as the Business progresses. Listen to failure stories with success stories.

Make more meetings

Prepare more meeting with Business partner and also with the client at the right. Share each and every small about the Business about the industry. There’s no need to become an object of pity. Manners might even focus customers to a competitor who may offer a product or service. Market is one of the knowledge Resource as an inspiration to outperform a rival. Good old-fashioned word-of-mouth marketing cannot be beaten by anything. Reveal yourself and do not be afraid to get out there and show your outside in the market to the public.

Record your payment

Make record of the clients to pay bills and be certain to receive payment for your products or services. You should be sure about the clients to be sure about the activity. Effective management is necessary to deal Business.

09
Sep
17
Non-Conventional Trademarks in India

Conventionally trademark means a mark which is capable of being represented graphically and which is capable of differentiating the goods and services of one person from those of others. Trademark is any word, logo, symbol, phrase or design adopted and placed on a product that is offered for sale or on a container that is to identify its source.

The concept of Non-Conventional trademarks is becoming more and more popular over the years. Non -conventional trademark is a distinct type of trademark that does not belong to the conventional class of trademarks. Just as conventional trademarks these trademarks also uniquely identify the commercial origin of products or services. However getting these trademarks registered is often difficult as compared to traditional marks.

Further, Non-conventional trademarks may be visible signs Like colors, shapes, moving images, holograms, positions etc or non-visible signs like sounds, scents, tastes, textures etc.

Examples of Registration of Non-conventional trademarks

Color

Trademark registration of color has always been a topic of dispute. As the trademark act does not specifically provide for the registration of the single color however it does not expressly exclude the notion.

In India for the purpose of trademark registration of any color theory of "Color Depletion" is followed. This theory is based on two facts - Firstly there is a concern that with the limited number of colors, to grant exclusive rights to colors would sooner or later deplete the available stock and, thus, be anti-competitive. Secondly, if a color alone was protectable, trademark infringement suits would lead to lengthy litigations over 'shades' of color which would slow down the trademark registration process. However, the theory only bars the registration of the seven basic colors but not any shade thereof. Thus it is possible to obtain a registration for the combination of colors.

Sound

The purpose of the sound trademark registration is to uniquely identify the commercial origin of products/ services by means of an audio clip. The musical notes that can be represented in the form of musical notations are acceptable whereas the sounds which require onomatopoeic or sonogram representation are not eligible for trademark registration.

Smell

Trademark registration of the smell is not a very popular concept in India. Due to the absence of graphical representation the number of smell registrations is very less as compared to sound registrations and color registration.  Generally the representation of the smell is verbal and the verbal representation of the smell is not sufficient to distinguish one smell from the other. Further, the representation of smell can also be made through chemical formulae.  However this concept is challenged on the grounds that a chemical formula does not represent the smell of the chemical itself and that few people would be able to get a sense of the smell based on its chemical formula.

01
Sep
17
Partnership firm registration in India

Partnership is a group Business form where people make their put together an idea towards Business with mutual understanding. Partnership can be between individual, Business groups, government and many other organisational bodies. Partnership firm can have limited liability or unlimited liability. It is mainly done to make things achievable in a profitable manner.

Business can be between two companies making joint ventures with consortium. Partners can be for research project and industrial projects. People make partnership firm to have a stronger position on the market and comply with specific regulation. Partnership firm Registration in India makes a firm a legal entity.

Steps of Partnership firm Registration in India

Choose a partnership name

Partners are allowed to pick any name as they want for their firm subject to the accompanying principles. The names must not be excessively indistinguishable or comparative, making it impossible to the name of another current firm doing comparable business, in order to stay away from disarray. The name must not contain words like Crown, Emperor, Empress, Empire or words communicating or inferring the authorize, endorsement or support of the Government, with the exception of when the State Government implies its assent (in composing) to the utilization of such words as a major aspect of the firm name.

Create a partnership deed

The record in which the individual rights and commitments of the individuals from an organization is composed is known as the Partnership Deed. An partnership deed understanding might be composed or oral. Nonetheless, for all intents and purposes an oral understanding does not have any an incentive for assess purposes and along these lines the association ought to be composed. The accompanying are the fundamental attributes of an organization deed:

  • Nature of business to be carried on
  • Name and address of the firm as well as all the partners
  • Duration of partnership (whether for a fixed period/project)
  • Capital contribution by each partner
  • Date of commencement of business
  • Profit sharing ratio among the partners

Consider whether extra statements are required

Partners may likewise say any extra statements. A portion of the cases of extra provisions which might be said in the association deed are specified underneath:

  • Salaries, commissions and so forth, assuming any, payable to accomplices
  • Method of getting ready records and game plan for review
  • Interest on the accomplice's capital, compliances' credit, and intrigue, assuming any, to be charged on illustrations.
  • Division of errand and duty, to be specific, the obligations, forces and commitments of the considerable number of accomplices.
  • The principles to be followed if there should be an occurrence of retirement, passing and confirmation of an accomplice.

Do the partnership deed in the fitting structure. The deed so made by the accomplices ought to be on a stamp paper as per the Indian Stamp Act. Each accomplice ought to have a duplicate of the association deed. A Copy of the Partnership Deed

Choose whether or not to enlist the partnership firm

Associations in India are represented by the Indian Partnership Act, 1932. According to the Partnership Act, Registration of organization firms is discretionary and is completely at the carefulness of the accomplices. The Partners could conceivably enlist their Partnership Agreement. In any case, for the situation where the organization deed is not enrolled, the accomplices will be unable to appreciate the advantages which an enlisted association firm appreciates.

Registration of an organization firm might be done before beginning the business or whenever amid the continuation of association. Notwithstanding, where the firm expects to record a case in the court to implement rights emerging from the agreement, the registration ought to be done before documenting the case.

Application for Registration of Partnership in Form No. 1

  • Properly filled example of Affidavit
  • Ensured True Copy of the Partnership Deed
  • Proprietorship verification of the foremost place of business or rental/rent understanding thereof.
  • Sign the application. The application or proclamation must be marked by every one of the accomplices, or by their specialists particularly approved for this benefit.

Anticipate that the registration procedure will continue formally

At the point when the enlistment center is happy with the focuses expressed in the association deed, he or she should record a passage of the announcement in an enlist called the Register of Firms and issue a Certificate of Registration. The Register of Firms kept up at the workplace of the Registrar contains finish and forward data about each enrolled firm.

This Register of Firms is interested in examination by any individual on instalment of the endorsed charges; any individual inspired by review the subtle elements of any firm can ask for the Registrar of Firms for the same and on instalment of the recommended expenses, a duplicate of all points of interest of the firm enlisted with the Registrar will be given to the candidate.

31
Aug
17
Foreign Direct Investment is a boost for Start-Ups in India

Foreign direct investment has been one of the highly considered investments for Business expansion. Indian start-up raises their full capital from foreign ventures. Make in India is a platform set by Indian Government to encourage start-ups in India. The step has given pace to the economic growth in India. Liberalisation is one of key role to play in India boost Business and economic policies. Making India a destination for the investors.SME and other small private limited Company has also got the lamp in their hand to showcase their talent.    

Foreign Direct Investment for Private Limited Company has opened a treasure of more Business in India and has boosted the concept of entrepreneurship. Many companies can activate foreign investment through the issue of convertible preference shares.

FDI also give good bond to good Business relation outside India. According to data from start-up intelligence the deal count for the first half (H1) of 2017 was down by 27 per cent on a year-on-year basis. Many Companies get investment at the crucial time and Indian venture capital funds have not grown which has led the funds to dry up.FDI has encourage the inflow of funds in India as foreign investors are likely to get better returns from Indian start-ups than European ones. According to the policy of FDI separate section and spells out provisions that allow them to raise foreign money from venture capital funds and other investors through instruments such as convertible notes.

Non residential Indian are allowed will be permitted to purchase convertible notes issued by an Indian start-up company. There are certain policies under Goods and service tax for non residential Indian. Consideration of Start-ups in FDI arrangement permitting 100 FVCI is an awesome activity by the administration. This activity will help part many new companies to access genuinely necessary capital which now and again ends up plainly awkward because of procedural issues. The administration has taken proactive measures in supporting new businesses and permitting 100% FVCI is clear sign of significance what new businesses have in government's plan of thing.

Salient features of FDI

  • Bonds are expressed in Foreign Currency
  • Principle Amount and interest amount is to be paid in foreign currency.
  • Foreign Capital Equity Bond is issued by the company which is a part of promoter group of a listed company.
  • Foreign Direct Investment hold shares offered in the company
  • FCEB permits for investment in capital market or in real estate in India.
29
Aug
17
Compliance Checklist for Investors

Investment has a key role to play in the Business. Talented Businessmen need investment to expand his/her business to a very good extent. Here Investment refers to the Funding taken from strong angel investor community, venture capital investors and private equity firms. In recent times equity funding has major function to play in any Business. Business type like e-Commerce and other forms of Online Business are the most successful type of entrepreneurship in the current decade. There are some of the due diligence target companies. Here is the checklist of what Investor look at while deal with funding and checking compliance of the Company.        

Business Entity

In case of equity investment there is a requirement of issuance of shares of the company to the investor in return for equity / shares. This is only possible in private limited company or limited company capable of supporting transaction. Company Incorporation should be the first step to raise funds. Memorandum of Association (MoA) and Articles of Association (AoA) of the Company are drafted to handle an equity investment.

ROC Compliance

Statutory register must be maintained by the Company as per the compliance in Companies Act, 2013. After Company Incorporation here is some of the mandatory compliance that are need to be followed by company for e.g. Maintaining Statutory register, Annual filing,   Appointment of Auditor, Conducting of board meetings etc. Above areas pertaining to ROC compliance will be verified during the investment due-diligence.

Tax Compliance

Depending on the nature of business and state of operation tax compliance for a business would vary in Business. Business engaged with selling goods or items would need to consent to state VAT controls, including VAT regulation, VAT regulation and documenting of VAT returns. Not with standing administration duty or VAT directions, salary impose consistence would likewise be checked. TDS return filing and TDS return documenting would be checked to guarantee that the business conformed to the important Income Tax guidelines and directions.

Labour Law Compliance

On the off chance that the investee Company has a worker workforce of more than 20, the business would need to consent to ESI and PF controls. Subsequently, ESI registration records, ESI return documenting, PF return documenting, ESI payments and PF payments would be checked. In the event that the company it is associated with the improvement of protected innovation, at that point due-steadiness will likewise be performed to guarantee that the business has the vital worker non-revelation agreement set up.

 

Intellectual Property

Technology based has many assets and intellectual property is one of them needed to be registered. Intellectual provides exclusive right to the Company, Brand or Individual firm.  Trademark, copyright, patent and design are the forms of intellectual property.

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