How can I Register Under Startup India ?

How to Register Under Startup India?

How to register under startup India?

Modi Government has always motivated budding entrepreneurs to take initiative and start a venture of their own. To give them a platform our Prime Minister launched StartupIndia initiative on 16th January, 2016. The initiative provides a free-of-cost platform to all the entrepreneurs who wish to start their own venture but cannot find the starting point. The Government is promoting startups and asking youngsters to come forward with their ideas. Listening How to register under startup India?

The Government is genuinely interested in helping startups. Along with a platform where you can share ideas, talk to experts, incubators, other entrepreneurs, venture capitalists the StartupIndia initiative provides you a corpus fund of ₹10,000 crore. You can get single window clearance without any red tape. Then there is exemption on capital gain tax, income tax for 3 years, 90-day exit window, discount in trademark registration fee etc.

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Whats considered a startup

A startup is a company or partnership firm or limited liability partnership that is not more than 5 years old since its incorporation or formation. Within these 5 years its annual turnover must not exceed ₹25 crores. To be considered a startup it must work on an innovative idea, development of new product, process or intellectual property. It must be funded either by Government or incubator/ fund recognized by the Government of India.

Registration procedure

There are two methods by which a startup can get itself registered under StartupIndia initiative. Under the first method an individual can form and register an entity with appropriate authorities, say Registrar of Companies or Registrar of Firms through existing incorporation processes. Then it can register itself at StartupIndia website or Mobile App.

Another way of registration is to go to StartupIndia website or app and registering your company through the portal. This has not yet started but will soon be introduced in the second phase of the initiative. You'll need to login to the portal and choose the type of entity you wish to register. Then you'll need to furnish details like incorporation number, PAN details, name of directors etc. along with various documents.

Once the application is filled and approved, you will be able to avail benefits of StartupIndia. 

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Types of Companies

Types of Companies

Types of Companies

Every person has a different requirement and wants a business entity that suits his needs. Some prefer partnership firms while other prefer companies. Undoubtedly companies are the best form of corporate entities and can be easily formed. To  incorporate a company you need to follow the provisions laid down by Companies Act, 2013. Today we discuss here many types of Companies.

There are a variety of companies that you can register as per your need. A company is a legal person with separate legal entity. It has perpetual succession and offers limited liability to its owners or shareholders. It can accept debt and get into transactions in its own name. The incorporation process of all the companies is same barring certain exemptions.

Private Limited Company

A private limited company is one which is privately owned and has limited number of shareholders who cannot transfer their shares. To incorporate a private limited company you need to invest a minimum paid-up capital of Rs. 1lac. It requires at least two members and can have as many as 200 members. It uses Private Limited as its suffix. For instance, Valuetech Private Limited.

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Public Limited Company

A public limited company is a company that is owned by the public. It is a company that is listed on a recognized stock exchange and its shares are traded over it. It uses Limited as its title. For instance, Idea Cellular Ltd, Tata Motors Ltd. Public limited companies require minimum of 7 members for incorporation and can have unlimited members. You need a minimum paid up capital of Rs. 5lacs to start a public limited company.

One Person Company

The concept of One Person Company came into existence with effect from 1st April, 2014. It was introduced by Companies Act, 2013. One person company of OPC is formed only formed with one member, one director and one nominee. The member and director can be the same person. Thus it requires only two people to incorporate an OPC. The nominee is appointed to carry forward the business in event of death or insanity of the member. You need a minimum paid-up capital of Rs. 1lac to start an OPC.

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Post Incorporation Compliances of LLP

Post Incorporation Compliances of LLP

Post Incorporation Compliances of LLP

Limited liability partnership or LLP is a new form of entity that although is a partnership but it has the salient features of a company. In easy terms it can be said as a company in form of a partnership. An LLP as the name suggests provides limited liability to its partners up to the value of capital contribution made by them. Unlike normal partnership it does not consider the personal estate of its partners as the estate of the partnership firm. LLP is formed and governed by Limited Liability Partnership Act, 2008. Post incorporation compliances of LLP there are certain compliances that must be followed.

LLP Agreement

A partnership agreement is the constitution of every partnership. It consists of rights and duties of each partner and has answers to all the problems that might arise in course of partnership among partners. As per the LLP Act, every limited liability partnership must get their LLP Agreement filed with the Ministry of Corporate Affairs (MCA) within 30 days of its incorporation.

Having an LLP Agreement is mandatory and if it is not formulated it must be executed. Non filing of LLP Agreement within 30 days attracts a fine of Rs. 100 per day and it is without a cap limit.

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LLP Seal

Like a company LLP too enjoys a separate legal entity. Thus LLP seal is required to enter into transactions, apply with with tax departments, open bank accounts, make purchases, sell goods etc. The seal must be round and must have its name embossed on it.

PAN application

Once an LLP is incorporated it must apply for a PAN Card. The application must bear the LLP seal and signature of the designated partner.

Open a Bank Account

Another important task post incorporation is to open a current account at a bank. To open a bank account you’ll need:

  • Copy of LLP Agreement
  • Copy of PAN Card
  • Copy of COI
  • Copy of DPIN of designated partner
  • ID Proof of authorized signatory
  • Address proof of LLP like telephone bill

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What are the Advantages of Section 8 Company?

What are the Advantages of Section 8 Company?

What are the Advantages of Section 8 Company?

A Section 8 company is a non-profit organization formed under the provisions of Companies Act, 2013. Advantages of Section 8 Company, As per Section 8(1) of the Act, a non-profit company is one which works for the promotion of art, culture, science, research, education, social welfare, sports, charity, religion etc. and uses its profits to promote those objects. It should also refrain from distributing dividend to its members. A Section 8 company enjoys exemptions and a variety of benefits from Companies Act and other laws. It is better to incorporate a company form of non-profit organization as it is governed by a central law unlike, co-operative societies and trusts.

Tax benefits

Since Section 8 companies are non-profit making companies they are exempted from certain income tax provisions. They are also given numerous deductions and benefits. Individuals donating money in Section 8 companies also avail the benefits of deduction under section 80G of Income Tax Act, 1961. Non-profit making companies also have to pay less stamp duty than others.

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Share capital

As per Companies Act, 2013 unlike private, one person and public limited companies, section 8 companies do not require any minimum capital contribution for incorporation. They can commence their business without any capital. The fund required for business can be brought in the form of donations and subscriptions from public and members of the company.

No need to use title

A private limited company uses 'Private Limited' as title after its name. But a Section 8 company is exempt from using any suffix or title. However, it can still exercise limited liability without informing the public and users of its limited liability status.

Transfer of ownership

The members of a private limited company are prohibited to transfer their shares. But in a Section 8 Company members can easily transfer the ownership of the company. Both movable and immovable interest of members can be easily transferred to people. Thus, in a Section 8 company ownership of a company can be transferred without too many restrictions.

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