Author: Fastlegal Team

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How to Obtain Sales Tax Registration (TIN No ) in Rajasthan

Posted on by Fastlegal Team

In the time of E-Commerce every trading business is required to get itself registered under Sales Tax or Vat Laws (Tin Number) of the respective state from where they are selling the goods to customers. This article will help you in understanding procedure for obtaining registration under Sales Tax or Vat Laws (Tin Number) in the State of Rajasthan:

TIN number is issued by Commercial Taxes Department in Rajasthan.

TIN no is issued to the business concern or registered entity i.e.proprietorship firm/partnership firm /Limited Liability Partnership/Registered Private or Public Company/trust/society.

For getting any business registered under Sales Tax or Vat Laws of Rajasthan, following information & documents are required for filling online application, which is required to be submitted with the commercial taxes department after submitting online:

  1. Name of Firm or company
  2. PAN of Firm/Company or proprietor
  3. Address of the Firm
  4. Bank Account Details
  5. Mobile Number and Email Address of authorized person or Business Manager
  6. Surety Details/ NSC Details (2 Sureties are required,  who already have registered their businesses under Sales Tax or Vat Laws of Rajasthan and have not given guarantee to more than 3 businesses, if sureties are not available than National Saving Certificate of Rs. 20,000/- are required to be pledged with the Department.)
  7. List of Commodities intent to buy and Sell
  8. Details of Business Manager
  9. Date of Commencement of Business Activity

Documents Required: Following documents are required to be submitted with the

  1. MOA, AOA & COI of in case of Registered Private/Public Company
  2. Cancelled Cheque of Firm
  3. Rent Agreement or Sale deed and Electricity Bill of Principle Place of Business
  4. Photo, Id and Address proof of Authorized Person and Business Manager
  5.  VAT-64 in the form of surety Bond or NSC for guarantee purpose.
  6. Copy of Pan Card

Allotment of TIN number : Once application is submitted with the Commercial Taxes Department you will receive Digitally Signed Registration Certificate on Registered Email Address.

Fastlegal Team Members will fill privileged in assisting you in getting your business registered under Vat or Sales Tax Laws of (Tin Number) Rajasthan and our experts are always there to answer your questions or concerns regarding registration of your business with Commercial Taxes Department and other questions i.e. Applicable rate of taxes on particular goods, Time limit for Payment of Tax, Filling of Vat Returns, issuing of forms like Vat-47, Form-c, Vat-49 etc.

Just Place a request by submitting the below Contact Form and our expert will Contact you Shortly.

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9 Essentials for startup journey

Posted on by Fastlegal Team
  1. Having viable business Idea: Entrepreneurs are the people who take the innovation ahead, having business idea is essential to the startup journey and the idea should be such that it is possible to make it viable in the current market. Entrepreneurs may take survey from potential customers.
  2. Having a Good Website: As everything is now internet based, a good website is something where you can start off. Start by creating website, a website must have blog and social media presence to describe the products and services to visitors through contents.
  3. Registration as private limited company: This is essential if you want to go big, private limited company is different legal person from the founders. Founders starts working under legal entity and all the accounts of the business are separately managed. You need payment gateways and other things for which a registered business is essential legal requirement.
  4. Founders Agreement: Yes, this is must, your new project must be having co-founder; let say one for tech and other for operations, one for capital and other for tech etc… founders shares equity ownership and control in the registered business entity.Through founders agreement they divide their roles and responsibilities in startup, this can be through oral mean but a written agreement clearly defines roles of founders in the startup.
  5. Business Operation : Yes Start Doing the Entrepreneur hard work, Do not stop , get your first customer , second third ….so on.. Create better pricing plans. Provide services or sell products raise invoice invoices and invoices. Create systems at every stage.
  6. Sales Tax , Services Tax and Trademark : Now if you have stated making some revenue , don’t wait take services tax registration, if you are providing services or sales tax registration (TIN) if selling products. Apply for trademark ( Check for availability of trademark is essential before launching your startup , search it trough www.ipindia.gov.in ) Applying trademark will protect you from infringement of your mark and you can take legal ready against the person making infringement of your mark.
  7. SALE SALE SALE : Nothing more focus on generating revenue, revenue.. have proper accounts and fun..
  8. Business Legal Compliances (Take it seriously ) : Nothing much file Company Annual Accounts, Annual Returns , Income Tax Returns, TDS returns sales and services tax returns. Yes this should be done on timely basis; otherwise you will be facing lots of additional fee and penalties. Compliance Management System is Essential is necessary for every business entity to survive.
  9. Don’t Mind Cost of Compliance: Yes, Compliance is essential part if you want to grow your business, Not only business that are fully legally complied have big brand images but also have big competitive advantage over others.
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Service Tax Registration in India

Posted on by Fastlegal Team

When and who is required to Apply for Registration : 

  1. The person who provides a taxable service is required to mandatorily apply online application for registration for service tax, if the value of the services provided by him in a particular financial year exceeds a nine lac Rs.9,00,000/-
  2. The person who is liable to pay the service tax under reverse charge mechanism, will make an application for registration.
  3. Input service distributor  are required for the registration of the service tax

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Guide to Private Limited Company Registration In India

Posted on by Fastlegal Team 
Private Limited Company is the most common incorporated business organisation in India. It limits liability of its members & has a perpetual succession. For starting a Private Limited Company minimum 2 members and directors are required. In this article we provide a comprehensive guide to Private Limited Company registration as per the provisions of Companies Act,2013.

Overview of Legal Structures For Organizing A Business In India

 Private Limited Company is the most popular structure for businesses and startups. Private Limited Company allows outside funding & Foreign Direct Investment easily. Private Limited Companies are required to hold Board Meetings,Register Secured Loans with Ministry of Corporate Affairs,Hold Members Meeting for Important matters,Make complete disclosures about important matters in their Board Report. Due to all these regulatory disclosures and requirments imposed on Private Limited Company by Company Law they tend  to be viewed with more credibility than a Limited Liability Partnership (LLP), One Person Company (OPC), or General Partnership.

Limited Liability Partnership is suitable for Service based industry (for example-web designing,architects,doctors etc.). In comparison to general partnerships it limits the liability of its Partners. However, if you’re looking to raise venture capital or attract talent with employee stock options, private limited is the way to go as LLPs cannot easily accommodate it.

General Partnership Firm is thought to have lost its relevance since the introduction of the Limited Liability Partnership (LLP) because its partners have unlimited liability, which means they are personally liable for the debts of the business. However, low costs, ease of setting up and minimal compliance requirements make it a sensible option for some, such as home businesses that are unlikely to take on any debt. Registration is optional for General Partnerships.

Incorporation of Private Limited Company

Following are the steps involved in Incorporation of a Private Limited Company in India:

Obtaining Digital Signature:

Digital Signature is required to sign Incorporation application and other forms for regular compliance needs,It is issued by certifying authority (like Sify,Tcs etc.). Following are the documents required for obtaining Digital Signature for Directors:

1.) For Indian citizens & residents:

a.) Copy of Pan Card

b.) Copy of Driving license/Passport/Aadhar Card/Voters’ Identity Card

c.) Dully filled and signed Digital Signature Form.

2. For Foreign Nationals:

a.) Copy of Notarized or Appostilled Passport if the country is a party to hague convention.

b.) Dully filled and signed Digital Signature Form.

Director Identification Number and Name Approval:

As per the provisions of Companies Act,2013 every person intends to be appointed as a Director in a Company must have a Director Identification Number (DIN). After obtaining Digital Signature DIN may be obtained easily and quickly by filling E-FORM DIR-3 which require copy of Pan card and Copy of  Copy of Driving license/Passport/Aadhar Card/Voters’ Identity Card as attachments. After completing this Form and attaching relevant documents this form is required to be Digitally Signed by the applicant and must be Certified by a Practicing Company Secretary or Chartered Accountant or Cost Accountant in Whole Time Practice.

After obtaining DIN of at least 2 Directors application for Name approval may be filled using E-FORM INC-1. Care must be taken while applying for Name approval, Name of proposed Company must not resemble with an already registered Company and a Registered Trademark or with the mark for registration of which Trademark application has been filled.

Drafting of Memorandum and Articles of Association of Proposed Company:

Once the name is approved by Registrar of Companies it is available for 60 days which means if you does not file application for Company Incorporation within 60 Days the name is not reserved for you and it is available to public for registration. For Filling application for Incorporation of Company you must have Draft Memorandum and Articles of Association of Proposed Company which are bye laws of Company.

Subscribing to Memorandum and Articles of Association:

By subscribing to Memorandum and Articles of Association members agree to become member of Proposed Company. Following are the manner for Subscribing to Memorandum and Articles of Association:

1.) If all the members are indian resident Individuals: Subscriber sheets of Moa & Aoa must be signed by respective individuals stating the shares subscribed against their name in Moa Subscriber Sheet.

2. If members include Body Corporate or only Body Corporate are members: Subscriber Sheet must be signed by nominee of Body Corporate who is authorized by a resolution passed by Board of Directors for subscribing on behalf of Company and other individual subscribers.

3. In case foreigner are members of proposed Company: Subscriber Sheet of Moa & Aoa is required to be signed by respective individual or nominee of Body Corporate and must be Notarized by Noatary Public of that Country if the country is not a party to hague convention if that country is a party of hague convention than it must be appostilled accordingly.

Filling of Incorporation Application:

Once all the above processes are completed than incorporation application may be filled using the forms available on website of Ministry of Corporate Affairs.

To Start Private Limited Company In India Place your Request 

 

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How to Obtain Import Export Code (IEC) or Export License in India

Posted on by Fastlegal Team

Who is Required to Obtain Import Export Code

Mandatory for businesses engaged in Importing and Exporting of goods.

Fastlegal Pricing For IEC: Rs.2500 all-inclusive (Including Digital Signature of Applicant)

*Price is same for all Indian Cities

Why I Need Import Export Code?

Importer Exporter Code is your PAN , with certificate issued by Director General of Foreign Trade, You are required to get Importer Exporter Code when your business is going global i.e. when you start Importing or Exporting of goods to other countries.  For applying Importer Exporter Code you are not required to be a registered business entity, even individuals may apply Importer Exporter Code.

What Document I need to submit and How?

Fastlegal is using technology to simplify business, we will apply your Importer Exporter Code online using Digital Signature, you just need to mail scanned copy of following documents:

  1. Copy of Pan Card of Proprietor/Partner/Director
  2. Copy of Aadhar Card/Driving License/Voter’s id Card/Passport of Proprietor/Partner/Director
  3. Copy of Cancelled Chaque
  4. Address Proof of the Firm –
    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

How much time will it take to Complete the Process

As Fastlegal is committed to provide fastest legal and registration services, we will complete the entire process of Importer Exporter Code in 1 Working Days. 

Method of Payment to Fastlegal 

You may pay online using the link provided on our website or you may transfer to our account using NEFT OR IMPS. You may also pay by chaque or demand draft if you prefer not to make online payment.

Frequently asked questions about Import Export Code

  1. Is my personal presence is required for getting Import Export Code?

       No, it is 100% online process no physical presence is required, you just need to send scanned  copy of documents.

  1. Do I need to submit any Monthly/quarterly/Annual Return after getting Import Export Code?

      No, you don’t need to submit any return for Importer Exporter Code.

  1. Do I need to obtain Different Importer Exporter Code for my all factories or place of business?

       Importer Exporter Code has national validity, you have to get Importer Exporter Code once for all your factories or place of businesses        situated in all over India.

  1. Will I get any Certificate of Import Export Code?

      Yes, you will get a certificate issued by Director General of Foreign Trade.

 

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List of Incubators in India to Obtain Recommendation with Regard to Innovative Nature of Business

Posted on by Fastlegal Team

For Registration of an Entity under Startup India  recommendation letter is required to be attached while submitting the registration form , this nature of recommendation with regard to startup may be obtained from any incubator established in post-graduate college in India.

Following are the incubators from which recommendation letter can be obtained with regard to innovative nature of business :

  1. Association for Innovation Development of Entrepreneurship in Agriculture (AIDEA)
  2. IKP Knowledge Park – Life Science Incubator (www.ikpknowledgepark.com)
  3. Agri Business Incubator (http://www.agrisciencepark.icrisat.com)
  4. Technology Business Incubator – UOH (www.uohyd.ernet.in)
  5. International Institute of Information Technology (IIIT – H)
  6. Birla Institute of technology and Science, BITS- Pilani (Hyderabad Campus)
  7. Technology Base Incubator Society (TBIS) (udsctbi.org
  8. Shriram Institute for Industrial Research (A Unit of Shriram Scientific and Industrial Research Foundation) (www.shriraminstitu te.org)
  9. IAN Mentoring and Incubation Services (www.IndianAngel Network.com/incubator)
  10. National Design Business Incubator (NDBI) (http://www.ndbiindi a.org)
  11. CIIIE Initiatives, Centre for Innovation, Incubation and Entrepreneurship (CIIE) (www.ciieindia.org)
  12. Comcubator (www.micaedc.org)
  13. Gujarat Foundation for Entrepreneurial Excellence (GFEE – iCreate)
  14. Venture Studio: Center for Innovative Business Design
  15. Centre for Incubation and Business Acceleration (CIBA)
  16. Society for Innovation and Entrepreneurship in Dairying (www.ndritbi.com)
  17. Shri Mata Vaishno Devi University Technology Business Incubation Center Society (SMVDU TBIC)
  18. TBI – International Centre for Innovation, Technology Transfer and Entrepreneurship (IN-CITE)
  19. Composites Technology Park (www.compositeste chnologypark.com)
  20. E-Health TBI (www.ehealthtbi.co m)
  21. Manipal University Technology Business Incubator (www.mutbimanipal .org)
  22. Technovate
  23. Global Incubation Services (GINSERV) (www.ginserv.in)
  24. National Design Business Incubator (www.ndbiindia.org /www.nid.edu)
  25. Startup Village (startupvillage.in)
  26. TBI (http://nitc.ac.in/nitc /misc/tbi/public_ht ml/index.htm)
  27. Technopark TBI (www.technopark.o rg)
  28. Amrita TBI (www.amritatbi.co m)
  29. College of Engineering, Trivandrum
  30. Amal-Jyothi Rural Technologies Business Incubator (amaljyothi.ac.in)
  31. National Centre for Aerospace Innovation and Research (NCAIR) (www.ncair.in)
  32. Society for Innovation and Entrepreneurship (SINE) (www.sineiitb.org)
  33. MITCON Biotechnology Business Incubation Centre (A Division of MITCON Consultancy Services Ltd.) (www.mitcoinindia. com)
  34. Venture Center (venturecentre.co.i n)
  35. D.K.T.E. Society’s Textile & Engineering Institute
  36. BIL-Ryerson Futures (Zone Startups)(www.zonestartups .com)
  37. KIIT – Technology Business Incubator (www.kiitincubator.i n)
  38. TBI (www.discovery.bit s-pilani.ac.in/tbi/)
  39. Startup Oasis Incubation Center (www.startupoasis.i n)
  40. Sathyabama University – Technology Business Incubator (SU-TBI)
  41. Coimbatore Innovation and Business Incubator (CIBI) (www.kctbs.ac.in)
  42. Nanotechnology Research, Innovation Incubation Centre (psgtech.edu)
  43. TCE-TBI Thiagarajar College of Engineering
  44. IITM – Incubation Cell (http://incubation.iit m.ac.in)
  45. TBI (www.tbi-kec.org)
  46.  VIT- Technology Business Incubator (http://www.vittbi.co m/)
  47. Technology Business Incubator Centre for Biotechnology (www.annauniv.ed)
  48. UOM-TBI (www.unom.ac.in/ta ramanitbi.html)
  49. IITM`s Rural Technology and Business Incubator (RTBI) (www.rtbi.in)
  50. BIT-TBI, Sathyamangalam (tbibit@rediffmail.c om www.bittbi.com)
  51. Periyar Technology Business Incubator (info@periyartbi.org www.periayrtbi.org)
  52. SPEC-TBI (www.spectbi.com)
  53. Vel Tech – Technology Incubator
  54. Agri- Business Development- Tamil Nadu Agricultural University
  55. Adhiyamaan College of Engineering
  56. Villgro Innovations Foundation
  57. Information Technology Business Incubator( ITBI), JSSATE- STEP (http://www.jssstep noida.ord/incubator .as)
  58. Amity Technology Incubator (http://www.amity.e du/aii)
  59. TBI – Krishnapath Incubation Society(tbi@kiet.edu, www.tbikiet.com)
  60. SIDBI Innovation and Incubation Centre (SIIC) (www.iitk.ac.in/siic)
  61. Malviya Centre for Innovation Incubation & Entrepreneurship  (www.mciie.org)
  62. TBI- Graphic Era University
  63. IIM Calcutta Innovation Park (IIP)
  64. Shibpur- TBI
  65. Ekta Incubation Centre (www.technologye mbryo.com)
  66. WBUT
  67. Technology Incubation and Entrepreneurship Society ( TIETS) (www.stepiitkgp.in)

Full List along with address and contact details can be downloaded from Startup_India_List_of_Incubators