The world, as a whole, is on a lockdown currently due to the exceptional situation regarding public health and safety caused by the Coronavirus (COVID-19) pandemic. Further due to economy lockdown the whole world get into disruption.
The Ministry of Corporate Affairs, in order to ease matters for the companies, recently announced a new scheme named the Companies Fresh Start Scheme, 2020 (CFSS) giving one time prospects to defaulting companies to file the pending forms without any additional fees and seek immunity from the penalties and prosecutions as provided under Companies Act, 2013. As the name proposes, it is a … Read more
With effect from 15th February 2020, a new web based form named ‘SPICe+’ (pronounced ‘SPICe Plus’) has been introduced replacing the existing SPICe form. SPICe+ stands for Simplified Proforma for Incorporating Company electronically. SPICe+ offers services by 3 Central Government Ministries & Departments (Ministry of Corporate Affairs, Ministry of Labour & Department of Revenue in the Ministry of Finance) and One State Government (Maharashtra), thereby saving as many procedures, time and cost for starting a Business in India. A total of 10 services are being offered by Spice+.
1. SPICe+ is an integrated Web Form.
2. SPICe+ has … Read more
Section 8 Companies are the limited companies established under the Companies Act and granted an exclusive license by Government under Section 8 association. It is a non-profit organization acquiring numerous tax benefits which are availed under Section 80G of Income Tax Act, 1961. They delight in minimal stamp duty structure and do not require much share capital. Funding for such organizations comes from subscriptions or donations made to them.
The Ministry of Corporate Affairs (MCA) vide its notification dated 7 June 2019 has amended the Companies Incorporation Rules, 2014 to simplify and fast track the incorporation procedure. This shall be … Read more
A Company is a legal entity with no physical appearance and needs natural persons to run its affairs. Directors are the individuals authorized to manage day to day affairs of a company. They are the officers who play an important role in running the company on behalf of the shareholders who appoint them. Each director of company is required to obtain Directors Identification Number (DIN) as per Companies Act, 2013.
IN is a unique 8-digit identification number allotted by the central government to an individual appointed as a director of the company. Perhaps, the provisions of Company law interdict application … Read more
The government of India recently constituted a committee to enhance and create more opportunities by reshaping the existing rules and regulations. This is in relation to the Company Law for which SEBI (Securities Exchange Board of India) has come up with amendments providing a phased timeline from October 1, 2018 to April 1, 2020 for most of the impediments.
Below are certain key amendments which shall become effective from April 1, 2019:
- Divulgence of related party transactions on consolidation basis
In accordance to Regulation 23 of SEBI (LODR) (‘’Listing Obligations and Disclosures Requirements’’) (Amendment) Regulations, 2018, disclosure of related party
… Read more
India is the fastest growing economy and a substantial recipient of foreign direct investment (FDI) globally. Among all, India shines to be the most stable economy claiming 100th spot in World Bank’s recently released Ease of Doing Business rankings. In addition to this, Make in India campaign, startup India and digital India has been a welcoming change. In order to reap the benefits of the fast growing economy, varied forms of business organizations are set up for doing business in India and are flourishing. Below mentioned is a brief connotation to incorporate an entity.
Incorporation of an entity idea … Read more
With a view of improving the Indian economy and increasing the entrepreneurial drive, Indian Government under PM Narendra Modi’s leadership launched Start-up India Initiative in January 2016. The Action Plan shepherd by Department of Industrial Policy and Promotion (DIPP) is aimed at making start-up registration process more seamless and easing way for new entrepreneurs.
Start-up India Action Plan
Start-up India Action Plan benefits are three-fold:
- Simplification: First key benefit is expediting the start-up registration process. The idea is to improve compliance regime support, provide a hub for start-ups in India, registration and access through mobile app / portal, legal support
… Read more
Investment required to start a business
“The Entrepreneur always searches for change, responds to it and exploits it as an opportunity!”
Quoted above is not only a saying but a true exhibit of how a man aspiring to establish his own business should retaliate to the dynamic environment we live in. As risk and reward go hand-in-hand, it is crucial for an entrepreneur to estimate the cost involved and income generated for any new business, whether you’re a fast moving start up or still weighing the pros and cons of whether or not to set up a new venture.
Though, … Read more
India is among the foremost Asian countries who have considered the idea of setting up an Export Processing Zone (EPZ) model to promote country’s exports. To attract more foreign investment and provide an internationally competitive and hassle free environment for export promotion in India, Special Economic Zone (SEZ) was introduced. In the year 2000, with an inception of SEZ policy, India had begun to walk on the path of success.
Initially, the SEZ policy was included under foreign trade policy 2000. The policy was implemented through piecemeal and ad hoc amendments to different laws, besides executive orders. In order to … Read more
Limited Liability Partnership (LLP) is a new corporate structure introduced in India in April 2009, through the LLP Act of 2008. Aimed at small and medium sized businesses; a LLP is hybrid form
which integrates many of the benefits of limited corporations and the traditional partnership firms. In other words, it is an alternative corporate business vehicle that provides the benefits of limited liability of a company, and also allows its members the flexibility of organizing their internal management on the basis of a mutually arrived agreement, as a partnership firm. Low registration fee and easy maintenance make LLP a … Read more
Prospective companies and investors looking to enter India must precisely consider the options available for investment and avenues for establishing a business presence in the country.up to explore the Indian markets and understand the business and investment climate, as it does not allow the companies to do business but just to be in the market and understand the Indian market or carry out the research and development activities or to understand the problem of existing clients of the company and serve them better. As compared to other business structures, liaison offices permit foreign companies to build a light footprint in … Read more
In India, a non-profit organization can be registered as a Trust, by making a Trust deed or as a Section 8 Company, under the Companies Act, 2013. According Indian Companies Act, 2013, a section-8 company can be established for promoting commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other object, provided the profits, if any, or other income is applied for promoting only the objectives of the company and no dividend is paid to its members.
Procedure for formation of section 8 company is listed below:
1. Digital Signature Certificate (DSC) … Read more
The Finance Act 2017 introduced last year came with multiple changes in regard with filing of income tax return (“ITR”) for A.Y. 2018-19. Thus, it is necessary for you to keep abreast of the latest amendments at the time filing the current year’s return of income. Also, the CBDT introduced the new ITR forms A.Y 2018-19 on 5th April, 2018 with alterations as compared to the ITR forms of the previous A.Y. Here we list down 10 critical changes that we should consider while filing the income tax return of taxpayers who are required to furnish their return of … Read more
Here is step-by-step guide for starting your company individually — the understanding of an OPC, the benefits of incorporating it and the legal formalities in its formation.
As per the Companies Act,1956, a Public Ltd Company requires at least 7 members or shareholders wherein a Pvt Ltd Co requires to have at least 2 members. Hence, a One Person Company was never allowed to be formed in our country earlier. However, under the provisions of the Companies Act 2013, Sec 2(62), One Person Company (OPC) is being allowed to form.
One Person Company means a company which has only one … Read more
The client is a London based company with presence in over 80 countries across six continents. The company helps its clients to successfully deliver projects around the world by sourcing and supplying top professionals in fields such as IT, Telecom, Project Management, Cyber & IT Security, Presales, Sales & After Sales, Compliance and Security. With offices in Europe, Middle East & Africa, Asia and America, the Company is striving to be at the top in delivering the best possible services and support to organizations that need complex services on a global basis.
The Company is helping many … Read more
India is among the fastest growing economies in the world with immense human potential and a large market comprising of over 1.2 billion people. Opportunities in India has attracted a large amount of Foreign Direct Investment into the country and each year the amount of FDI inflow keeps increasing due to more number of foreign businesses starting their operations in India. In this post, the way to setup a business is in India is detailed for foreign companies.
Incorporation of a private limited company is the easiest and the fastest type of India entry strategy for the foreign nationals and … Read more
There are various options that a foreign company has to enter the Indian market and avail the economic benefits that India has to offer. The foreign entity may setup a corporate or non-corporate entity.
A foreign entity can set up anIndian corporate entity in India as a wholly owned subsidiary, as a Limited Liability Partnership or through joint venture with an Indian partner. The foreign entity may choose to operate as a foreign company in India through a Branch office, Liasion Office or a Project Office in India as well.
Indian Entity options
Wholly owned subsidiary: Foreign companies can … Read more
Being register as a company is always turned to be a hectic schedule while accompanying with several rules and guidelines. In India as per New Companies Act, 2013; different companies of different rules as for private limited, public limited, govt. company, semi government company, One Person Company, NGO and many more. Company law for varied companies generally varies that need to be accompanied by the owners or partners before applying with company registration.
Company Registration in India acts and laws do not only bring the status of legality but also the level of credibility and reliability in the target market. … Read more
Company registration in India means legally getting the right to do business.In India, registration of company is also known as formation of business or incorporation of company.
Let us see what is this Company thing all about and then move on to Company Registration.
What are the documents required to register your startup?
An entity required to be incorporated as a Private Limited Company or a Limited Liability Partnership has to be registered with the Ministry of Corporate Affairs. Now the government has come up with several initiatives where an entity can be incorporated in just 1 day.
Private … Read more
India remains an integral part of Afghanistan’s steady progress in institutionalizing peace, pluralism, and prosperity. Ties between Afghanistan and India go beyond the traditionally strong relations at the government level. Since time immemorial, the peoples of Afghanistan and India have interacted with each other through trade and commerce, peacefully coexisting on the basis of their shared cultural values and commonalities.
This history has become the foundation of deep mutual trust. Public opinion polls in Afghanistan confirm this, as well as the sentiment Afghans share about feeling at home whenever they visit India.
- Fastest growing continent in the world
… Read more