Non-Banking financial employer (NBFC) is a organization registered underneath the companies Act, 1956 concerned inside the most important commercial enterprise of lending, investments in shares/shares/bonds/debentures, leasing, rent-purchase, insurance business, chit business or concerned in the receiving of deposits below any scheme of arrangement. NBFC are beneath the purview of the Reserve bank of India (RBI) and in this text we visit the system for Step by Step Procedure for NBFC Registration in India and a number of the policies which govern its operations.
What is Non Banking Financial Company in India and how it is Useful?
A Non – Banking financial corporation is a employer incorporated underneath the businesses Act 2013 or 1956 which is engaged inside the enterprise of Loans and Advances, Acquisition of shares, equities, debt and so on issued with the aid of the government or any nearby authority. the main goal of this sort of a organization is to accept deposits below any scheme or manner.
According to phase 451(c) of the RBI Act, a Non – Banking Corporation carrying on the enterprise of a financial institution may be an NBFC. Its miles ruled through the Ministry of corporate Affairs as well as the Reserve bank of India.
The subsequent NBFC’s are not required to obtain any registration with the Reserve financial institution of India:
- Core funding companies – (belongings are much less than a hundred crore or public finances no longer taken)
- Merchant Banking organizations
- Businesses that are engaged in the business of inventory-broking
- Housing Finance corporations
- Businesses engaged within the enterprise of venture Capital.
- Coverage companies retaining a certificate of registration issued through IRDA.
- Chit Fund organizations as defined inside the Sec 2 clause (b) of the Chit Fund Act, 1982
- Nidhi companies
As consistent with phase 45-IA of the RBI Act, 1934, no company can begin or carry on business of a non-banking financial group without acquiring a certificate of registration and without having a net Owned finances of Rs. 200 lakhs. The requirement for registration as a NBFC are a corporation comprise underneath section three of the organizations Act, 1956 and having a minimum internet owned finances of Rs.2 hundred lakhs. net owned price range is the stability of “owned finances” minus the quantity of investment in shares of subsidiaries, groups inside the equal group and all different NBFCs, e-book price of debentures, bonds, fantastic loans and advances consisting of hire purchase and hire finance made to and deposits with subsidiaries and groups inside the equal institution. Owned budget is the combination of paid-up equity capital , choice shares which are compulsorily convertible into fairness, loose reserves , balance in share premium account and capital reserves representing surplus bobbing up out of sale proceeds of asset, apart from reserves created by revaluation of asset, after deducting there from collected stability of loss, deferred sales expenditure and other intangible property. There is more interesting information about Step by Step Procedure for NBFC Registration in India.
The concept of One Person Company registration was introduced not so long ago by the Ministry of Corporate Affairs. This business model was introduced with an objective to give a strong business model option to single entrepreneurs. Earlier for incorporating a company at minimum two members and directors are required. To give young, single and enthusiastic entrepreneurs an option to venture into the corporate world concept of One Person Company Registration in India was introduced. The idea of one man or woman business enterprise (OPC) in India changed into delivered to provide a boost to entrepreneurs who have remarkable capability to begin their own challenge by means of letting them create a unmarried person business enterprise. Due to the fact that, no intervention from any third party is seen, it makes it extra beneficial. So, in case you need to start up your own enterprise, you ought not to worry about all the complex and tedious approaches.
What is the Basic Concept Behind the One Person Company Registration in India?
The concept of 1 person employer in India become delivered through the organizations Act, 2013 to assist entrepreneurs who on their personal are successful of beginning a assignment through permitting them to create a unmarried individual financial entity. certainly one of the most important advantages of a One individual agency (OPC) is that there can be only one member in a OPC, whilst at the least individuals are required for incorporating and maintaining a non-public confined organization or a restrained legal responsibility Partnership (LLP). Just like a employer, a One man or woman enterprise is a separate felony entity from its promoter, imparting restrained legal responsibility safety to its sole shareholder, even as having continuity of business and being easy to include.
Few things to Know about One Person Company in India?
Though a One character corporation lets in a lone Entrepreneur to function a corporate entity with limited liability safety, an OPC does have a few boundaries. As an example, every one person business enterprise (OPC) has to nominate a nominee Director in the MOA and AOA of the organization - who will become the proprietor of the OPC in case the only Director is disabled. Also, a one person corporation must be converted into a personal restricted organization if it crosses an annual turnover of Rs.2 crores and must file audited monetary statements with the Ministry of company Affairs on the cease of each monetary yr like every form of businesses. Therefore, its miles vital for the Entrepreneur to cautiously recall the capabilities of a one man or woman company prior to incorporation. Author is an expert of One Person Company Registration in India, click here for more interesting information
If you are a supplier of goods or services and if the annual turnover of your business exceeds Rs. 40 Lakhs (applicable from 1st April 2019, earlier it was Rs. 20 Lakhs), then you mandatorily require GST registration.
In this blog, we will guide you on how you can obtain GST registration and what documents you will require.
Why does one require GST registration?
The administration has asked every one of the organizations and business whose turnover surpasses the breaking point of RS. 40 Lakhs and RS. 10 lakhs for Hill states and NE to get a GST enlistment. GST enlistment essentially implies that the firm or organization is presently enrolled as an ordinary assessable organization.
On the off chance that an organization or an association is found to complete business with no GST enrollment needs to pay overwhelming punishments under the GST law. It's anything but a long haul methodology. It as a rule takes 2-6 working days. One can essentially enroll register for gst online their business under the GST by joining on the web.
What are the documents required for GST registration?
An individual requires the accompanying archives for GST enrollment:
• Aadhar card as character confirmation
• PAN card of the particular candidate
• Identity verification of the advertiser or executive alongside some international ID measure photos
• Address evidence of the advertiser or executive.
• Address evidence of the working spot
• Bank account proclamations of the candidate or any dropped checks.
• The computerized mark of the candidate.
• A letter of approval or approved signatory or board goals.
Other than these records, candidates need to submit GST enrollment charges.
GST Registration process step by step:
GST registration is a 10 step process. You have to follow the GST registration process step by step until you receive the success message. Registration sign up is the first step you need to follow. After opening the GST portal, click on the ‘services’ options followed by a ‘registration’ option and then click onto the ‘new registration’ option.
- You will view a new tab opened on your desktop. You have to create a TRN by completing the process of OTP validation. You can use this TRN number to restart your registration process if you leave it without completing it.
- The next steps involve TRN generation by completing the OTP verification via your mobile phones. You will be sent two variable OTP’S, one for your mobile number verification and one for email address verification. Kindly fill it within 10 minutes or they will become invalid after that.
- Once you have followed the above-given steps you can use generate TRN to submit and complete further GST application registration process.
- Once you have successfully generated the temporary reference number or TRN you have to continue the registration process using TRN number.
- Once you have logged in, fill in your required business information.
- In the next step, the applicant has to submit the required details of their business promoters.
- In this step, you have to submit the information of the authorized signatory. The authorized signatory is nominated by the company’s promoters, who are given the duty to fulfill the GST returns at a given time interval.
- Enter the primary location of your business or the location where business is performed by the taxpayer.
- Continue the procedure by submitting the additional place of your business, details of all the goods and services provided by the company and bank account details. Once you have submitted all this information, verify all the details before submitting them.
- Complete the process by signing it. You will get a success message and ARN receipt. You can use it to track your GST application. To know more about the GST registration process, contact Swarit Advisors.
What are the features of Public Limited Company?
A public limited company is known to be a voluntary association of the members that are incorporated, have a separate legal existence and limited liability. A public limited company registration in India has a provision under the Indian Companies Act, 2013 regarding the legal formalities for its formation.
What are the features of a public limited company?
Here are some of the features of a public limited company:
• Apart from the forming members, the public limited company has its separate legal existence.
• Formation, functioning and working of the public limited company is strictly governed by the rules, laws, and regulations under the Indian Companies Act, 2013.
• A company should have a minimum number of seven members for the registration while there is no limit for a maximum number of members for existence.
• A registered public limited company remains unaffected by the retirement, death or insolvency of any of its shareholders.
• The shareholders of a registered public limited company don’t have any right to participate in the daily management of the company’s business. This ensures the separation of the management from ownership. All the powers of decision making are in the hands of the board of directors to ensure the unity of direction management.
• Capital for the company is collected by selling the shares in the market to the respective members in the form of share capital.
• The liabilities of the company’s members are limited to the face value of the owned shares. After paying the whole amount of face value, he has no obligations to contribute the payoff to the creditors of the company.
What are the benefits of public limited company?
Below are some of the benefits of public limited company you must know before registration:
• Unity of direction
• Continuity of existence
• A large amount of capital
• Efficient management
• Unlimited number of members
What are the documents required for public limited company registration?
After getting through all the benefits of public limited company here is the list of documents you will require registering it under the Indian company act, 1956:
• Copy of the PAN card with self-attestation
• Passport size photograph of all the directors.
• In case of rented commercial place copy of rent agreement along with no objection certificate from the owner.
• If the property is owned by the shareholders than you will require just a copy of sale deed along with the latest electricity bill.
• Copy of voter id or Aadhar card or passport or driving license with self-attestation.
• Copy of any of the latest property tax receipt or electricity bill or water tax receipt.
• Latest bank account statement or electricity or telephone bill that is not older than two months.
• Copy of lease agreement.
• In case of NRI, passport copy has to be notarized at the Indian embassy of the respective country.
Are you looking for the best advisors for public limited company registration? Then your search ends over here. Swarit advisors provide you the best legal services through their well experienced legal advisors. For more information regarding public limited company registration, you can contact us.
Why is FSSAI Registration Required?
The requirement of FSSAI registration is very important since it ensures and maintains the food quality levels which ultimately provide satisfaction to consumers. Every food business operator which is involved in the business of manufacturing, processing, storage distribution and sale of food products must compulsorily obtain FSSAI Registration or License.
It is a 14-digit registration or a license number which is printed on all the food packages manufactured by the businesses. This registration procedure is aimed to create more accountability on the FBO to maintain the quality and standard of the food products. The FSSAI registration or license is generally based on the business volume and premises. FSSAI registration can fall under any one of the below three categories:
- Central License
- State License
- Basic Registration
FSSAI which stands for Food Safety and Standards Authority of India is an organization which is responsible for monitoring and governing the food business in India. It ensures that the food products undergo proper quality checks thereby curtailing the food adulteration and sale of sub-standard products.
It is responsible for registering and licensing of the food business operators (FBO) in India and lays down the rules and regulation for running the food business in India.
Is FSSAI registration mandatory?
Yes, it is very important and mandatory. Swaritadvisors has a team of professionals who help you to get the registration quickly and successfully.
Requirements for FSSAI Registration
FSSAI Registration is a basic license and it is required for all the FBO involved in the small-scale food business. This category covers the following business
- Any FBO with an annual turnover of not more than Rs. 12 Lakhs
- Petty retailer dealing in food products
- Any person who manufactures or sells any food article by himself
- Food sale is done by the temporary stall holder
- Any individual who distributes food in any religious or social gathering except a caterer
- Small-scale or cottage industries dealing in the food business
Steps for Obtaining FSSAI Registration
- FSSAI registration is obtained by submitting an application under Form A to food and safety department.
- This application may be accepted or it may get rejected by the Department within 7 days from the application date and the fact has to be intimated to the applicant in writing
- If the application is accepted, then a registration certificate will be granted by the Department with the registration number and the photo of the applicant.
- FBO should prominently display the certificate of registration at the place of business during the business hours.
Documents required for obtaining FSSAI registration
- Form B which must be completely filled and signed
- Photograph and Identity proof of FBO
- Proof of possession of premises (e.g. Rental Agreement )
- Articles of Association/ Memorandum of Association Partnership Deed / Certificate of Incorporation etc
- List of food products manufactured or to be dealt with
- Food safety management system plan
If you are planning to obtain an FSSAI License, then contact Swarit Advisors, India's no. 1 consultant. We have a team of well-versed and experienced staffs to help you with various registration processes and queries. The author is an expert on an FSSAI registration, visit here for more interesting information
List of documents required for the sole proprietorship registration
You need to provide the documents for GST registration or any other similar registration to prove the existence of the business.
Who needs a GST registration?
For obtaining the certificate of GST registration you need to take a look at the checklist before filling the application-
- If you are operating a business within a state and the turnover is more than Rs. 20 lakh
- If the business is involved in the interstate sales or services
- Business is linked to E-commerce or involved in internet based business
- If you are any of these; traders, retailers, manufacturers, aggregators
While if we look at the list of documents required for the GST registration for a sole proprietorship
Documents required for GST registration in case of the sole proprietorship
- PAN card, photo
- Aadhar card of the owner of the business
- You need to provide the proof of business place
- At last, you have to submit the copy of bank statement
What is Sole Proprietorship Registration and How One Can Get it in India?
Sole proprietorship falls under the category of unregistered business whose operations are taken care of by the one person. This form of business is seen mostly among the micro and small business operating in the unorganized sectors. A Sole proprietorship is considered to be easier to start and involve lesser formalities and compliances to adhere. However, the sole proprietorship Registration doesn’t offer benefits such as limited liability, corporate status, perpetual status, transferability etc. So, one must keep these above points before jumping into the business by opening the sole proprietorship. The presence of sole proprietorship is developed through the tax registrations and some other registration that are obtained by the unorganized businesses. For example, you can apply for the GST registration, VAT or service tax in the name of a sole proprietorship.
Swarit advisors is one the pioneering company in the market, that helps people to set up their own sole proprietorship business. If you are looking to start your own business, do contact swarit advisors. Further, we will take a look why sole proprietorship registration is the only skill you really need; the benefits of the sole proprietorship, the process of starting your own sole proprietorship.
What are the benefits provided by the sole proprietorship registration?
- Effortless incorporation
For starting the sole proprietorship, you need to fulfill the minimal formalities. However, it may be difficult to open a bank account in the name of a business, as you will be required to provide the documents such as VAT or service tax or GST registration.
- Identity of the business
As the business operating under the sole proprietorship is not registered, you can choose any name for the business as long as it does not misuse or violate the already registered trademark. As the name or trademark used for the sole proprietorship is not registered, so it can be used by other business entities as well.
- Lesser taxes involved
As the sole proprietorship is operated by the single individual, so the amount of tax paid will in accordance with the tax levied on the individuals; you do not have to any taxes if the income from the business is less than Rs. 2.5 lakhs and if the income is above Rs. 2.5 lakhs then taxes will be filed according to the tax slab defined by the income tax department of India.
- Sole promoter
Sole proprietorship requires the involvement of a single person for the registration and promotion of the business. For most of the business entities operating in India, there have to be at least two members for the incorporation of the company or partnership firm.
- Trouble free end of business
If the business under sole proprietorship is not doing well, then you can close down the business at anytime. It does not require any formalities to end the business.
You just need these simple documents for developing the identity of your business.You must have understood by now, that sole proprietorship is really simple to begin with if there is an idea popping up in your mind; what are you waiting for. Go for it. For more information, please contact swarit advisors. Author is an expert of sole proprietorship registration, click here for more interesting information