startup registration

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How to Register your Company in Startup India

Posted on by Fastlegal Team

To Promote entrepreneurship to boost economy and increase employment , government of India Introduced Startup India Scheme, startup India Registration provides several benefits that has been provided to startups including tax holiday for period of 3 years to recognised startups.

To get recognised as startups , entity has to apply for recognition as startup on https://www.startupindia.gov.in/ , once application is submitted it is reviewed for “Department of Promotion of Industry and Internal Trade” (DPIIT) and if found eligible , the entity is registered as startup. Please note Income Tax Exemption on profits under Section 80-IAC of Income Tax Act is issued separately.

startup india registration

Meaning of “Startup”

An entity shall be considered as a Startup:

  • Upto a period of ten years from the date of incorporation/ registration, if it is incorporated as a private limited company (as defined in the Companies Act, 2013) or registered as a partnership firm (registered under section 59 of the Partnership Act, 1932) or a limited liability partnership (under the Limited Liability Partnership Act, 2008) in India.
  • Turnover of the entity for any of the financial years since incorporation/ registration has not exceeded one hundred crore rupees.
  • Entity is working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation.
  • Provided that an entity formed by splitting up or reconstruction of an existing business shall not be considered a ‘Startup’.
  • Explanation: An entity shall cease to be a Startup on completion of ten years from the date of its incorporation/ registration or if its turnover for any previous year exceeds one hundred crore rupees.

Government Schemes & Benefits after startup india registration

  • Self Compliance under 3 environment and 6 labour laws
  • Income tax Exemption
  • Reduced Filing fee for Trademark
  • Reduced fee for Patent application
  • Easier Public Procurement norms
  • Easy Winding up
  • Reduced Compliance under Companies Act
  • Other Schemes launched by Government time to time

Following information are required for Startup India registration :

  1. Name of Company
  2. Name of Startup
  3. Website address of Company
  4. Name , age qualification of Directors and Promoter / Authorized Representative
  5. Current Number of Employees including Founders
  6. Trademark or other IP details
  7. Is the startup creating an innovative product / service / process or improving an existing product / service / process ?
  8. Is the startup creating a scalable business model with high potential of employment generation or wealth creation ?
  9. Brief note supporting the options chosen above for innovation, improvement and scalability
  10. Has your startup received any funding?
  11. Any awards/recognition received by the entity , if yes , provide document in support
  12. What is the problem the startup is solving ? 150 to 200 words  minimum
  13. How does your startup propose to solve this problem? 150 to 200 words minimum
  14. What is the uniqueness of your solution ? 150 to 200 words minimum
  15. How does your startup generate revenue? 150 to 200 words minimum
  16. App Link /Pitch Deck etc if any
  17. COI , MOA and AOA of Company
  18. PAN of Company

Fastlegal Provides help in filing your Startup India Registration application , Place your request below to get in touch with our team members

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Step by Step Procedure for 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.

Type of Business Entities for doing business in India :

Private Limited Company :

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 requirements 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:

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.

Partnership Firm :

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.

Procedure for 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,Vsign, Emudra 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.

Name Approval Application in E form RUN:

Application for Name approval may be filled using E-FORM RUN . 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.

We will help you to check the name availability for your new Company.

Preparation of Incorporation Documents:

  • Form INC -9 ( Declaration from First Subscribers and Directors )
  • Form DIR-2 (consent to Act as Director )
  • E MOA
  • E AOA

What is E MOA and E AOA :

  • E MOA is Memorandum of Association of the Company i.e. Constitutional  Document  in which Name of the Company , State of Registered Office of the Company, Main Objects of the company, Share Capital of the Company and Liability of Members are mentioned.
  • E AOA is Articles of Association of the Company i.e. in which Rules and Regulations for governing of the Company is mentioned.

Our Team will help you to get your E MOA and AOA drafting as your requirements.

Shareholding (Ownership)  in the Proposed Company , how it is decided :

In this case if you are two persons starting a New Company it is important that what ownership you will held in the proposed Company , Lets take and Example – We will Incorporate a Private Limited Company which will have Share capital Divided into 10000 Equity Share Shares of Rs. 10 Each in this case We divide 5000 Share each to both the persons , the ownership will be 50-50% for both the persons. Ownership decides the voting rights of members in the proposed Company.

In New Company Share are subscribed by mentioning the no of shares in the Subscription page of MOA of the Company and it is witnessed by  Company Secretary, Chartered Accountant or Cost Accountant in Practice.

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 Notary 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 to CRC:

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

Obtaining DIN and Name Approval can directly be made through SPICE form. GST Registration can also be applied along with Spice form through AGILE.

Opening of Company Bank Account :

It is very much advisable to open a Company Current Bank Account as soon as company is registered, and deposit the subscription money to company bank account .

Filing of Form INC 20A for Commencement of business of Company :

The Company has to file form INC 20 A for Commencement of Business of the Company , Company cannot Commence and exercise borrowing powers if company does not file form INC 20A .

Place your Request for Private Limited Company Registration Online in India

Call us directly at 9782280098

https://www.youtube.com/watch?v=FL1BZPkn0cM&feature=youtu.be&hd=1

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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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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