DOCUMENTS REQUIRED FOR COMPANY REGISTRATION

DOCUMENTS REQUIRED FOR COMPANY REGISTRATION

Business visionaries during the time spent starting an organization enrolment is occupied with thinking about the rundown of archives required for the procedure. In this article, the author give points of interest and portrayals of the reports required for organization enlistment.
Directors: Indian Nationals
The accompanying records are obligatory for Indian Nationals for joining of organization in India: PAN Card: PAN Card duplicate of the proposed Directors of the Company will be required for Company Registration. Permanent Account Number is one of the distinguishing proof number issued by the Department of Income Tax in India. It is compulsory for Directors who are Indian Nationals to submit PAN amid the joining procedure.
Take note of: The name on the PAN Card will be utilized by the Ministry of Corporate Affairs for all matters relating to the organization. Consequently, if there should be an occurrence of misstep in the name specified in the PAN Card or name change because of marriage or whatever other reason, the PAN Card must be initially changed.
Address Proof: notwithstanding the PAN Card duplicate, the proposed Director must present address evidence. The address confirmation submitted must have the name of the Director as specified in the PAN Card and the most current address of the Director. Encourage, the report should likewise not be more established than 2 months. The accompanying archives are adequate address verification for Indian Nationals
Travel permit Election Card or Voter Identity Card Ration Card Driving License Electricity Bill Telephone Bill Aadhaar Card Residential Proof: notwithstanding the address confirmation, private evidence must be submitted amid the joining of the Company to approve the present address of the Director. As relevant for address evidence, the private verification should likewise contain the name of the Director as said in the PAN Card and should not be more seasoned than two months. The accompanying archives are satisfactory private verification: Bank Statement Electricity Bill Telephone Bill Mobile Bill Director: Foreign Nationals The accompanying records are compulsory for Foreign Nationals for fuse of organization in India.
Passport:
If there should be an occurrence of Foreign Nationals, Passport is an obligatorily required as a proof of character. The Passport should likewise be notarized or Apostilled in the nation it was issued. On the off chance that the archive is in remote dialect, then it must be deciphered by an official interpreter to English and authorized or apostilled. Assist, if the Passport does not contain date of birth of the holder, then an extra record demonstrating the date of birth of the Director must be given, properly ensured or verified or legally approved or apostilled.

Address Proof:
Notwithstanding the Notarized or Apostilled Passport duplicate, the proposed Director must present an address evidence which is additionally authenticated or apostilled. The address confirmation submitted must have the name of the Director as said in the Passport and the most current address of the Director. Advance, the record should likewise not be more established than 1 year for remote nationals. The accompanying archives are adequate address confirmation for Foreign Nationals. Driving License Residence Card Bank Statement Government issued type of personality containing address. In the event that the report is in a remote dialect, then it must be deciphered by an official interpreter and authorized or apostilled.
Residential Proof:
Notwithstanding the address confirmation, a private verification must be submitted amid the joining of the Company to approve the present address of the Director. As appropriate for address verification, the private evidence should likewise contain the name of the Director as specified in the Passport and must not be more seasoned than one year. The accompanying archives are satisfactory private verification: Bank Statement, Power Bill Telephone Bill Mobile Bill on the off chance that the record is in an outside dialect, then it must be interpreted by an official interpreter and authorized or apostilled.
Enlisted Office Proof
Notwithstanding giving personality, address and private address for the Directors, confirmation must be given to approve the enrolled office address of the Company. The accompanying reports must be submitted as confirmation of enlisted office amid the organization enrollment handle or inside 30 days of consolidation of the organization. The enrolled record of the title of the premises of the enlisted office for the sake of the organization or the authorized duplicate of rent/lease assention for the sake of the organization alongside a duplicate of lease paid receipt not more established than one month. Notwithstanding the over, the accompanying must likewise be given as confirmation of enrolled office:
The approval from the Landlord (Name specified in the Electricity Bill or Gas Bill or Water Bill or Property Tax Receipt or Sale Deed) to utilize the premises by the organization as its enrolled office. This is generally alluded to as NOC from Landlord; AND Proof of confirmation of any utility administration like phone, gas, power, and so forth portraying the address of the premises for the sake of the proprietor or record, which is not more established than two months.
Shareholder: Indian National or Foreign National
The personality and address confirmation as point by point in the article must be submitted for every one of the shareholders of the Company (i.e., supporters of the Memorandum of Association (MOA) and Articles of Association (AOA).
Shareholder: Corporate Entity or Artificial Judicial Person
On the off chance that one of the shareholder or supporter of the MOA and AOA is a Corporate Entity (Company, LLP, etc.,), then Certificate of Incorporation of the Body Corporate must be appended alongside the determination go by the Body Corporate to subscribe to the shares of the organization under consolidation. Notwithstanding the above verifications and reports, various archives like INC-9, MOA, AOA would be drafted by a Professional. These authoritative reports made particularly for the fuse must be marked and legally approved by the promoters of the Company.

Some of the related articles:

1. How to Start Private Limited Company in India
2. HOW TO REGISTER PRIVATE LIMITED COMPANY IN INDIA
3. Registration Process of Private Limited Company
4. ONE PERSON COMPANY (OPC)
5. Company Registration in India
6. PRIVATE LIMITED COMPANY- FOR STARTUPS

To register your company click here

Author: This blog is written by Mr. Suyogya Awasthy, a passionate blogger & intern at  Aapka Consultant.

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Offences and Penalties for Violation of GST Law

Violation of GST Law

Offences are the most important part of any act, and their penalties is the law enforceability on that act. Similarly, recently passed act namely Goods and Services Act has its own offences and penalties. Penalties for any offences provides strictness to that act and provides smooth running of the act. There are various penalties under Goods and Services Act, mentioned below.

CONCESSIONAL PENALTY: CASES NOT INVOLVING FRAUD OR WILFUL SUPPRESSION

Those cases which does not involve any kind of fraud, or wilful misstatement or suppression of fact with an intention to evade tax payment, if payment is made as under:

• Before Issuance of Show cause notice – No penalty
• Within 30 days of the Show cause notice – No penalty
• After 30 days of the Issuance of Show cause notice – 10% of the tax or Rs. 10,000 whichever is highest.

PENALTY IN CASES INVOLVING FRAUD OR WILFUL SUPPRESSION

Cases involving fraud or wilful suppression, to evade tax payment if payment is made as under:

• Before Issuance of Show cause notice – 15% of tax amount
• Within 30 days after the issuance of Show cause notice – 25% of tax amount
• Within 30 days from the issuance of Show cause notice – 50% of the tax amount

SECTION 66

Penalties under Section 66 of the Models Act, is equivalent to INR 10,000/- or tax not deducted or tax deducted but not paid shall be imposed in the following cases:

• Supplies any goods or services without issue of any invoice or issues an incorrect or false invoice regarding any such supply,
• Issues any invoice or bill without supply of goods and/or services in violation of the provisions of this act, or the rules made thereunder,
• Collects any amount as tax but fails to pay the same to the credit of the appropriate government beyond a period of three months from the date on which such payment becomes due,
• Collects any tax in contravention of the provisions of this act but fails to pay the same to the credit of the appropriate government beyond the period of three months from the date on which such payment becomes due,
• Fails to deduct the tax in terms of sub section (1) of section 46, or deducts an amount which is less than the amount required to be deducted under the said sub-section, or where he fails to pay to the credit of the appropriate government under sub-section (2) thereof, the amount deducted as tax,
• Takes and/or utilizes input tax credit without receipt of goods and/or services either fully or partially, in violation of the provisions of this act, or the rules made thereunder,
• Fraudulently obtains refund of any CGST/SGST under this act,
• Takes or distributes input tax credit in violation of section 21, or the rules made thereunder,
• Falsifies or substitutes financial records or produces fakes accounts and/or documents or furnishes any false information or return with an intention to evade payment of tax due under this act,
• Is liable to be registered under this Act but fails to obtain registration,
• Furnishes any false information with regard to particulars specified as mandatory, either at the time of applying for registration or subsequently,
• Obstructs or prevents any officer in discharge of his duties,
• Transports any taxable goods without the cover of any specified documents,
• Suppresses his turnover leading to evasion of tax,
• Fails to keep, maintain or retain books of account and other documents as specified in law,
• Fails to furnish information and/or documents called for by a CGST/SGST officer or furnishes false informationand/or documents during any proceedings,
• Supplies, transports or stores any goods which he has reason to believe are liable for confiscation,
• Issues any invoice or document by using the identification number of another taxable person,
• Tampers with or destroys any material elements,
• Disposes off, or tampers with any goods that have been detained, seized or attached under this act.

PENALTY UPTO INR 25,000/-

Any person who contravenes any of the provisions of this act or any other rules made under this Act for which no separate penalty has been mentioned, shall be held liable to a penalty of up to twenty-five thousand rupees.

SECTION 68

General disciplines with regards to penalties are featured in section 68 of Model Act. As per the section 68, penalties cannot be imposed for minor breaches or procedural requirements.

If there are any errors in documentation which can be easily rectified, then there will be no penalties imposed.

Person who is liable for penalty must be issued a notice laying down the cause of action, breach and the provisions invoked.

To get GST Registration, click here

Author: This blog is written by Ms. Ayushi Mishra, a passionate blogger & intern at  Aapka Consultant.

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REASONS FOR DOING BUSINESS IN INDIA EASILY

REASONS FOR DOING BUSINESS IN INDIA

According to economic historian Angus Maddison in his book ‘The World Economy: A Millennial Perspective’ India was the richest country in the world and the world’s largest economy until 16th century A.D.

The history of business starts from the Indus valley civilisation, the ancient and medieval Era, the Mughal empire and the British rule. The economic historians have blamed the Colonial rule for poor state of India’s economy and investment in Indian industries was Limited since it was a Colony. After independence the socialist reforms, liberalization and the present reforms of BJP government has led to the change in the scenario.

Whatever the political war maybe but things have changed since the stable government from 2014 and will be justified by looking at the foreign investors’ confidence in Indian economy and influx of FDI into India. Some key stats show-

• The IMF Expectations of economy to extend up to 7.6 % in 2016 to 2017 from its projection of 7. 4% the economy growth of 7.6% in 2015 to 2016 is a big achievement for India says IMF
• The FDI is showing a big turnaround in business it was 4612 USD million in September 2016 while until 2016 it was just averaging 120 3.96 USD million.
• India advanced to GDP of 7.3 %. Expectations to reach 7.5 % in the year 2016.

The ease of doing business can be analysed through EDBI (ease of doing business index).It is a ranking system established by World Bank Group. 189 countries are ranked on the basis of 10 areas which are starting a business, construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contractsand resolving insolvency.

INDIA’s rank standsas 131 in 2016 from 134 in 2015 and expected to be 130 in 2017. The ranks for individual areas are as follows in the year 2016 and the actions which make it better for doing business.

Starting a business

The rank is 151. The new action is elimination of common seal and establishment of Form 29 which clubs the Name availability, incorporation of company and DIN no. This makes the registration of company in 1 to 2 days. The digitalisation ofPAN and TAN. The online working ofESIC and EPFO.

Construction permits

The rank is 184 which is poor but some actions have been taken like fast track approval system by Municipal Corporation and common application forms for construction permit. The digitalized and online scrutiny makes it better for businesses.

Trading across borders

The rank is 144 the valuable action is making of single window for Excise and Customs. The documents have been reduced to just 3 which makes it a little quick. It involves bill of landing invoice and import declaration.

Enforcing contracts

The rank is 178 which is poor and needs upgradation. Commercial division and appellate division has been made for quick disposal of cases and enforcing them. National judicial data grid has been prepared. Public contract dispute resolution tribunals have been made.

Getting electricity

India ranks 51 in this list which is quite high than the other parameters. It takes 15 days to get proper connection and with online application it is quite easy and fast now.

Paying taxes

It stands 172 in the list but after ESIC paying taxes is easy now. Electronic returns can be made with key verification system the field of tax becomes easy.

Registering property

India ranks 140 in the list and with registration offices being digitalized it is quite easy now to register property with this the transparency also increases which is better for the business environment

Getting credit

The rank stands 42 which is quite impressive in comparison to the economic condition of the country. The make in India and digital India encourages and eases getting credit for various entrepreneur setups. The Mudra Yojana by the government for small scale industries shows the strategies and policies for getting credit.

Protecting minority investors

The rank shows the situation that India is far better in the parameter with the rank 10.

Resolving insolvency

The rank stands at 135 but with the new code of insolvency and bankruptcy in 2016 will lift the rank up.

Some other points.

– The BCG ranked India 2nd most cost competent country.

– India is World’s largest democracy inhabiting 1.2 billion people across its length and breadth

– Large area with great opportunities: It has a total Land Area of 3.288 million km² and a large size and is ranked 7 in terms of land area in the world.

-Land of abundant natural resources and diverse climatic conditions. It has major reserves of a. Natural Gas –1,437 billion cubic metres (50.7×1012 cu ft.) b. Oil – 125 Million metric tonne c. Copper Ore – 1.56 billion tonnes of Copper ore d. Iron Ore – 27 billion tonnes e. Chromite – 200 million tonnes of resource f. Nuclear Reserves:  Thorium – 11.93 million tonnes ii. Uranium – Upcoming mine in Tumalapalli has close to 49,000 tonne of uranium reserves

-India has a Total labour force of nearly 530 million. India is having a competent educated population with different knowledge and know how.

-India is having a good mobile and internet connectivity. The transport connectivity has also improved with flawless roads and air and water connectivity too.

-India is having a population with more percentage of people between 18 to 50 which is the working age.

Some of the related articles:

1. How To Start Business?
2. PRIVATE LIMITED COMPANY
3. PRIVATE LIMITED COMPANY- FOR STARTUPS
4. Registration of Sole proprietorship
5. Registration process of LLP
6. One Person Company (OPC)

Author: This blog is written by Mr. Abhiroop Chakravarty, a passionate blogger of Aapka Consultant.

How Aapka Consultant can help you:-

• Get free expert consultancy from experts.
• We available every time to solving your legal queries.
• Get one stop solution for all legal compliances.
• Process application within 24 Hours.
• Trusted by Most Valuable Startups.
• We Understand Startup Budget & their needs.
• Get quality services at pocket price.

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PROCESS FOR REGISTRATION OF COPYRIGHT

REGISTRATION OF COPYRIGHT 

Copyright is an intellectual property. In true sense, it is a legal right created by the law of a nation which grants the creator of an original work exclusive right for its use and distribution. In India, the law which governs copyrights is the Copyright Act, 1957.

For registration of copyright the following process needs to be undertaken:

• An Application for registration is to be made on Form IV (Including Statement of Particulars and Statement of Further Particulars) as prescribed in the First Schedule of the Rules. It is to be noted that separate applications should be made for registration of each work.
• Each application should be accompanied by the requisite fee prescribed in the Second Schedule of the Rules. The fee is either in the form of Demand Draft, Indian Postal Order favouring“Registrar of Copyright Payable at New Delhi” or through E payment.
• It is also necessary that the Power of Attorney signed by the party and accepted by the advocate should also be enclosed. The application also needs to have all other necessary documents attached.

After an application has been filed, the applicant needs to wait for a mandatory period of 30 days for any objection to be filed before the Copyright office against the claim that the concerned work is created by the applicant.  If no objection is filed, then the examiner formally examines the claim and may request for extra documents. However, response to the objections or the examination report must be filed within 30 days.

If the Copyright office is satisfied and the objections are overcome, a Copyright registration certificate is issued by the Copyright Office. As per general rule of copyright law, a copyright remains for 60 years. It is also to be taken note of that both published and unpublished works can be registered.

To apply for Copyright Registration here

Author: This blog is written by Ms. Adila Qadir, a passionate blogger & intern at  Aapka Consultant.

How Aapka Consultant can help you:-

• Get free expert consultancy from experts.
• We available every time to solving your legal queries.
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• We Understand Startup Budget & their needs.
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VENDOR AGREEMENT FORMAT FOR E-COMMERCE IN INDIA

A vendor agreement is an agreement (agreement is defined under section 2(e) of the Indian Contract Act,1872, which states that any promise or any set of promises which forms considerations for each other is called an agreement) which specify the conditions under which the work is to be performed by the vendor. It is a wide ranging agreement which includes various features such as the quality of goods supplied or service provided, duration of the contract, terms and mode of payment or you can say at the end of the day it includes limitations on every works of the vendors.Such agreements are mainly required for those vendors who use to host the large eventscomparatively.

Advantages of a Vendor Agreement:-

1. It specifies the limitation of the works to be performed by the vendor.
2. It protects both the parties as it minimizes the risk of future litigation by laying down the terms and conditions, rights and duties of the both parties.
3. It lays down the procedure which is to be followed by the vendor while working.
4. Vendor agreement speed up the work as the vendor is now having clarity about the work which is to be performed.

E-commerce Industry is a rage now in India. It is likely to be worth USD 38 billion by 2016, a 67 percent jump over the USD 23 billion revenues for 2015, as per industry body Assoc ham. In India, most of the popular E- commerce Business models are marketplace’s which has tied up with the vendors or sellers and provide them a bigger platform for the transaction with the customers or consumers. To avail this, the sellers have to accept the terms and conditions during the tie-up or on boarding process, anytime as they want to do.

As a marketplace Portal, you need basically a contract that is called vendor agreement to tie up with vendors and get on marketplace portal so in the vendor agreement all the terms and conditions with payout policies and the terms of service & lot of other legal things are mentioned or illustrated.Basically most of the startups in the initial phase, choose a good lawyer to draft the vendor agreement but it became really very expensive for the startups to do. So they end up making a vendor agreement following the trend.

The common elements of vendor agreement:-

(Depending upon the type of industry, the following elements are central to the drafting of vendor agreements)

• Description of Goods and services: – Exact elucidation of the services and goods should be the part of the condensed clause.
• Pricing:-One of the important clauses is the price at which the products will be given to the vendee. The price can be either fixed or variable. Or it can change with the requirement of time and need.
• Delivery Terms:- The vendor agreement must clearly stipulate the time and frequency terms of the contract.
• Payment Terms: – The vendor agreement should also prescribe penalties or interests charged for deferred or delayed payments. The mode of payment needs to be laid down as well.
• Indemnity clause: – The problems concerning damaged or defective good, delayed payments should be addressed effectively.
• Exit/Termination clause: – A termination manner or an exit option unilaterally or bilaterally should form the basis of any agreement according to the requirement.
• Ownership concept: -The whole concept of work product ownership between a vendor or vendee needs to be previously decided by way of including an explicit clause.
• Confidentiality Issues: – The obligation to not disclose any material information to the third party or non- stakeholders should find a mention.

In this way, these are the steps or the requirements needs to be done or fulfilled to form a vendor agreement for E- commerce in India.

To get Vendor Agreement click here

Author: This blog is written by Ms. Deepali Singh, student of Vivekananda Institute of Professional Studies, a passionate blogger & intern at  Aapka Consultant.

How Aapka Consultant can help you:-

• Get free expert consultancy from experts.
• We available every time to solving your legal queries.
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• Trusted by Most Valuable Startups.
• We Understand Startup Budget & their needs.
• Get quality services at pocket price.

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Documents Required To Open A Company For NRI In India

With over 20 million population and with investment size of over US $ 4000 million in last 10 years, NRI played an important role in Indian Growth History.NRI means Non Resident Indian are those individuals though citizens of India but are residing outside India. Indian legal system has set different set of laws for NRIs. NRI always want to start business in India but when they came into legal documentation,the internet or anywhere,which always put,what an Indian needs documents are fairly enough to make them confuse. This piece of writing will let you know a checklist of the documents which are required to open a company in India for the NRI’s.

The very first step towards opening a company, it is important to understand about the legal structure about the company like how many type of legal entities can be registered in India.

In India mainly there are 5 types of legal entities:-

1. i) Sole Proprietorship Firm: – It is a sole trader or simply a proprietorship, is a type of business entity that is owned and run by one natural person and in which there is no legal distinction between the owner and the business.
2. ii) Partnership Firm: – It is the relation between the persons who have agreed to share profits of the business carried on by all of them acting for all.

iii) One person Company: – It is the company run by just one person.

iv)Limited Liability Partnership: – It is a partnership in which some or all partners have limited liabilities. It therefore exhibits elements of partnerships and corporations.

1. v) Private Limited Company: -It is a type of privately held small business entity. This type of business entity limited owner liability to their shares, limit the number of shareholders to 50, and restricts shareholders from publicly trading shares.

The most favored options are option iv) and option v) because in any other cases theyhave to be the resident in India and they are not proper companies. So we will be discussing about the documents required taking in consideration the private limited company and limited liability partnership firm for the Non Resident Indians.

The required documents are: –

• First of all, apply for DSC and DIN.
• Copy of passport copy which must be attested by consulate of Indian Embassy Or foreign public Notary.
• Copy of driving license /bank statement or electricity billcopy or any property tax payment receipt which is attested by consulate of Indian Embassy or foreign public notary.
• Latest photograph in JPG format.
• Current occupation, email and mobile number with education qualification.

INFORMATION REQUIRED FOR THE NAME APPROVAL

• Amount of share capital.
• Proposed shareholding ratiobetween the promoters.
• A paragraph on the proposed major line of business of the company.
• Full address of the registered office of the company with the address of the nearest police station.
• Copy of NOC (No Objection Certificate) from the owner of the registered office.
• Copy of latest electricity bill/ telephone bill/bill of the registered office.

So, these are the documents which are required to open a company in India by the non residents Indians.

To register company click here

Author: This blog is written by Ms. Deepali Singh, student of Vivekananda Institute of Professional Studies, a passionate blogger & intern at  Aapka Consultant.

How Aapka Consultant can help you:-

• Get free expert consultancy from experts.
• We available every time to solving your legal queries.
• Get one stop solution for all legal compliances.
• Process application within 24 Hours.
• Trusted by Most Valuable Startups.
• We Understand Startup Budget & their needs.
• Get quality services at pocket price.

Visit: Aapka Consultant to get Online Services of CA CS & Lawyers.