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New Procedure for online IEC ( Import Export Code ) application/modification


New Procedure for online IEC application/modification has been introduced vide Trade Notice No 23/2018-19 New Delhi, Dated the 8 th August,2018 . Kindly see the following:
(i) Mandatory Documents to be uploaded for new IEC
(a)   Bank Certificate / Pre-printed Cancelled Cheque Required  *
(b)  Address Proof of the firm Required  *
 Any of the Following Documents: Sale deed | Rent agreement | Lease Deed | Electricity bill | Telephone Land line bill | Mobile Postpaid bill | MOU | Partnership Deed
 Other acceptable documents(for Proprietorship only): Aadhar Card | Passport | Voter Id
In case the address proof is not in the name of the applicant firm, a No Objection Certificate(NOC) by the firm premises owner in favour of the firm along with the address proof is to be submitted as a single PDF document
(ii) Digital Signature Certificate Now Not Required
Copy of PAN Card Now Not Required
Photograph Now Not Required

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How to Register LLP with New LLP Incorporation Procedure


MCA has recently introduced the new process for incorporation of LLP in India, this process was much awaited as company incorporation procedure with single e form and centralized processing with Central Registration Center (CRC)  was already in place. Now LLP incorporation will also be done through CRC. Once the LLP is Incorporated the LLP Jurisdiction will vest with respective Registrar of Companyies (ROC) office.

How the New Incorporation procedure will work:-

  • Name Approval Application in RUN-LLP (Reserve Unique Name – Limited Liability Partnership)-  RUN-LLP is a web based e form , through which name approval application can be filed to CRC, Maximum two Name can be applied for approval. Before applying the name of LLP applicant must ensure that same login id will be used for filing the LLP Incorporation form.
  •  Obtaining Digital Signature for Designated Partners of LLP: – Designated Partners are required to obtain DSC with Certifying Authority in India.
  • LLP Incorporation application in Form FiLLiP (Form for incorporation of
    Limited Liability Partnership) :- This LLP Incorporation form is for following services

    • a) Name reservation ( We can Directly Apply for Name Approval Application if we are sure to get the name, it is very much advisable to get the Name Approval first as the cost for Name Approval Application is Just Rs. 200/- , this will help us to file the Application confidently without worry of name approval.
      b) Allotment of Designated Partner Identification Number(DPIN/DIN).
      c) Incorporation of the LLP
  • Approval of LLP Incorporation form : Once the LLP Incorporation form get approved , LLP Incorporation Certificate will be issued by MCA and LLP is Registered.
  • Drafting, Signing and Filing of LLP Agreement:- LLP is required to File LLP Agreement, duly signed, Stamped and notarized within 30 days of registration of LLP. Filing of LLP Agreement is Mandatory and late filing of form will cost you Rs. 100 per day.
  • Application for PAN and TAN of LLP : PAN and TAN is  must for every LLP as LLP is required to file its Income Tax Return and TDS return and is also required to quote the PAN for various transitions as prescribed under Income Tax Act and Rules. Unlike Companies where SPICE form for incorporation has facility to get PAN and TAN along with Certificate of Incorporation, LLP Form FiLLiP (Form for ncorporation of Limited Liability Partnership) do not have such facility right now, so PAN and TAN application is required to be made separately as soon as LLP gets incorporated.

 

  Get Free Quote on LLP Registration

Place your request here

Call: +91-9782280098 , Email : Mail@fastlegal.in

 


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Private Limited Company Annual ROC And Tax Filing for Financial Year 2017-18


Private Limited Company is required to make various legal and tax related filings as par Companies Act and Income Tax Act every year mandatory, even Private Limited Companies having zero turnover are required to file its Income Tax Return to Income Tax Department and Financial Statement and Annual Return to Registrar of Companies, Private Limited Company is also required to appoint Chartered Account within 30 days of its Incorporation  and there at First Annual General meeting of the company for a period of five years as Statutory Auditor to audit the Accounts of the company.

Every Private Limited Company is required to maintain books of accounts either in electronic form or physical and all the documents including vouchers, invoices  of all the financial transitions for the period of eight years.

Private Limited Companies are required to maintain various registers of its Members, Share Transfers, Directors, Charges, Debenture Holders etc

Process for Private Limited Company Annual ROC and Tax Filings for Financial year 2017-18

  1. Finalization of Accounts of the Company : Director of the Company are required to Finalize the Accounts as soon as  financial year get end for the purpose of audit of accounts.
  2. Audit of Accounts : Statutory Auditor will audit the Accounts and will issue audit report in  respect of financial Statements.
  3. Finalization of Directors Report – Directors of the company are required to prepare and approve the Directors report.
  4. Issue of notice for holding Annual General Meeting : Every Private Limited is required to hold its shareholders meeting for each year within 6 months form the end of Financial year, first annual general meeting of the company may be held within 9 months form the date date of end of financial year.
  5. Holding Annual General Meeting
  6. Filing of form ADT-1 for appointment of statutory auditors at first annual general meeting of the company for a period of 5 years, auditor can also be reappointment at next Annual General Meeting after end of 5th AGM. Form ADT-1 is required to filed within 15 days form the date of AGM
  7. Filing of Form AOC-4 – Form AOC-4 is required to be filed within 30 days form the date of Annual General Meeting of the Company. Financial statement including Directors Report is required to attached with Form AOC-4 and this form is required to be certified by Practicing Professional Company Secretary, Chartered Accountant or Cost Accountant. Non Filing of e Form will attract additional fee of Rs. 100 every day.
  8. Filing of form MGT-7-  Form MGT-7 is required to be filed within 60 days of Annual General Meeting of the Company, List of Shareholders and Directors information is basically given in Annual Return. Non- filing will attract additional Fee of Rs. 100 per day.
  9. Filing of income Tax Return : Last date for filing Income Tax return  is 30th September.

Directors KYC : Every Director of the Company is required to file e form DIR-3 KYC upto 30th April Every year, in year 2018 this form can be filled upto 30th August 2018 without any fee and Rs. 5000 is payable after due date.

 

Complete your Company Filings with Fastlegal , Please email us your requirements at mail@fastlegal.in  or Place your request.

Call us at 9782280098

 


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Full List of Items Rates Revised by GST Council on 21st July 2018


Full List of Items Rates Revised by GST Council on 21st July 2018

1. Rates for 17 consumer goods including washing machines, refrigerators, TVs, video games, vacuum cleaners, trailers, juicer mixer, grinders, shavers and hair dryers, water coolers, water heaters, lithium-ion batteries and electric iron slashed from 28 percent to 18 percent.

2. GST rate of 18 percent will be applicable on TVs up to 68 cm (27 inch) in size

3. Small handicraft exempted under GST

4. Deities made of stone, marble and wood exempted under GST

5. Rakhis exempted under GST

6. Knitted caps or otherwise under Rs 1,000/Unit now at 5 percent

7. Ethanol for oil companies now under 5 percent slab

8. Footwear under Rs 1,000 now under 5 percent slab

9. Actual bill of hotel stay above Rs 7,500 will attract 28 percent GST. Actual hotel bill below Rs 7,500 will, however, attract only 18 percent GST

10. Fortified milk will be exempted from GST

11. Rates on paints, wall putty and varnish down to 18 percent from 28 percent

12. Perfumes, toilet spray now under 18 percent slab

13.  GST on handbags, jewellery box, wooden box for paintings, artware of glass, stone endeavour, ornamental framed mirrors, handmade lamps etc reduced to 12 percent

14.  Simpler return filing process approved. Quarterly returns for business turnover up to Rs 5 crore instead of monthly filings. However, tax payment will be monthly. Nearly 93 percent traders and small businesses will get benefited from this. Exemption limit for traders in Assam, Arunachal Pradesh, Himachal Pradesh, Himalaya, Sikkim, increased from Rs 10 lakh to Rs 20 lakh

15.  No decision on sugar cess, to be decided in next meeting

The GST Council will meet next on August 4 to discuss the problems faced by small traders and businesses and entrepreneurship. The meeting will be completely focussed on the MSME sector, Goyal said.

 

Source : Moneycontrol


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Mobile Phone Repair and Mobile Phone Accessories Business Registration in India


India will have nearly 700 million smartphone users by the end of 2020. Further, this figure will grow exponentially as more brands and cheaper variants enter the market.
Consequently, the demand for outlets and persons who offer repairs of mobile phones is expected to increase manifold. You can also sell accessories and credit recharge.

Mobile Phone Repair and Mobile Phone Accessories Business Registration in India comes under a small business  and one should still go for Shop and Establishment Registration to do it in Legal way and also go for current bank Account in the name of firm.

If your turnover exceed Rs. 20 Lakh during any time in any year then you are required to Register your  Firm under GST.

If you are doing business under Partnership than you may register Partnership Firm , LLP or Private Limited Company.

 

 


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Sectors in which 100% FDI is permitted under Automatic Route


Sectors in which 100% FDI is permitted under Automatic Route:

  • Agriculture & Animal Husbandry

    • a) Floriculture, Horticulture, and Cultivation of Vegetables & Mushrooms under controlled conditions;
      b) Development and Production of seeds and planting material;
      c) Animal Husbandry (including breeding of dogs), Pisciculture, Aquaculture, Apiculture; and
      d) Services related to agro and allied sectors
  • Plantation Sector

    • (i) Tea sector including tea plantations
      (ii) Coffee plantations
      (iii) Rubber plantations
      (iv) Cardamom plantations
      (v) Palm oil tree plantations
      (vi) Olive oil tree plantations
      Note: Besides the above, FDI is not allowed in any other plantation sector/activity
  • Mining and Petroleum & Natural Gas

    • Mining and Exploration of metal and non-metal ores including diamond, gold, silver and precious ores but excluding titanium bearing minerals and its ores; subject to the Mines and Minerals (Development & Regulation) Act, 1957.Coal & Lignite
      (1) Coal & Lignite mining for captive consumption by power projects, iron & steel and cement units and other eligible activities permitted under and subject to the provisions of 100% Automatic Coal Mines (Nationalization) Act, 1973.
      (2) Setting up coal processing plants like washeries subject to the condition that the company shall not do coal mining and shall not sell washed coal or sized coal from its coal processing plants in the open market and shall supply the washed or sized coal to those parties who are supplying raw coal to coal processing plants for washing or sizing.

Mining and mineral separation of titanium bearing minerals & ores, its value addition and integrated                          activities subject to sectoral regulations and the Mines and Minerals (Development and Regulation Act                        1957).

  • Petroleum & Natural Gas

    • Exploration activities of oil and natural gas fields, infrastructure related to marketing of petroleum products and natural gas, marketing of natural gas and petroleum products, petroleum product
      pipelines, natural gas/pipelines, LNG Regasification infrastructure, market study and formulation and Petroleum refining in the private sector, subject to the existing sectoral policy and regulatory
      framework in the oil marketing sector and the policy of the Government on private participation in exploration of oil and the discovered fields of national oil companies.
  • Manufacturing

    • Subject to the provisions of the FDI policy, foreign investment in ‘manufacturing’ sector is under automatic route. Further, a manufacturer is permitted to sell its products manufactured in India through wholesale and/or retail, including through e-commerce, without Government approval.
    • Notwithstanding the FDI policy provisions on trading sector, 100% FDI under Government approval route is allowed for retail trading, including through e-commerce, in respect of food products manufactured and/or produced in India.
  • Broadcasting

    • (1)Teleports(setting up of up-linking HUBs/Teleports);
      (2)Direct to Home (DTH);
      (3)Cable Networks (Multi System operators (MSOs) operating at National or State or District level and
      undertaking upgradation of networks towards digitalization and addressability);
      (4)Mobile TV;
      (5)Headend-in-the Sky Broadcasting Service(HITS)
    • Cable Networks(Other MSOs not undertaking upgradation of networks towards digitalization and addressability and Local Cable Operators (LCOs))Note:
      Infusion of fresh foreign investment, beyond 49% in a company not seeking license/permission
      from sectoral Ministry, resulting in change in the ownership pattern or transfer of stake by
      existing investor to new foreign investor, will require Government approval.
  • Broadcasting Content Services

    • Up-linking of Non-‘News & Current Affairs’ TV Channels/ Down-linking of TV Channels
  • Civil Aviation

    • FDI allowed under automatic route for both Greenfield and Brownfield projects for Airports.
  • Construction Development: Townships, Housing, Built-up Infrastructure

    • Construction-development projects (which would include development of townships, construction of
      residential/commercial premises, roads or bridges, hotels, resorts, hospitals, educational institutions,
      recreational facilities, city and regional level infrastructure, townships)
  • Industrial Parks

  • Cash and Carry Wholesale Trade/Wholesale Trading

  • E-Commerce Activities
    • 100% FDI is allowed under automatic route under Marketplace Model.

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FDI in Limited Liability Partnership (LLP)


FDI in Limited Liability Partnership (LLP) is permitted in India subject to following conditions:

  1. FDI is permitted under Automatic Route in LLP operating in Sectors where 100% FDI is allowed
  2. Downstream Investment in other LLP or Company in Sectors where 100% FDI is permitted

Investment can be made by persons resident outside India ( other than Citizens of Pakisthan and Bangladesh) but not by FII, FPI and FVCI.

 

Sectors in which 100% FDI is permitted under Automatic Route:

  • Agriculture & Animal Husbandry

    • a) Floriculture, Horticulture, and Cultivation of Vegetables & Mushrooms under controlled conditions;
      b) Development and Production of seeds and planting material;
      c) Animal Husbandry (including breeding of dogs), Pisciculture, Aquaculture, Apiculture; and
      d) Services related to agro and allied sectors
  • Plantation Sector

    • (i) Tea sector including tea plantations
      (ii) Coffee plantations
      (iii) Rubber plantations
      (iv) Cardamom plantations
      (v) Palm oil tree plantations
      (vi) Olive oil tree plantations
      Note: Besides the above, FDI is not allowed in any other plantation sector/activity
  • Mining and Petroleum & Natural Gas

    • Mining and Exploration of metal and non-metal ores including diamond, gold, silver and precious ores but excluding titanium bearing minerals and its ores; subject to the Mines and Minerals (Development & Regulation) Act, 1957.

      Coal & Lignite
      (1) Coal & Lignite mining for captive consumption by power projects, iron & steel and cement units and other eligible activities permitted under and subject to the provisions of 100% Automatic Coal Mines (Nationalization) Act, 1973.
      (2) Setting up coal processing plants like washeries subject to the condition that the company shall not do coal mining and shall not sell washed coal or sized coal from its coal processing plants in the open market and shall supply the washed or sized coal to those parties who are supplying raw coal to coal processing plants for washing or sizing.

Mining and mineral separation of titanium bearing minerals & ores, its value addition and integrated                          activities subject to sectoral regulations and the Mines and Minerals (Development and Regulation Act                        1957).

  • Petroleum & Natural Gas

    • Exploration activities of oil and natural gas fields, infrastructure related to marketing of petroleum products and natural gas, marketing of natural gas and petroleum products, petroleum product
      pipelines, natural gas/pipelines, LNG Regasification infrastructure, market study and formulation and Petroleum refining in the private sector, subject to the existing sectoral policy and regulatory
      framework in the oil marketing sector and the policy of the Government on private participation in exploration of oil and the discovered fields of national oil companies.
  • Manufacturing

    • Subject to the provisions of the FDI policy, foreign investment in ‘manufacturing’ sector is under automatic route. Further, a manufacturer is permitted to sell its products manufactured in India through wholesale and/or retail, including through e-commerce, without Government approval.
    • Notwithstanding the FDI policy provisions on trading sector, 100% FDI under Government approval route is allowed for retail trading, including through e-commerce, in respect of food products manufactured and/or produced in India.
  • Broadcasting

    • (1)Teleports(setting up of up-linking HUBs/Teleports);
      (2)Direct to Home (DTH);
      (3)Cable Networks (Multi System operators (MSOs) operating at National or State or District level and
      undertaking upgradation of networks towards digitalization and addressability);
      (4)Mobile TV;
      (5)Headend-in-the Sky Broadcasting Service(HITS)
    • Cable Networks(Other MSOs not undertaking upgradation of networks towards digitalization and addressability and Local Cable Operators (LCOs))

      Note:
      Infusion of fresh foreign investment, beyond 49% in a company not seeking license/permission
      from sectoral Ministry, resulting in change in the ownership pattern or transfer of stake by
      existing investor to new foreign investor, will require Government approval.

  • Broadcasting Content Services

    • Up-linking of Non-‘News & Current Affairs’ TV Channels/ Down-linking of TV Channels
  • Civil Aviation

    • FDI allowed under automatic route for both Greenfield and Brownfield projects for Airports.
  • Construction Development: Townships, Housing, Built-up Infrastructure

    • Construction-development projects (which would include development of townships, construction of
      residential/commercial premises, roads or bridges, hotels, resorts, hospitals, educational institutions,
      recreational facilities, city and regional level infrastructure, townships)
  • Industrial Parks

  • Cash and Carry Wholesale Trade/Wholesale Trading

  • E-Commerce Activities
    • 100% FDI is allowed under automatic route under Marketplace Model.

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Form DIR-3 KYC Mandatory Required to be Filed on or Before 30th April Year Every Year


As part of updating its registry, MCA would be conducting KYC of all Directors of all companies annually through the eform DIR-3 KYC. Accordingly, every Director who has been allotted DIN on or before 31st March, 2018 and whose DIN is in ‘Approved’ status, would be mandatorily required to file form DIR-3 KYC on or before 31st August,2018.

eForm DIR-3 KYC is required to be filed pursuant to Rule 12A and Rule 11(2) and (3) of The Companies (Appointment and Qualification of Directors) Rules, 2014 which is reproduced for your reference.

Rule 12A:
Every individual who has been allotted a Director Identification Number (DIN) as on 31st march of a financial year as per these rules shall, submit e-form DIR-3-KYC to the Central Government on or before 30th April of immediate next financial year.

Provided that every individual who has already been allotted a Director Identification Number (DIN) as at
31st March, 2018, shall submit eform DIR-3 KYC on or before 31st August, 2018.”

Rule 11(2):
The Central Government or Regional Director (Northern Region), or any officer authorised by the Central Government or Regional Director (Northern Region) shall, deactivate the Director Identification Number (DIN), of an individual who does not intimate his particulars in e-form DIR-3-KYC within stipulated time in accordance with rule 12A.

Rule 11(3):
The de-activated DIN shall be re-activated only after e-form DIR-3-KYC is filed along with fee as prescribed under Companies (Registration Offices and Fees) Rules, 2014.

Documents and Information Required for Filing the E form:

  1. Copy of Aadhar Card
  2. Copy of Present Address Proof – Bank Statement/ Utility Bill in the name of Individual
  3. Copy of Passport – If Individual Director have Valid Passport
  4. Personal Mobile No
  5. Personal Email Id
  6. Digital Signature of Individual

Personal Mobile and Email OTP Verification Mandatory while filing the Form DIR-3KYC 

Professional Certification Mandatory for DIR-3KYC eForm.

 

Fastlegal Provides E Form DIR-3 KYC Filing Services – Please connect at mail@fastlegal.in or call at 9782280098

 


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Reporting of Fraud by Auditor Under Companies Act, 2013


Reporting of Fraud and Other Matters by Auditor, Cost Auditor and Secretarial Auditor  

#1: Amount of Fraud is more than One Crore Rupees and Above :

If an auditor of a company, in the course of the performance of his duties as statutory auditor, has reason to believe that an offence of fraud, which involves or is expected to involve individually an amount of rupees one crore or above, is being or has been committed against the company by its officers or employees, the auditor shall report the matter to the Central Government.

  • Manner of Reporting of Fraud to Central Government: 

The auditor shall report the matter to the Central Government as under:-

(a) the auditor shall report the matter to the Board or the Audit Committee, as the case may be, immediately but not later than two days of his knowledge of the fraud, seeking their reply or observations within forty-five days;

(b) on receipt of such reply or observations, the auditor shall forward his report and the reply or observations of the Board or the Audit Committee along with his comments (on such reply or observations of the Board or the Audit Committee) to the Central Government within fifteen days from the date of receipt of such reply or observations;

(c) in case the auditor fails to get any reply or observations from the Board or the Audit Committee within the stipulated period of forty-five days, he shall forward his report to the Central Government along with a note containing the details of his report that was earlier forwarded to the Board or the Audit Committee for which he has not received any reply or observations;

  • Where Report of Fraud is required to be sent :

(d) the report shall be sent to the Secretary, Ministry of Corporate Affairs in a sealed cover by Registered Post with Acknowledgement Due or by Speed Post followed by an e-mail in confirmation of the same;

(e) the report shall be on the letter-head of the auditor containing postal address, e-mail address and contact telephone number or mobile number and be signed by the auditor with his seal and shall indicate his Membership Number; and

(f) The report shall be in the form of a statement as specified in Form ADT-4.

 

#2: Amount of Fraud is less than One Crore Rupees :

In case of a fraud involving lesser than the Rs.1 Crore, the auditor shall report the matter to Audit Committee constituted under section 177 of the Companies Act, 2013 or to the Board immediately but not later than two days of his knowledge of the fraud and he shall report the matter specifying the following:-

(a) Nature of Fraud with description;

(b) Approximate amount involved; and

(c) Parties involved.

 

Disclouser of Fraud in Board Report : 

The following details of each of the fraud reported to the Audit Committee or the Board under sub-rule (3) during the year shall be disclosed in the Board’s Report:-

(a) Nature of Fraud with description;

(b) Approximate Amount involved;

(c) Parties involved, if remedial action not taken; and

(d) Remedial actions taken.

The provision of this rule shall also apply, mutatis mutandis, to a Cost Auditor and a Secretarial Auditor during the performance of his duties under section 148and section 204 respectively.

 


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How to get Money Lending Licence in Rajasthan


Person who do money lending business in Rajasthan can obtain the licence for Money Lending form the SDM Office of Tehsil where he resides. Money Lending Licence is issued once the applicant fulfills the conditions of Act and Rules prescribed in Rajasthan Money Lenders Act, 1963 and Rules made there under :

Money Lending Licence is essential for every person who does the finance business of lending money other than for the companies which are specially regulated by other regulators like RBI for NBFC Companies.

Meaning of Money Lender :

Money-lender’ means-

(i) an individual or

(ii) an undivided Hindu family, or

[(iii) a company (not being a banking company as defined in section 5 of the Banking Regulation Act, 1949), body or institution other than such of them as may, by notification in the Official Gazette, be exempted from the provisions of this Act by the State Government on being satisfied that it is necessary or expedient so to do in public interest, or]

(iv) an un-incorporated body of individuals, who or which,-

(a) carries on the business of money-lending in the State; or

[(b) supplies, as a trader or dealer, goods other than agricultural goods on credit on condition of payment of interest by the buyer at a rate higher than that prescribed in section 29 in case the payment of sale price is not made within the stipulated period; or]

[(c)] has his or its principal place of such business in the State;

Documents Required and Information required obtaining for Money Lending Licence Application : –

  1. PAN card of Applicant
  2. Aadhar Card of Applicant
  3. Last Three (3) Years Income Tax Return
  4. Resident Certificate of Applicant
  5. Character Certificate  of Applicant duly issued by Gazette Officer  in two Copies
  6. Last 1 Year Bank Statement
  7. Details of Previous business,if any

Fastlegal provides Money Lending Licence Registration Services in Jaipur, Rajasthan, If you need any help Please Call at 9782280098 or email us at mail@fastlegal.in

 


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Foreign Direct Investment (FDI) in Manufacturing Sector in India


Foreign investment in manufacturing’ sector is under automatic route. Further, a manufacturer is permitted to sell its products manufactured in India through wholesale and/or retail, including through e-commerce, without Government approval.

Notwithstanding the FDI policy provisions on trading sector, 100% FDI under Government approval route is allowed for retail trading, including through e-commerce, in respect of food products manufactured and/or produced in India.

 


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Foreign Direct Investment in Agriculture & Animal Husbandry Sector in India


In India Foreign Direct Investment in Agriculture & Animal Husbandry Sector is allowed 100% under Automatic Route

Following Sectors are included in Agriculture & Animal Husbandry Sector :

a) Floriculture, Horticulture, and Cultivation of Vegetables & Mushrooms under controlled conditions;
b) Development and Production of seeds and planting material;
c) Animal Husbandry (including breeding of dogs), Pisciculture, Aquaculture, Apiculture; and
d) Services related to agro and allied sectors

Note: Besides the above, FDI is not allowed in any other agricultural sector/activity

The term “under controlled conditions” covers the following:
(i) ‘Cultivation under controlled conditions’ for the categories of floriculture, horticulture, cultivation of vegetables and mushrooms is the practice of cultivation wherein rainfall, temperature, solar radiation, air humidity and culture medium are controlled artificially. Control in these parameters may be effected through protected cultivation under green houses, net houses, poly houses or any other improved infrastructure facilities where micro-climatic conditions are regulated anthropogenically.


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Prohibited Sectors under Foreign Direct Investment (FDI) in India


FDI is prohibited in Following Sectors in India:
a) Lottery Business including Government/private lottery, online lotteries, etc.
b) Gambling and Betting including casinos etc.
c) Chit funds
d) Nidhi company
e) Trading in Transferable Development Rights (TDRs)
f) Real Estate Business or Construction of Farm Houses
‘Real estate business’ shall not include development of townships, construction of residential /commercial premises, roads or bridges and Real Estate Investment Trusts (REITs) registered and regulated under the SEBI (REITs) Regulations 2014.
g) Manufacturing of cigars, cheroots, cigarillos and cigarettes, of tobacco or of tobacco substitutes
h) Activities/sectors not open to private sector investment e.g.

(I) Atomic Energy and

(II) Railway operations(other than permitted activities mentioned in para 5.2).
Foreign technology collaboration in any form including licensing for franchise, trademark, brand name, management contract is also prohibited for Lottery Business and Gambling and Betting activities


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Online Information Database Access & Retrieval (OIDAR) Services Under GST


Due to Technology and internet Advertising, Technology Cloud Services, Instant Download Services ( like E Book’s, Info graphics etc  )  , supplies of digital content (movies, television shows, music etc) , online gaming  services are becoming very popular,  Services Provided from the Non -Taxable Territory to Taxable Territory  are covered under the GST with the Name of Online Information Database Access and Retrieval Services (OIDAR) :    

Meaning of Online Information Database Access and Retrieval Services:

Online information and database access or retrieval services” mean services whose delivery is mediated by information technology over the internet or an electronic network, nature of which renders their supply essentially automated, involving minimal human intervention & impossible to ensure in the absence of information technology and includes electronic services such as-

• Advertising on the internet;

• Providing cloud services;

• Provision of movie, software, e-books, music, and other intangibles through telecommunication networks or internet;

• Providing data or information, retrievable or otherwise, to any person in electronic form through a computer network;

• Online supplies of digital content (movies, television shows, music and the like);

• Digital data storage; and

• Online gaming.

Taxability of OIDAR Services : 

When Supplier is Located outside India and Recipient is Unregistered Person ( Services Provided from Non- Taxable Territory to Unregistered Person in the Taxable Territory i.e India )

In this case Place of Supply will be taxable territory  i.e. India.  (Location of Recipient of Services ) and IGST provisions will be applicable and the Supplier of Services is required to be Registered in India for the Payment of IGST.

To take the Registration in India , Application will be made in form REG-10.

Supplier will take registration at principal commissioner of central tax, Bengaluru west who has been designated for grant of Registration in such cases.

In this case Suppler is required to appoint Authorized Representative in India for Registration and Compliance.

When supplier is located outside India and recipient is business entity (i.e. Registered Person under GST)

In this case recipient is required pay tax on Reverse Charge basis and Supplier is not required to be registered

 

Fastlegal Provides Online Registratioon and Return Filing Services for Online Information Database Access and Retrieval Services (OIDAR ) Companies.

Please email us your Requirements at mail@fastlegal.in or call/whatsapp at 9782280098

 


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प्राइवेट लिमिटेड कंपनी पंजीकरण प्रक्रिया – हिंदी में

Nidhi Company

प्राइवेट लिमिटेड कंपनी व्यवसायों और स्टार्टअप के लिए सबसे लोकप्रिय संरचना है। प्राइवेट लिमिटेड कंपनी बाहरी वित्त पोषण और विदेशी प्रत्यक्ष निवेश को आसानी से अनुमति देती है। प्राइवेट लिमिटेड कंपनियों को बोर्ड मीटिंग्स, कॉर्पोरेट मामलों के मंत्रालय के साथ सुरक्षित ऋण पंजीकृत करना, महत्वपूर्ण मामलों के लिए सदस्यों की बैठक आयोजित करना, बोर्ड बोर्ड रिपोर्ट में महत्वपूर्ण मामलों के बारे में पूर्ण खुलासा करना आवश्यक है। कंपनी लॉ द्वारा प्राइवेट लिमिटेड कंपनी पर लगाए गए इन सभी नियामक प्रकटीकरण और आवश्यकताओं के कारण उन्हें सीमित देयता भागीदारी (एलएलपी), वन पर्सन कंपनी (ओपीसी), या सामान्य साझेदारी की तुलना में अधिक विश्वसनीयता के साथ देखा जाता है।

प्राइवेट लिमिटेड कंपनी का पंजीकरण :

प्राइवेट लिमिटेड कंपनी के पंजीकरण के लिए प्रक्रिया :

  • डिजिटल हस्ताक्षर प्राप्त करना:

नियमित अनुपालन आवश्यकताओं के लिए इनकॉर्पोरेशन एप्लिकेशन और अन्य रूपों पर हस्ताक्षर करने के लिए डिजिटल हस्ताक्षर की आवश्यकता है, यह प्रमाणन प्राधिकरण (जैसे सिफी, एनकोड इत्यादि) द्वारा जारी किया जाता है।

निदेशकों के लिए डिजिटल हस्ताक्षर प्राप्त करने के लिए आवश्यक दस्तावेज निम्नलिखित हैं:

1.) भारतीय नागरिकों और निवासियों के लिए:

ए।) पैन कार्ड की प्रति

बी।) ड्राइविंग लाइसेंस / पासपोर्ट / आधार कार्ड / मतदाता पहचान पत्र की प्रति

सी।) पूरी तरह से डिजिटल हस्ताक्षर फॉर्म भर दिया और हस्ताक्षरित।

2. विदेशी नागरिकों के लिए:

ए।) अगर देश हेग सम्मेलन की पार्टी है तो नोटराइज्ड या एपोस्टिल्ड पासपोर्ट की प्रति।

बी।) पूरी तरह से डिजिटल हस्ताक्षर फॉर्म भर दिया और हस्ताक्षरित।

 

प्राइवेट लिमिटेड कंपनी पंजीकरण के लिए आवश्यक दस्तावेज:

1.) भारतीय नागरिकों और निवासियों के लिए:

ए।) पैन कार्ड की प्रति

बी।) ड्राइविंग लाइसेंस / पासपोर्ट / आधार कार्ड / मतदाता पहचान पत्र की प्रति

सी।) नवीनतम बैंक स्टेटमेंट 2 महीने से अधिक पुराना नहीं है

2. विदेशी नागरिकों के लिए:

ए।) अगर देश हेग सम्मेलन की पार्टी है तो नोटराइज्ड या एपोस्टिल्ड पासपोर्ट की प्रति।

बी।) और पता प्रमाण

प्राइवेट लिमिटेड कंपनी का नाम:

प्राइवेट लिमिटेड कंपनी का नाम अद्वितीय होना चाहिए कि कंपनी के बिजनेस क्लास में मौजूदा कंपनी या एलएलपी या ट्रेडमार्क के नाम के समान नहीं होना चाहिए, इसे भारत में पंजीकृत या लागू नहीं किया जाना चाहिए। हमें नाम को पूरी तरह से खोजना होगा ताकि नाम अस्वीकृति की संभावना बहुत कम हो और हमें कंपनी को पहले उदाहरण में अनुमोदित किया जा सके।

दस्तावेजों के शामिल होने का मसौदा तैयार करना और हस्ताक्षर करना:

अब निगमन दस्तावेज तैयार किए जाने की आवश्यकता है और प्रस्तावित कंपनी के सभी निदेशकों और सब्सक्राइबर्स द्वारा हस्ताक्षरित होने की आवश्यकता है।

कंपनियों के रजिस्ट्रार के साथ सम्मिलन आवेदन की फाइलिंग:

एक बार सभी दस्तावेजों पर हस्ताक्षर किए जाने के बाद, आरओसी के साथ दायर करने के लिए एक निगमन फॉर्म की आवश्यकता होती है, आवश्यक स्टाम्प ड्यूटी अपलोड करने और सरकारी शुल्क के भुगतान के बाद आरओसी और आरओसी के लिए निगमन फॉर्म पहुंच योग्य होता है और यदि सबकुछ ठीक है कंपनी, कंपनी आरओसी द्वारा अनुमोदित है।

एक बार जब कंपनी के निगमन फॉर्म को आरओसी द्वारा अनुमोदित किया जाता है तो हमें कंपनी के निगमन का प्रमाणपत्र मिलता है और कंपनी पंजीकृत है

पैन और टैन:

हमें कंपनी के प्रमाणपत्र के प्रमाणपत्र के साथ पैन और टीएएन नंबर मिलेगा।

पंजीकरण के लिए मूल्य निर्धारण:
सरकारी स्टाम्प ड्यूटी: 1010 (1 लाख कैपिटल के साथ), घोषणा पत्र पर नोटरी और स्टाम्प रु। 9 0, रु। डीएससी के लिए 700 * 2 = 1400 और रु। 5000 / – व्यावसायिक शुल्क

कुल शुल्क: रु। 7500 / –


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Nidhi Company Registration and Nidhi Rules 2014 Requirements


Nidhi Company is most popular form for giving small loan to its members and accept deposits from its members. It is also called mutual benefit Company. For Providing Loan and Accepting Deposits you have to register Nidhi Company and with the Capital of Nidhi Company subject to Condition provided in Nidhi Rules you can lend money and accept deposit from Its members.
Nidhi Company will always be public limited company and its name should end with ‘Nidhi Limited”, Presently Nidhi Company is becoming very popular for lending business.

Nidhi Company Registration Procedure:

  1. Obtaining DSC for All the members and Directors
  2. Obtaining DIN for All the Directors
  3. Application for Approval of name
  4. Preparation and Drafting of Incorporation documents
  5. Signing of Incorporation Documents
  6. Application for Incorporation of Nidhi Company with ROC
  7. Approval by ROC, after verifying all  the required documents and information.

Basic Features about Nidhi Company for Registration:

1. Required Minimum 3 Directors and 7 Shareholders
2. Can Accept Deposits From its members
3. Body Corporate and Benifit of Limited Liability
4. Can Land Money to its Members
5. Can Provide Locker Faciltity to its members
6. Required to have Minimum 200 members within one Year
7. Best suited for Small lending and desposit Business
8. Minimum Capital Rs. 5 Lakh at the time of Incorporation and Thereafter required to have Rs. 10 Lakh.

Documents Required For Nidhi Company Registration

1. PAN of all Directors
2. Voter ID/DL/Aadhar Card/Passport of All Directors /members
3. Passport Photo of all Directors
4. Latest Bank Passbook/Statement or Electricity/Boradband Bill
5. Latest utility bill (electric bill/telephone bill) and Rent Agreement or latest tax receipt/ownership deep of the property for the property to be used for registered office

Best Software for Nidhi Company in India

How To Add Members In Nidhi Company

As Nidhi Company can provide loans to its members and can also accept deposits from its members only in accordance with the requirements of Nidhi Rules. Nidhi Company is Public limited Company so at the time of formation of Company minimum seven members are required and as par requirements of Nidhi Rules and Companies Act, 2013 a Nidhi Company should have 200 members within 1 year from the date of incorporation. Now it is important that how members are added in the Nidhi Company so Nidhi can provide loans to its members and accept deposits to its members.

There are two ways through which members are added in the company:

#1. By Way Of Allotment Of New Shares:

Nidhi Company may allot new shares to its members as par the provisions of the companies act, there is present exemption through which section of right issue and private placement is not applicable to Nidhi Company, so the shares can directly be allotted by Board Of Directors of the Company through a resolution passed. It is to be noted that no of shares allotted should not exceed authorized share capital of the Company.

#2. By Way Of Transfer Of Shares Of Existing Members :

As Nidhi company is a Public Limited Company , the shares of public limited company are freely transferable and existing shareholder of Nidhi Company may transfer his shares to another person , in this case he will also become member of nidhi company once his name is entered in the register of members.

Form For Transfer Of Shares :  Form SH-4

Net Owned Funds Requirements In Nidhi Company:

Every Nidhi Company is required to have Minimum Net Owned Funds of Rs. 10Lakh all the time.

Meaning Of Net Owned Funds As Par Nidhi Rules :

Aggregate Amount of paid up equity share capital and free reserves as reduced by accumulated losses and intangible assets appearing in the last audited balance sheet, provided the amount representing the proceeds of issue of preference share shall not be included for calculating net owned funds. 

Nidhi Company – ROC Annual And Half Yearly Filings:

Every Nidhi Company is required to comply with provisions of Companies Act, 2013 and Nidhi Rules, 2014, as Nishi Company is Public Limited Company is required to follow all the provisions applicable to Public Limited Company unless exempted from compliance of specific section with or without any modification.

ROC Compliance As Per Nidhi Rules, 2014 :

Filing Of Form NDH-3 :Half Yearly Return By Nidhi Company

Every Nidhi Company is required to File Form NDH-3 with ROC within 30 days from the close of each half year. i.e. 30th April for the half year ending on 31st March and 30th Oct for the half year ending on 30th Sept. Form NDH-3 contains the details of Number of Members admitted during the half year, number of members ceased to be members and total number of members as on the date, Loan granted by Nidhi company along against the particular security and Deposits accepted by the Nidhi company form its members. Form NDH-3 should be certified by Company Secretary of CA , CMA in Practice.

Filing Of Form NDH-1 : Yearly Return By Nidhi Company

Every Nidhi Company is required to file Form NDH-1 with ROC within 90 days form  the close of Financial Year, this form contains all the details regarding the members, loans , deposits, reserves etc for the full financial years.

What Nidhi Company Cannot Do As Par Nidhi Rules : 

  • A Nidhi Company shall not carry any chit fund, hire purchase finance leasing finance insurance or acquisition of securities issued by any Body corporate
  • Nidhi Company is not allowed to issue any kind of preference shares or any debt instruments by any name whatsoever.
  • Nidhi company is prohibited to open any current account with its members
  • Nidhi company is prohibited to do any compromise or arrangement or takeover unless it is passed by a Special Resolution in the General Meeting and also obtained the previous approval from the Regional Director having jurisdiction over such nidhi company
  • Carry on any business other than the business of borrowing or lending in its own name
  • Nidhi company is prohibited to accept deposits or lend amount other than its members
  • Pledge any of the assets lodged by its members as security
  • Nidhi company is prohibited to take deposits or lend money to any Body corporate
  • These companies are prohibited to enter into any partnership arrangement in its borrowing or lending activities
  • Nidhi company prohibited to issue any advertisement in any form for soliciting deposits

Minimum Members And Net Owned Funds Requirements For Nidhi Company :

  • Every Nidhi Company Should have Minimum 200 members within 1 years from the date of incorporation and all time thereafter
  • Every Nidhi Company should have Net-owned funds of Rs. 10 Lakh within 1 year from the date of incorporation.

How Much Loan A Nidhi Company Can Give To Its Members :

  • Rs. 2 Lakh where a total amount of Deposits form its members is less than Rs. 2 crore
  • Rs. 7.50 Lakh where the total amount of Deposits form its members is more than Rs. 2 crore but less than twenty crore rupees
  • Rs. 12 Lakh where the total amount of Deposits form its members is more than Rs. 20 crore but less than Fifty crore rupees
  • Rs. 15 Lakh where the total amount of Deposits form its members is more than Rs. 50 crore
  • No fresh loans exceeding 15% of above can be if Nidhi is not profitable for continuously three preceding financial years.
  • Members who have taken a loan from Nidhi and defaulted in repayment of such loan shall not be allowed to take fresh loans form Nidhi.
  • Only Members of Nidhi Company can take loan form Nidhi Company

How Much Interest Can Be Charged On Loans By Nidhi Company

The rate of Interest to be charged on loan given by Nidhi shall not go above seven and a half percent(7.5%) above the highest rate of interest offered on deposits by Nidhi.

i.e.7.5% the gross margin that a Nidhi Company is able to earn from the operations.


Annual Filing Of Financial Statements And Annual Return By Nidhi Company :

Form AOC-4: Filing Of Financial Statements

Every Nidhi company is required to file its Financial Statements, along with Notice calling General Meeting, Directors Report, Auditors Report and Balance sheet to ROC within 30 days from the date of Annual General Meeting of the Company.

Form MGT-7: Annual Return

Every Nidhi company is required to file its Annual Return along with List of members of Nidhi Company within 60 days from date of Annual General Meeting.

Reporting Of Resolutions :

As a Public Limited Company Nidhi Company is required to File form MGT-14 for Disclosure of Directors interest, Approval of Financial Statements and Directors Report.


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Nidhi Company Software for Nidhi Companies in India


Nidhi Company is Finance Company which lends money and accept deposit form its members only. Every Nidhi Company has to follow Provisions of Nidhi Rules and Companies Act, 2013. It is very important that all the procedure relating to admission of members, allocation of shares, creating schemes for Loans, disbursements of loans, Opening of Savings Account, RD Account and FD Account are carried out in simple and hassle-free manner that you feel very little need for managing legal compliance and focus on your business.

Fastlegal Nidhi Software :

Fastlegal has its own in-house Nidhi Software which was built by top it experts and Company Secretaries to its clients, Fastlegal Nidhi Software has all the features that are required for finance business. following are main features of Fastlegal Nidhi Software :

  1. Member Addition and Reporting in Single Click
  2. Share Allotment and Transfer to members
  3. Automatic Share Certificate Printing
  4. Automatic Share Transfer form Printing
  5. Member Application Form Printing
  6. Loan Account Opening and Management with Automatic EMI Scheduler and informer
  7. Savings, RD and FD account Opening with Bond and Statement Printing
  8. SMS Gateway
  9. Compliance Alerts at every step
  10. Automatic Half Yearly and Yearly Return Preparation
  11. Real-Time update for change in Nidhi Rules and automatic updation
  12. Data Backup and Restore Options
  13. Facility to create Multiple Users for Different Roles
  14. Approval Facilities
  15. KYC Uploading Facilities …. many more

Get free Demo For Fastlegal Nidhi Software 

Call : 9782280098 or email us at mail@fastlegal.in


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Board Resolution for Proposing Director for Allotment of Director Identification Number (DIN) in Company


RESOLVED THAT Director of the company proposes Mr. ____________________ to appoint as the Director of the company.”
FURTHER RESOLVED THAT for the purpose of giving effect to this resolution, any Director of the Company be and is hereby authorized, on behalf of the Company, to do all acts, deeds, matters and things as deem necessary, proper or desirable and to sign and execute all necessary documents, applications and returns for the purpose of giving effect to the aforesaid resolution.

Certified to be true.


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How to Register NBFC (Non Banking Finance Company) in India

NBFC Registration

NBFC stands for Non-Banking Financial Companies which means that Companies dealing with various Financial Activities like Lending of Money, Investment in Securities. Assets Finance Company, Merchant  Bankers, Insurance Companies, but not all of these are regulated by RBI, RBI has exempted Companies which comes under the jurisdiction of a separate regulator like SEBI, IRDA.

NBFC companies come under the jurisdiction of Reserve Bank Of India (RBI)  and RBI licence would be required for before carrying out any business activities of NBFC.

What is the difference between banks & NBFCs?

NBFCs lend and make investments and hence their activities are akin to that of banks; however, there are a few differences as given below:

i. NBFC cannot accept demand deposits;

ii. NBFCs do not form part of the payment and settlement system and cannot issue cheques drawn on itself;

iii. deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation is not available to depositors of NBFCs, unlike in case of banks.

Basic Requirements for to get RBI Registration for NBFC :

  • Should be a Company Registered with Companies Act, 2013
  • Minimum net Owned Funds should be not less than 200 Lakhs ( 2 Crore )
  • Sound Profile of Promoters, It is advisable to include Professionals like Company Secretaries, Chartered Accountants having experience in NBFC Activities.
  •  NBFC Cannot accept deposits unless it is permitted by RBI, NBFC’s accepting deposits will be known as Deposit-taking NBFC.

Procedure for registration of Non-Banking Financial Company with RBI Licence:-

1. Register a Company

Only Companies Registered under Companies Act can apply for NBFC license to RBI, it is important to note that the main object of the NBFC company must be of to carry on a business of NBFC, so it is important to draft Memorandum and Articles of Association in line with these objects.  A Company can be either be registered as Private Limited Company or Public Limited Company. At the time of formation of Company, a declaration is required to be submitted that the company will not carry out business activities unless the prescribed approval from the sectoral regulator is obtained.

2. Open Bank Account and Deposit Subscription Amount

Once the Company registration process is complete a Bank Account is required to be opened and subscription amount is required to be deposited in the companies Bank Account. Please note that promoters cannot carry out any business activity unless the license is obtained from the RBI.

3. Increase Authorised and Paid up Share Capital of the Company

As the basic required to apply RBI license is to have minimum Net owned funds of Rs. 200 Lakhs, the Company must have such capital at the time for applying for RBI Licence, to fulfil this requirement company must have this much of capital. Here we need to increase this capital of the company to Rs. 2 Crore and amend the MOA of the company accordingly.  To increase the paid-up share capital of the Company the company is required to issue shares to existing shareholders or new shareholders either by way of a rights issue or private placement.

4. Make a Fixed Despot of Rs. 2 Core with the Bank and obtain Fixed Despot Certificate

After Increase of paid-up share capital, the company will be having funds of Rs. 2Crore, that entire amount should be deposited with the Bank in the form of Fixed Deposit.

5. Making required set of all the Documents to Submit Online and Offline application :

  1. Certified copies of Certificate of Incorporation and Certificate of Commencement of Business in case of public limited companies.
  2. Certified copies of extract of only the main object clause in the MOA relating to the financial business.
  3. Board resolution stating that:
    a) the company is not carrying on any NBFC activity/stopped NBFC activity and will not carry on/commence the same before getting registration from RBI
    b) the UIBs in the group where the director holds substantial interest or otherwise has not accepted any public deposit in the past /does not hold any public deposit as on the date and will not accept the same in future
    c) the company has formulated “Fair Practices Code” as per RBI Guidelines
    d) the company has not accepted public funds in the past/does not hold any public fund as on the date and will not accept the same in the future without the approval of Reserve Bank of India
    e) the company does not have any customer interface as on date and will not have any customer interface in the future without the approval of Reserve Bank of India
  4. Copy of Fixed Deposit receipt & bankers certificate of no lien indicating balances in support of NOF
  5. Banker’s report in respect of applicant company, its group/subsidiary/associate/holding company/related parties, directors of the applicant company having substantial interest in other companies The Banker’s report should be about the dealings of these entities with these bankers as a depositing entity or a borrowing entity.
    Note: Please provide bankers report from all the bankers of each of these entities and provide the
    report for all the entities. The details of deposits and loans balances as on the date of application
    and the conduct of the account should be specified.

 

Fastlegal Provides NBFC Registration Services All over India, Please Call at 9782280098 or Place a Request for NBFC Registration