0

MCA Alert : Make Investment into Complaint Nidhi Companies Only

MCA has issued an advisory to Investors and depositors of Nidhi Companies, that they should invest only to Companies making regular Compliances of Nidhi Rules, 2014 and Companies Act, 2013

Following are the text from MCA Advisory to Investors and Depositors

In order to make regulatory regime for Nidhi Companies more effective and also to accomplish the
objectives of transparency & investor friendliness in corporate environment of the country, the Central
Government has recently amended the provisions related to NIDHI under the Companies Act and the
Rules (effective from 15.08.2019).
Under Nidhi Rules, 2014, Nidhi is a company which has been incorporated as a Nidhi with the object
of cultivating the habit of thrift and saving amongst its members, receiving deposits from, and lending
to, its members only, for their mutual benefit.
The amended provisions of the Companies Act (Section 406) and Nidhi rules (as amended
w.e.f. 15.08.2019) require that the Nidhi companies have to apply to the Central government for
updation of their status/ declaration as Nidhi Company in Form NDH-4.
2. The time-frame for applying to Central Government in form NDH-4 is as under:-
(I) Companies incorporated as Nidhi before Nidhi Amendment Rules, 2019 i.e. 15.08.2019 have
to apply within a period of one year from the date of its incorporation or within 9 months of the
Nidhi Amendment Rules i.e. 15.08.2019 whichever is later.
(II) Companies incorporated as Nidhi on or after Nidhi Amendment Rules, 2019 i.e. 15.08.2019
have to apply within 60 days of expiry of one year from the date of incorporation or extended
period (as granted by concerned Regional Director).
3. In case a company does not comply with the above requirements, it shall not be allowed to file
Form No. SH–7 (Notice to Registrar for any alteration of share capital) and Form PAS–3
(Return of Allotment).
4. Such companies are required to ensure strict adherence to provision of Companies Act,
1956/2013 and Nidhi Rules, 2014 as amended. In case of contravention of the provisions of
these Rules, the company and every officer of the company who is in default shall initially be
punishable with fine which may extend to five thousand rupees and further fine in case of
continuous violations.
5. Investors are advised to verify the status of Nidhi company from the notification issued by
Central Government in official gazette before making any investment or deposit.

 

Reference : http://www.mca.gov.in/Ministry/pdf/Nidhi_19032020.pdf 

0

अपने बिजनेस के लिए कंपनी रजिस्टर कैसे करें

अगर आप कोई बिजनेस स्टार्ट कर रहे हैं और आप सोच रहे हैं कि उस बिजनेस को आप प्राइवेट लिमिटेड कंपनी में कैसे रजिस्टर करें।

चाहे आपका बिजनेस कोई भी हो आप उसको प्राइवेट लिमिटेड कंपनी के अंदर चला सकते हैं प्राइवेट लिमिटेड कंपनी के अंदर चलाने से आपके जो बिजनेस की लाइबिलिटी है वह लिमिटेड लायबिलिटी होगी और कंपनी एक अलग सेपरेट एंटिटी रहेगी, जो उसके डायरेक्टर्स और शेरहोल्डर से बिल्कुल अलग होगी.

Directors कंपनी में वह व्यक्ति होते हैं जो कंपनी के ऑपरेशंस को मैनेज करते हैं और अपनी के बिजनेस को चलाते हैं

वहीं दूसरी तरफ कंपनी के शेयर होल्डर्स वह व्यक्ति होते हैं तू कंपनी में इन्वेस्टमेंट करते हैं,

अब बात आती है कि क्या डायरेक्टर और शेरहोल्डर्स एक ही लोग हो सकते हैं क्या? हां बिल्कुल एक ही पर्सन डायरेक्टर और शेरहोल्डर दोनों हो सकता है मैं खुद ही अपनी कंपनी में इन्वेस्टमेंट कर सकता है तथा उसको मैंनेज कर सकता है.

प्राइवेट लिमिटेड कंपनी के अंदर बिजनेस स्टार्ट करने के लिए आप को मिनिमम दो डायरेक्टर्शो शेयर होल्डर की आवश्यकता होगी इन दोनों डायरेक्टर्स को शेरहोल्डर्स के केवाईसी डॉक्यूमेंट की जरूरत होगी जो कंपनी रजिस्ट्रेशन के लिए काम में आएंगे

अपनी रजिस्ट्रेशन के लिए निम्नलिखित दस्तावेज या दस्तावेजों की आवश्यकता होगी

  • पैन कार्ड की कॉपी
  • आधार कार्ड की कॉपी
  • बैंक खाते की कॉपी ( Saving Account) with address
  • फोटो
  • मोबाइल नंबर
  • ईमेल आईडी

उपयुक्त दस्तावेज कंपनी के डायरेक्टर और शेयर होल्डर के होंगे

उपयुक्त दस्तावेज पूरे होने के पश्चात हमें डिजिटल सिग्नेचर के लिए अप्लाई करना होगा डिजिटल सिग्नेचर अप्लाई करने के लिए एक वीडियो की आवश्यकता होगी उसके अंदर जो भी डिजिटल सिग्नेचर अप्लाई कर रहे हैं उनका एक मिनिमम 20 सेकंड का वीडियो अपने को चाहिए होगा.

कंपनी के पंजीकृत कार्यालय हेतु निम्नलिखित दस्तावेजों की आवश्यकता होगी

  • इलेक्ट्रिसिटी बिल
  • No objection certificate from owner (NOC)
  • किरायानामा, अगर ऑफिस एड्रेस किराए पर है तो

कंपनी रजिस्ट्रेशन के लिए अप्लाई करना

रजिस्ट्रेशन के लिए अप्लाई करने के लिए आपको किसी प्रोफेशनल कंसल्टेंट की हेल्प लेने की जरूरत होगी, आपके कंसलटेंट आपकी यह एप्लीकेशन रजिस्ट्रार ऑफ कंपनीज में फाइल करेंगे.

* एप्लीकेशन पूरी तरह फाइल होने के पश्चात रजिस्ट्रार ऑफ कंपनीज उसका

  • Certificate of Incorporation
  • कंपनी का पैन कार्ड
  • कंपनी का TAN नंबर
  • ESIC and PF Registration
  • Bank Account

जैसे ही आपको कंपनी का सर्टिफिकेट और अगर रिक्वायरमेंट्स मिलती है आपको कंपनी में जो सब्सक्रिप्शन अमाउंट आपने डाला है वह अमाउंट आपको कंपनी के बैंक खाते के अंदर जमा कराना होगा उसके पश्चात कंपनी को रजिस्ट्रार ऑफ कंपनीज के अंदर बिजनेस कमेंसमेंट फॉर्म फाइल करना होगा जैसे ही कंपनी बिजनेस कमेंसमेंट का फॉर्म फाइल करती है कंपनी अपना बिजनेस स्टार्ट कर सकती है

0

How To Change Main Object Of MOA in case of Private Limited Company

If a company wish to undertake any object which is not mentioned in its MOA ,and company wants to start up a new business which is not as per it’s MOA

then, it should make change in its main object by

Following the procedure mentioned below:

  • Hold Board Meeting and send Notice for Extra Ordinary General Meeting.
  • Hold Extra Ordinary General Meeting on the specified date.
  • Pass Resolution by taking approval of Shareholders
  • Get true certified copies of all the documents and resolutions.
  • File MGT-14 with all the Resolutions and Altered MOA .
  • After the approval of MGT-14 by Registrar , new certificate is issued to the company.
0

Setting Up Business in India by Foreign Companies

Among the top emerging economy of the world and with lots of natural resources and easy availability of manpower makes India big investment destination, For Setting up business in India by Foreign Companies Indian Companies Act,  approval from Sectoral regulator is required and Conditions of  Foreign Direct Investment Policy (FDI) is required i.e.  Every Foreign Company starting business activity in India has to follow the Indians Companies Act, 2013,  Goods and Services Tax Act, Income Tax Act and Sector Specific Rules and Regulations like healthcare Company needs drug licences etc.

Investment in India by Foreign Company will be in accordance with FDI Policy in India , so we are required to check out the required permission ( how much FDI is allowed in India for particular Sector ) under the Foreign Direct Investment (FDI ) policy , If we take an example of Technology Company , FDI policy permits 100% FDI policy under Automatic route.

1.          Automatic Route

2.          Approval Route

#1. Automatic Route : In this route prior approval of Government is not required , only intimation is required to RBI in the Form FC-GPR , FDI Policy provides sectors where FDI is allowed at what percentage of Equity Capital of the Company.

#2. Approval Route : This is route prior approval of government is required, where FDI is allowed under approval route under FDI Policy.

Setting Up Business in India by Foreign Companies:

With the Increase ranking of India in ease of doing business , Company Incorporation Process is the main reason due to governments efforts on simplification process in registering or setting up company in India, Here is step by Step guide on setting up company by Foreign Companies  :

#1. Getting the Documents Notarized and Apostle:

Indian companies Act requires that the Documents for foreign Directors and Foreign Investor or Shareholders should be noterised and Apostle, Documents may also be signed in India if the applicant is in India on Business Visa.  Documents of foreign entities like

  1. Certificate of Incorporation
  2. Charter documents like MOA AOA,
  3. Resolution by Board of Directors of Foreign Entities should be all in English Language and certified translated copy in English  copy along with Noterised and apostle.

#2. Indian Resident Director:

Indian companies act requires that every company in India should have at least on resident Director who is resident in India during the financial year, we at Fastlegal provides resident Director appointment services in India, you may avail our services if you do not have your own person.

#3. Registered Office Address for Company :

Every Company in India should have Registered Office Address situated in India, you need to have one place as registered Office address. Fastlegal helps in getting the registered Office address.

#4. Name Approval Application

Company name approval application is required to be made for availability of name of company, the company nme should be unique, no other company or LLP or trademark should be already there.

#5. Digital Signatures of Directors and Subscribers:

We need to obtain digital signature in the name of Directors and shareholders from certifying authorities in India , Fastlegal team members helps in getting the DSC. DSC are required for signing the incorporation documents that are required to be submitted to Registrar of companies.

#6. Application for Incorporation of Company :

Once all the required documents of foreign nationals and Indian Resident Director is fine and digital signatures have been obtained than incorporation application is required to be submitted. All applications are verified by the registrar of companies and once he is satisfied with all the particulars of the application, he MCA issues certificate of incorporation to company.

#7. Company Bank Account :

Company bank account is now mandatory Opened along with Incorporation application , Indian Company may open separate Bank Account also.

#8. Funding of Subscription Money into company bank account :

Now subscription money for equity capital is required to be invested into the company by the subscribers to the company.

#09. Filing of Form FC-GPR to RBI

#10. Application for GST Registration

#11. Filing of Business Commencement Application to ROC

Once the Subscription money is entered in Companies Bank Account , company is required to file business commencement application to Registrar of Companies online

Documents Requirements for setting up Company in India by Foreign Nationals :

Apostle and Notarized Signed Documents are required for foreign Shareholders and Directors.

For companies it will be :

  • Certificate of Incorporation,
  • Memorandum of Association ,
  • Articles of Association,
  • Board Resolution duly passed for entering and forming Company in India and

 for Foriegn Directors : 

  • Passport Copy,
  • Driving Licence and
  • Current Address proof in the form of Bank Statement is required.

Please email us at [email protected] or place your request below for your company formation requirements in India

 

 

 

0

LLP Settlement Scheme 2020, How to File Pending (Due) Returns

LLP Settlement Scheme 2020

The Ministry of Corporate Affairs has launched a one time settlement scheme for LLP’s ” LLP Settlement Scheme 2020″   , This scheme allows one time settlement period for LLP such defaulting LLP’s that are not able to file Form3, Form4, Form8 and Form 11 within due date. 

Non filing of LLP forms incur Additional fee of Rs. 100 per day with no maximum cap, with this there were lot’s of LLP’s missed the returns and now incurred huge additional fee. 

Under the LLP settlement scheme 2020 these LLP can benefit by filing Form 3, Form 4, Form 8 and Form 11 from 16th of March 2020 to 13th of June 2020 with additional fee of Rs. 10 per day subject to maximum Rs. 5000 per form. 

The LLP settlement Scheme is applicable to all defaulting LLP’s, for which documents and return which were due for filing till 31st October, 2019. 

Which forms can be filed through LLP settlement Scheme 2020:

Under this scheme LLP can file its overdue returns since incorporation, Following forms can be filed under the scheme

(i.) Form-3- Information with regard to limited liability partnership agreement and changes, if any, made therein;

(ii.) Form-4- Notice of appointment, cessation, change in name/ address/ designation of a designated partner or partner and consent to become a partner/ designated partner; 

(iii.) Form-8 -Statement of Account & Solvency (Annual or Interim); 

(iv.) Form-11- Annual Return of Limited Liability Partnership (LLP). 

Fee to be Paid for Filing Due/Pending Returns

Under the LLP settlement scheme 2020 these LLP can benefit by filing Form 3, Form 4, Form 8 and Form 11 from 16th of March 2020 to 13th of June 2020 with additional fee of Rs. 10 per day subject to maximum Rs. 5000 per form. 

 

Fastlegal provides LLP return Filing services, if you have any requirements , Please contact us at [email protected] or call us at 9782280098

 

0

Nidhi Company Software in India

NidhiExpert”-A web based Nidhi Company software in India for managing financial and compliance related affairs of Nidhi Companies. “NidhiExpert” was launched around 2 years ago and more than 400+Nidhi Companies are using this software for managing their Nidhi Companies satisfactorily. Some important features of the software are listed below:-

Why “Nidhiexpert” is Best Nidhi Company Software in India

Cloud Ready

Get set ready Go! Start on-boarding new customers in 12hrs.

Secure loan & deposit management Software to keep your data Safe.Your data is Secure

No Need of Pre-printed Stationary

Membership Form, Loan and Deposit Application Form, FD/RD Bond, Loan and Deposit Account Statements.

Store Documents & Cases

Store as many Documents and case details as you want.

Accounting, Tax, P&L and Auditing friendly

Manage & Customize all your Accounting operations on the same Software.

Mobile Ready Solutions

Easily access and manage all your data from the Mobile.

Other Features of NidhiExpert

Create and Manage Multiple Branches with ease

Multiple User Software with Single Point Admin Control

 

Manage Multiple Loan Types

  • Opening of Branch wise Deposit & Loan Accounts.
  • Branch Wise Report of Loan and Deposit Accounts.
  • Date Wise Collection Report of Branches.
  • Date Wise Disbursement Report of Branches.

 

 

  • Create Unlimited User.
  • Manage User Rights.
  • Activation/De-activation of User Account.
  • Set Timings for Users to access the Software.
  • Gold/Jewellery Loan
  • Loan Against Deposit
  • Property/Mortgage Loan
  • Fixed EMI Loan
  • Cash Credit Limit

 

Manage Multiple Deposit TypesPrint System Generated Forms, Receipts and Agreements

Statutory Compliance as per Companies Act & Nidhi Rules,2014 

 

 

  • Saving Account
  • Fixed Deposit Account
  • RD Account
  • MIS Account

 

 

 

  • Deposit Account Application Form(Saving,RD,FD & MIS)
  • Loan Account Application Form (For All Loan Types)
  • Membership Application Form
  • Cash/Bank Receipts
  • Share Certificates and Share Transfer Form
  • Loan Agreement

 

  • Auto Generated Share Folio Number
  • List of Shareholders
  • Details of Share Transfer
  • Form NDH-3 & NDH-1
  • Calculate amount of unencumbered deposit
  • Statutory Compliance Calendar

 

Customer Login and Fund Transfer

 

SMS to Account Holders

 

 

System Generated Ledgers and Voucher Entry 

 

  • Create Customer Login ID & Password
  • Customer can login and check their statements & dues
  • Intra-Nidhi Fund Transfer
  • OTP based authentication for Transfer of Funds

 

  • Auto SMS on Account Opening, Deposit and Withdrawal of Amount with updated balance
  • Fully Customize the message content
  • Manage member wise message sending

 

 

  • System generated vouchers for financial transactions
  • Auto voucher entry for financial transactions
  • Trial Balance
  • Profit and Loss Account
  • Balance Sheet

Ledger Creation and Voucher Entry

 

  • Ledger Groups
  • Create Ledgers
  • Post Voucher entry
  • Complete Accounting Solution

 

 Request a Demo-Whatsapp or Call At +91-96641-46595

0

EPFO and ESI return mandatory only when Company cross threshold limits

With the introduction of the incorporation form spice + the ministry has made mandatory to get ESIC and EPF registration along with the bank account of the company in this purpose the stakeholders has got confused about the filing of the returns and EPF and ESIC as all these companies incorporated have laser numbers of employees then that are prescribed under these respective acts and not required to comply with respective regulations.

In this regard ministry has come out with the clarification that the return filing for these companies are not mandatory unless they cross the threshold prescribed under the respective acts

As per MCA website update

New companies incorporated through SPICe+ and thereby have obtained EPFO/ESI numbers will have to file statutory returns only when they cross thresholds prescribed under the relevant Acts.

0

How to Start Social Media Marketing Agency Business

In this article we will discuss about starting social media marketing agency business in India, with the growing popularity of social media and perfect targeting mediums that provided by the social media websites, social media marketing agency business is now gaining popularity has the traditional form of advertising means are costly and provides the less conversation, what are the hand if you are doing a social media marketing with the very minimum cost you can start getting the actual customers that you need.

Healthy social media marketing spending increasing the main requirement of the agencies who can handle the social marketing agency business for the clients.

Following steps are involved for starting social media marketing agency business

  • Learning the social media marketing:

If you’re starting the social media marketing business you need to know

how the social media marketing works, what are the steps involved, how you can acquire more targeted customers to your clients need,

To learn everything that social media marketing provides this will take time to get an expert knowledge in the social media marketing but the first step involved is to get the learning how it works, there a penalty of online courses available or you can get it out by doing it yourself with experimenting the Facebook ads , Google ads etc.

  • Setting up of website and social media accounts for your agency

once you get some understanding about how the social media marketing works in start out by setting up you on website and social media pages

  • Getting the first client

Getting the first client for the social media marketing business is not an easy task, to get the first client you need to do some promotional activities, best thing that you can do is to offer a free service for first clients for period of initial months this will help the client to have faith on you and once you prove the results, you will be getting a testimonial for your next clients

  • Getting your agency registered as a private limited company

Once you start out the actual business operations you can go for starting out your own private limited company and get all the activities of your agency get done through the bank account of the private limited company, you should raise all the invoices in the name of your company and accept payments in the bank account of the company.

You can get the payment gateway integration with your company bank account on accept payments via payment gateways

  • Maintaining the regular compliances for your company

As you register your business as a private limited company you need to do certain compliance as per the government regulations, it is very much mandatory to do the all the government compliance is on time to get your business running smoothly, you can take help of a consultants to manage your compliance very easily, please note that known maintaining the legal compliances can make you in trouble as there are a very high penalties for non compliances.

Fastlegal provides business registration and legal compliance Management services to all type of businesses, if you need any help you can directly email at [email protected] or call us at 9782280098

 

0

Now you can get Instant PAN Card for Free

The Indian government has come up with new facility for allotment of instant PAN Card for all those whose who do not have PAN card and have vaild Aadhar Card, Aadhar Card must be mobile OTP enabled.

This will reduce time of 10-15 Days for getting PAN as per Normal procedure.

1. Scheme of Instant PAN allotment

This facility is for allotment of Instant PAN (on near-real time basis) for those applicants who possess a valid Aadhaar number. PAN is issued in PDF format to applicants, which is free of cost. The applicant is required to type in her/his valid Aadhaar number and submit the OTP generated on the registered mobile number. Once the process is complete, a 15-digit acknowledgment number is generated. Once request is submitted, the applicant can check the status of the request at any time by providing her/his valid Aadhaar number and on successful allotment can download the PAN. The applicant will also receive a copy of the PAN in the e-mail id registered with the Aadhaar database.

2. The salient points of this facility are:

The applicant should have a valid Aadhaar which is not linked to any other PAN.

The applicant should have his mobile number registered with Aadhaar.

This is a paper-less process and applicants are not required to submit or upload any documents.

The applicant should not have another PAN. Possession of more than one PAN will result in penalty under section 272B(1) of Income-tax Act.

3. How to apply for instant PAN

To apply for PAN, please visit the e-Filing website of Income-tax department. (Url: www.incometaxindiaefiling.gov.in) Click the link- ‘Instant PAN through Aadhaar’.

Click the link- ‘Get New PAN’. Fill in your Aadhaar in the space provided, enter captcha and confirm.

The applicant will receive an OTP on the registered Aadhaar mobile number; submit this OTP in the text box on the webpage. After submission, an acknowledgement number will be generated.

Please keep this acknowledgment number for future reference. On successful completion, a message will be sent to the applicant’s registered mobile number and e-mail id (if registered in UIDAI & authenticated by OTP). This message specifies the acknowledgement number.

4. How to download PAN To download PAN, please go to the e-Filing website of Income-tax department. (Url: www.incometaxindiaefiling.gov.in)

Click the link- ‘Instant PAN through Aadhaar’. Click the link- ‘Check Status of PAN’. Submit the Aadhaar number in the space provided, then submit the OTP sent to the Aadhaar registered mobile number. Check the status of application- whether PAN is allotted or not. If PAN is allotted, click on the download link to get a copy of the e-PAN pdf.