#Paperless Regulatory Submissions
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#This article talks about the challenges faced by pharma companies and opportunities while transitioning from paper to electronic submissions#eCTD Submissions#China#eCTD Transition#Regulatory Submissions#NMPA#Freyr SUBMIT PRO#Paperless submissions#Paperless Regulatory Submissions#Pharmaceutical market
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Montaji in UAE: Its Impact on Business Operations
Montaji, the comprehensive product registration system introduced by the Dubai Municipality, has had a profound impact on business operations within the United Arab Emirates (UAE). This innovative platform is designed to streamline processes, enhance transparency, and ensure regulatory compliance. Here's an exploration of the significant impact Montaji has on business operations in the UAE:
1. Efficiency in Product Registration:
Montaji has revolutionized the product registration process, replacing traditional, time-consuming methods with a digital and streamlined approach. Businesses can now register their products more efficiently, reducing administrative burdens and accelerating time-to-market.
2. Paperless Operations:
The transition to Montaji marks a move towards paperless operations. With electronic document submission and processing, businesses in the UAE can significantly reduce paperwork, contributing to environmental sustainability and operational efficiency.
3. Real-Time Application Tracking:
Businesses benefit from the real-time application tracking feature in Montaji. The ability to monitor the status of product registration applications ensures transparency and allows for proactive management of the registration process.
4. Enhanced Market Surveillance:
Montaji plays a crucial role in market surveillance, enabling regulatory authorities to monitor registered products efficiently. This capability enhances consumer safety by identifying and addressing non-compliant or potentially unsafe products in the market.
5. Improved Communication Channels:
The platform facilitates efficient communication channels between businesses and regulatory authorities. This improved communication contributes to smoother interactions, timely issue resolution, and a more collaborative approach to regulatory compliance.
6. Barcode Authentication for Product Verification:
Montaji's integration of barcode authentication ensures the verification of product authenticity. This feature is instrumental in building trust among consumers and businesses, as it mitigates the risk of counterfeit or unauthorized products in the market.
7. Market Transparency and Informed Decision-Making:
The product search functionality in Montaji enhances market transparency. Businesses can access comprehensive information about registered products, supporting informed decision-making, market analysis, and strategic planning.
8. Facilitated Local Representative Collaboration:
For products requiring a local representative, Montaji provides a platform for efficient collaboration. Businesses can seamlessly interact with their local representatives, fostering a cooperative environment throughout the product registration process.
9. Timely Notifications and Updates:
Automated notifications and updates in Montaji ensure that businesses are promptly informed about the status of their product registrations. This timely communication allows for proactive responses to any changes or requirements.
The The Infinite Service, Product Registration Consultant in Dubai
Can help business owners to do product registration in Dubai.
Click Here to learn more about their services.
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The 80G Exemption with Online Registration
In the realm of philanthropy, securing tax exemptions is a crucial aspect that not only benefits the organizations involved but also encourages individuals to contribute to charitable causes. One such provision in the Indian Income Tax Act that facilitates this is Section 80G, offering tax deductions for donations made to specified funds and charitable institutions. Navigating the process of claiming an 80G exemption involves strategic steps, and in the digital age, the importance of applying for 12A and 80G registration online cannot be overstated.
Understanding the 80G Exemption
To begin, it's essential to comprehend the fundamentals of the 80G exemption. Section 80G of the Income Tax Act allows for deductions on donations made to registered charitable institutions. These deductions are a powerful incentive for individuals and businesses to contribute to social causes, as they can claim a percentage of their donated amount as a deduction from their taxable income.
The Process of Claiming 80G Exemption
The journey towards claiming an 80G exemption kicks off with ensuring the charitable organization is eligible. Entities seeking this status must meet specific criteria, emphasizing their genuine commitment to charitable work. Once eligibility is confirmed, the next step involves gathering essential documentation such as the NGO's registration certificate, memorandum of association, and financial statements.
With these documents in hand, the process shifts to the digital realm. The online application for 12A and 80G registration on the official income tax e-filing portal simplifies the entire procedure. The applicant must accurately fill out the relevant forms, providing comprehensive details about the organization's activities, financial structure, and the purpose of seeking the exemption.
Online Apply for 12A and 80G Registration
Embracing the digital landscape, the option to apply for 12A and 80G registration online streamlines the administrative process. This method enhances efficiency, reduces the likelihood of errors, and accelerates processing times. Organizations can upload digital copies of the required documents, ensuring a smoother application experience.
Apply 12A Registration Online
Applying for 12A registration online marks a shift towards a more contemporary and accessible approach to regulatory compliance. The 12A registration is a prerequisite for availing tax exemptions, and the online application process simplifies this critical step. The convenience of digital submission facilitates quicker verifications and approvals, expediting the overall registration process.
Apply 80G Registration Online
The digital era has revolutionized the way organizations interact with government agencies, and applying for 80G registration online is a testament to this evolution. The online platform offers a user-friendly interface, making it easier for charitable institutions to navigate through the application forms. Real-time updates on the application status and the ability to rectify errors promptly contribute to a more transparent and efficient system.
Importance of Online Application for 12A and 80G Registration
The significance of applying for 12A and 80G registration online extends beyond convenience. One of the primary advantages is the reduction of paperwork. Digital submission eliminates the need for physical documents, making the entire process more eco-friendly and cost-effective.
Moreover, the online platform aligns with the government's broader digital initiatives, promoting a paperless and efficient bureaucracy. It not only reflects a commitment to technological advancements but also enhances transparency in the registration and exemption-granting process.
Streamlined Compliance and Faster Processing
Applying for 12A and 80G registration online streamlines compliance for charitable organizations. The digital platform allows for the quick verification of documents and faster processing times. This efficiency is crucial, especially for organizations actively engaged in charitable work, as it ensures that they can avail themselves of tax exemptions without unnecessary delays.
Encouraging Digital Participation in Philanthropy
The shift towards online registration for 12A and 80G not only benefits charitable organizations but also encourages more individuals and businesses to participate in philanthropy. The simplified process and quicker approvals incentivize potential donors, fostering a culture of giving in the digital age.
Conclusion
In conclusion, claiming an 80G exemption involves a strategic approach and adherence to the specified procedures outlined in the Income Tax Act. The advent of online registration for 12A and 80G has significantly transformed this landscape, making it more accessible, transparent, and efficient. Embracing the digital era not only simplifies the administrative burden for charitable organizations but also encourages a broader community to actively participate in philanthropy, ultimately contributing to the welfare of society at large.
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What does a loan origination system do?
Loan origination is the process in which a borrower asks for a loan, and a lender either approves or rejects the application. The application process, from submission to funds disbursement or application rejection, is all involved in the origination process. Clearly, the loan origination system fundamentally explains the procedure for automating and controlling the application and disbursal operations.
Mentioned below are all stages in detail that a loan origination system follows –
1. Pre-qualification
This is the first step of the loan origination process, where the borrower must submit certain documents to the lender for review and approval. These documents can include ID proof, bank statement, credit score, etc.
2. Loan Application
In this phase, the applicant fills out and applies. Usually, this application is paper-based, but in modern times, lenders believe in a paperless environment, so everything is shifting to electronic banking software.
3. Processing of Application
At this point, the credit department has received the application, so now their task is to check it for accuracy and genuineness. The loan origination system plays a pivotal role in helping lenders assess the reliability of the borrowers.
A good loan origination system can help a loaner set up workflows for processing loans. It automatically identifies files lacking necessary fields, notifies the borrowers, and suggests updating the sales/credit department.
4. Underwriting
Once the application process is complete, and the borrower has provided all relevant data, the lender continues with the underwriting process. Lenders can check all data, including CIBIL scores, through a fully automated loan origination system.
5. Credit Decision
The credit decision is the outcome of underwriting. At this point, the lender decides whether to approve or deny the application. Lenders nowadays make this decision with the help of loan origination systems. With AI-powered software, it is simple to evaluate various risk factors and ratings quickly.
6. Quality Check
This is the final stage of the application process, where the lender checks if the process is compliant and error-free. The application is verified one more time before making the final decision.
7. Financing
The borrower receives the loan after the whole application process is smoothly approved. Loan origination systems can monitor funds and ensure that the appropriate papers are signed before and along with funding.
Conclusion
Recently, the demand for a loan origination system (LOS) among banks and credit unions has increased. The end-to-end method of the loan process, including the application, underwriting, approval, paperwork, pricing, funding, and administration, is automated and managed by LOS.
Newgen's Loan Origination System software is built on a low code automation platform. It provides solutions to all kinds of loans, including retail, SBA, SME, and commercial loans. They fully abide by the compliance and regulatory requirements to meet all the needs.
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Go Through This To Clear Your All Doubts About Pain Management EMR Software
In the current situation, telemedicine allows patients to receive medical care while keeping the appropriate social distance to keep the virus from spreading. Small practices have also managed to remain financially viable during a lockdown, which would have resulted in significant losses.
Aside from that, EMR-EHRS lists the following advantages of pain management EMR software:
Electronic patient records: Pain management electronic health records take paperless paperwork to new heights. Using tablets, a physician can rapidly verify a patient's medical history or update their file during a virtual consultation. It also enables healthcare providers to securely share patient information.
Pain management software allows practitioners to communicate with patients, colleagues, other healthcare professionals, and even medical sector suppliers, resulting in better communication among healthcare employees Virtual meetings make this easier, while computerised prescription submissions to pharmacies save patient queueing and collecting time.
Staff efficacy and productivity have increased: When vital signs are monitored automatically, nurses can dedicate more time to other tasks. Nurses can handle up to 300 patients at once by using pre-built clinical alerts in telemedicine software. A clinician at a central ICU monitoring centre can support ICU employees at remote sites by using pain management electronic health records software.
Improved clinical and patient outcomes: Due to embedded treatment criteria, the pain management EMR software helps healthcare providers to detect deterioration early. As a result, professionals can intervene as soon as they are notified.
Why are healthcare prices being reduced: The finest pain management EHR improves patient accessibility while also lowering expenses. This service benefits governments, insurers, and individuals in addition to increasing productivity and healthcare service delivery.
Each programme has benefits and drawbacks, but it is clear that the electronic health record for pain management is a key instrument that the healthcare industry cannot afford to ignore.
Profitability and financial stability have improved -
Many medical clinics have collapsed due to financial losses caused by the inability to continue regular treatments due to COVID-19. Using an electronic health record for pain management allows doctors to see more patients while incurring no financial losses.
Pain treatment electronic health records are quite likely to be used in the future as healthcare practitioners and patients get more familiar with them. Those medical practices that are prepared to do so today will reap the benefits afterwards.
Obstacles that aren't as well-defined -
Regulatory barriers were originally much higher, but the government has significantly lowered them since 2019. A few waivers have been implemented for the COVID-19 emergency, particularly in terms of telemedicine coverage, legislation, and reimbursement.
Previously, pain treatment electronic health records services were only available to current patients, but new rules allow physicians to treat both new and existing patients. Patients in more rural areas can now use pain management electronic health record systems.
Enhanced Technology -
More than ever before, technology is being pushed to its limits. The electronic health records for pain treatment enable for video consultations in order to maintain practice services in a healthy, safe, but remote place.
In the interest of EMR, routine patient needs and follow-up consultations are handled. This service is used by cancer patients, as well as individuals suffering from acne, atopic dermatitis, isotretinoin, and psoriasis.
Improvements Over Time -
Nobody could have expected the level of medical and technology collaboration in such a short time. Medical knowledge advances, and daily technological advances improve people's lives all over the world. Sleep software has transformed medical practices. Custom features, reports, and templates are implemented into the podiatry EHR to enable quick access to patient history, treatment, and frequent podiatry problems.
The field of digital health is rapidly changing. It will be exciting to see how video pain management and electronic health records expand into limitless possibilities when new technologies are discovered and employed. Remote consultations will evolve with medical equipment and other technology linked to pain management electronic health records. What is the final outcome? Better and more thorough patient treatment.
Long-Term Consequences -
It's difficult to imagine how the world might be following this epidemic. With our increasing reliance on technology, it is evident that embracing it rather than rejecting it is the key to future medical advancement. In the future, patients will prefer healthcare that mixes in-office and virtual routine visits simply because it is more convenient.
Why are healthcare prices being reduced: The finest pain management EHR improves patient accessibility while also lowering expenses. This service benefits governments, insurers, and individuals in addition to increasing productivity and healthcare service delivery.
Similarly, pain management EMR software is currently addressing COVID-19 and will be able to assist practitioners and patients in the future. In addition, if we continue to compensate providers equally, they will be more likely to deliver these services to patients whenever possible. For further information, please visit EMR-EHRS.
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Pulp Fiction
There was once a time when the pulp and paper industry used to be the safest and one of the best industries to operate in. Now however, pulp and paper has a new enemy, one that has brought this industry down to their knees; technology.
The paper industry can be segmented into sanitary paper, packaging paper or graphic paper. Graphic paper is used for the purpose of communication and includes two main paper grade types – newsprint, and printing & writing papers.
For the past decade, the global paper and pulp mill industry has contracted. This is primarily due to a shift towards the digital media and paperless communication across most developed economies. The demand for printing & writing and, newsprint has declined due to a shift toward the application of digital media and web advertising. Factors such as the emergence of online e-commerce have increased overall demand for paper-less advertisements. It is noted that the paper mill industry in the US is expected to decline at the rate of 2.5% through 2022. Furthermore, revenues are also predicted to decline from $33.8-$33.6 billion in the speculated time.
Paper-less operations have seeped in almost all government departments, bank transfers, and policy regulatory bodies and so on. These departments have switched to electronic data due to the convenience of improved accessibility, retrievability, speed, and safety. Such factors and trends are building grounds for a rapid decline in the global paper industry. Few of the other trends include a decline of paper price, the conversion, and transformation of major graphic mills into packaging paper mills. Rapid urbanization leading to the internet-aided conversion of media and promotional materials for advertising and Public Relations is also a driving force towards the decline in the circulation of printed media such as magazines and newspapers across developing and developed economies.
The world is converging through the internet. The web provides services of effective and cost-effective advertising, journalism and official communication. Upcoming technological advancement and its characteristic cost-effective nature have led to a significant decline in paper mills and printing houses.
Task in hand:
You are given the task in hand to try to revive this declining industry which was once considered one of the safest industries to enter into. Think beyond the obvious, think of your product and service and then think of alternate uses, think of your current distribution and then think of newer ones.
Come up with strategies for revival and uplifting of this industry
Come up with alternative products that you can create in accordance with your current services
Deliverables:
A B-plan (not less than 15 pages) consisting the following:
Executive Summary
Revival strategies
Phase-wise Implementation Plan
Market Analysis (PESTEL/SWOT/Porter’s 5 Forces Analysis)
Marketing Strategies (Conventional & Unconventional strategies)
HR Plan (Must include Organisation Structure)
Detailed Financials ( Sources, Allocation, Revenue Model for 3 years, Cashflow Statement )
Future plans
Extra Deliverables
Submission:
The soft copy of the report in PDF format is to be submitted by 9 am tomorrow (7th Nov)
ALL THE BEST!
Remember, from this point forward, it is DO OR DIE!
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How to Register a Private Limited Company in India?
How to Register a Private Limited Company in India?
Today, the entire private limited company registration process and other regulatory filings are paperless; documents are filed electronically through the MCA website and is processed at the Central Registration Centre (CRC).
Register a company online
Online Private Limited Company Registration process is completely online. Upon completing all registration formalities, the Registrar of Companies’ issues a digitally signed Certificate of Incorporation (COI). Electronic certificates issued by the ministry can be verified by all stakeholders on the MCA website itself.
Pvt ltd company registration is a systematic process of collection and submission of details required as per the requirements of the Companies Act 2013 and as per the process defined by the Ministry of Corporate Affairs from time to time. Management of the process requires in-depth knowledge of legal requirements and not to mention, practical experience of the same
pvt limited registration?
Shields from personal liability and protects from other risks and losses.
Offers liability protection to protect your company’s assets
Attracts more customers
Greater capital contribution and greater stability
Procures bank credits and good investment from reliable investors with ease.
Increases the potential to grow big and expand
BENEFITS OF pvt Limited company registration
No personal liability to the owner of the company
Improves credibility
Easier to raise funds and loans from bank
Increase the potential to grow big and expand
What to keep in mind while online company registration ?
Two Directors
Unique Name
Register private limited company must have at least two directors and at most, there can be 15 directors. Among all the directors in the business, at least one must be a resident of India
The name of your business must be unique. The suggested name should not match with any existing companies or trademarks in India.
Register pvt ltd company
The proposed name and trademark can be checked at https://www.mca.gov.in/mcafoportal/showCheckCompanyName.do
Minimum Capital Contribution
Registered Office
Private limited company incorporation There is no minimum capital amount for a company. A company should have an authorized capital of at least Rs. 1 lakh.
The registered office of a private limited registration does not have to be a commercial space. Even a rented home can be the registered office, so long as an NOC is obtained from the landlord.
What Documents will you need?
The below mentioned documents will be required for each Director/Shareholder to register pvt ltd company
Identity And Address Proof for pvt ltd company registration online
· Scanned copy of PAN Card or Passport (Foreign Nationals & NRIs)
· Scanned copy of Voter’s ID/Passport/Driver’s License
· Scanned copy of the latest bank statement/telephone or mobile bill/electricity or gas bill
· Scanned passport-sized photograph specimen signature (blank document with signature [directors only])
Registered Office Proof for private ltd company registration
For online private limited registration in India, the company must have a registered office in India. To prove admittance to the registered office, a recent copy of an electricity bill or the property tax receipt or water bill must be submitted. Along with the rental agreement, utility bill or the sale deed and a letter from the landlord with her/his consent to use the office as a registered office of the company should be submitted.
· Scanned copy of the latest bank statement/telephone or mobile bill/electricity or gas bill
· Scanned copy of Notarized rental agreement in English
· Scanned copy of No-objection certificate from the property owner
· Scanned copy of sale deed/property deed in English (in case of owned property)
Note: Your registered office need not be a commercial space; it can be your residence too.
Pvt company registration
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How to Register a Public Limited Company in India?Find out the Statutory fees for your company registration.
Today, the public limited company registration process and other regulatory filings are paperless; documents are filed electronically through the MCA website and is processed at the Central Registration Centre (CRC).
Public Limited Company Registration process is completely online. Upon completing all registration formalities, the Registrar of Companies’ issues a digitally signed Certificate of Incorporation (COI). Electronic certificates issued by the ministry can be verified by all stakeholders on the MCA website itself.
Incorporating a public limited company is a systematic process of collection and submission of details required as per the requirements of Companies Act 2013 and as per the process defined by the Ministry of Corporate Affairs from time to time. Management of the process requires in-depth knowledge of legal requirements and not to mention, practical experience of the same
Why register a public limited company?
Offers liability protection to protect your company’s assets
Shields from personal liability and protects from other risks and losses.
Attracts more customers
Greater capital contribution and greater stability
Procures bank credits and good investment from reliable investors with ease.
Increases the potential to grow big and expand
Ability to raise more capital than a private limited company due as it can go for an IPO or FPO
BENEFITS OF INCORPORATING A COMPANY
No personal liability to the owner of the company
Improves credibility
Increases the potential to grow big and expand.
Easier to raise funds and get loans from banks
What to keep in mind while Registering?Three Directors and Seven Shareholders
A public limited company must have at least three directors and a minimum of seven shareholders. Among all the directors in the business, at least one must be a resident of India
Minimum Capital Contribution
There is no minimum capital amount for a public limited company. A public limited company should have an authorized capital of at least Rs. 5 lakh.
Unique Name
The name of your business must be unique. The suggested name should not match with any existing companies or trademarks in India.
The proposed name and trademark can be checked here
Registered Office
The registered office of a public limited company does not have to be a commercial space. Even a rented home can be the registered office, so long as a NOC is obtained from the landlord.
What Documents will you need?
The below mentioned documents will be required for each Director/Shareholder:
Identity And Address Proof
Scanned copy of PAN Card or Passport (Foreign Nationals & NRIs)
Scanned copy of Voter’s ID/Passport/Driver’s License
Scanned copy of the latest bank statement/telephone or mobile bill/electricity or gas bill
Scanned passport-sized photograph specimen signature (blank document with signature [directors only])
Registered Office Proof
For online public company registration in India, the company must have a registered office in India. To prove admittance to the registered office, a recent copy of an electricity bill or the property tax receipt or water bill must be submitted. Along with the rental agreement, utility bill or the sale deed and a letter from the landlord with her/his consent to use the office as a registered office of the company should be submitted.
Scanned copy of the latest bank statement/telephone or mobile bill/electricity or gas bill
Scanned copy of Notarized rental agreement in English
Scanned copy of No-objection certificate from the property owner
Scanned copy of sale deed/property deed in English (in case of owned property)
Note: Your registered office need not be a commercial space; it can be your residence too.
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India: Number Of Indian Seafarers Grows 45% Globally Over The Last Three Years
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The number of active Indian seafarers – that is Indian seafarers employed by Indian or foreign-flagged ships -has grown by about 45 percent in the last three years. In a written reply to a question in Rajya Sabha today, the Minister of State for Shipping (I/C) and Chemical & Fertilizers Shri Mansukh Mandaviyainformed that the number has increased from 143940 in 2016 to 208799 in 2018.
The Minister informed that the Government has taken several initiatives and policy decisions to help increase the share of Indian seafarers at the global level. For example, seafarers are being employed on ships through secured paths i.e. either by Indian shipowners on Indian flagships, regulated under Merchant Shipping Act, 1958 or on foreign flag ships through registered Recruitment and Placement Services License (RPSL) under Merchant Shipping (R&PS) Rules 2016. With employment and welfare of Indian seafarers being regulated through relevant rules framed in consonance with Maritime Labour Convention, 2006, more and more foreign shipowners are engaging Indian seafarers onboard their ships.
In addition, the promulgation of new, simplified, Continuous Discharges Certificate (CDC) Rules in 2017, making the entire process of issuance of CDC paperless and online, has facilitated an increase in the number of Indian seafarers. Introducing e-submission of engagement & discharge details by the Indian shipowners and registered RPSL in the DGS e-governance system have also proved useful.
Shri Mandaviya also informed that important initiatives have been taken in recent years to enhance employment opportunities for the youth in the maritime sector. These include increasing onboard training opportunities, improving the examination and certification system and facilitating ease of doing business.
The Minister informed that a decision was taken to allow on-board training of officers and ratings on tugs and offshore vessels also. This has opened additional onboard training berths for nearly 4000 trainees. Training institutes are being held responsible for onboard ship training of the students. Further, constant monitoring of the Recruitment and Placement Services License (RPSL) has encouraged unregistered Recruitment and Placement Services (RPS) to come under the RPSL regime. In the year 2013, there were approximately 300 registered RPSL which rose to 485 in 2018.
The Training curriculum for officers and ratings were revised in 2016 to meet global standards and the expectation of foreign employers. The Government has brought in major regulatory relaxation for obtaining Indian Continuous Discharge Certificate (CDC) which is a pre-requisite for boarding a vessel for the purposes of employment.
Shri Mandaviyafurther informed that the Ministry of Shipping has lifted an earlier ban on the conduct of post sea modular courses, pre-sea GP ratings and pre-sea courses. This would increase the number of Indian seafarers onboard ships. The ministry has also introduced a few new courses in line with the International Maritime Organization (IMO) Model courses.
These include:-
a) Guidelines for Basic Training for ships operating in Polar Water Course.
b) Guidelines for Advanced Training for ships Operating in Polar Water course and
c) Guidelines for Assessment, Examination and Certification of Seafarers (AECS) course.
The Minister also informed that the Directorate General of Shipping is working to bring an exhaustive list of services under one digital portal to ensure transparency and efficiency.
Reference: pib.nic.in
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PFRDA rolls-out Aadhar Powered Digital on Boarding into APY through eNPS platform for wider reach
Benefits of APY@eNPS include paperless registration; No need to visit Bank Branch & to have Banking Id and 24x7 Online En-rollment at the customer's convenience.
Pension Fund Regulatory and Development Authority (PFRDA) has embarked upon several digital friendly steps for extension of the benefits of APY to the citizens of India. PFRDA has developed the process to offer APY enrolment through eNPS platform for wider reach. Under this channel a complete end to end digital environment for subscription is enabled without submission of physical form at the convenience of the customer without visiting bank or post office.
So far APY is available for subscription through Banks, BCs and through internet banking. Now, APY is available on eNPS platform and any eligible Indian citizen can enroll through the APY@eNPS channel by visiting www.enps.nsdl.com. The customers of the Bank can visit eNPS portal and submit Aadhaar/ Bank Name and Savings Bank Account Number to join the scheme. The benefits of APY@eNPS are:
Paperless registration
No need for visiting Bank Branch.
Online enrollment can be made 24*7 at the customer's convenience.
No Need for having internet banking Id.
Punjab National Bank is the first Bank to ope-rationalize APY@eNPS and quite a few other banks are expected to launch this platform shortly offering Aadhaar enabled APY enrollment.
Any person in the age group of 18 to 40 years with a savings bank account and Aadhaar can register for APY by providing the minimum information in the APY@eNPS portal as rest of the information will be auto populated from the respective bank. This new feature not only makes it easy for the subscriber to join the APY but also reduces the workload for the Banks/Postal Branch which are implementing the APY.
Read the full article
#24x7 Online#APY#Bank#Online enrollment#Paperless registration#Pension Fund#PFRDA#Postal Branch#Punjab National Bank#savings bank account
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China make changes to work permit system
In an effort to attract more foreign talents, the State Administration of Foreign Experts Affairs (SAFEA) has quickened reform to make it easier for foreigners to apply for China’s work visa.
Effective on April 1, 2017, the SAFEA rolled out a unified work permit system nationwide that began to process applications both ‘foreign experts’ and ordinary foreign nationals, referred to as R visas and Z visas respectively.
The new system uses a points-based, three-tiered classification system to evaluate which candidates qualify for the work permit.
Compared with the old system, the new one requires fewer supporting application materials, provides a more transparent evaluation process, and shortens turnaround time.
Foreign applicants will benefit from this restructure of the foreign work permit system due to its simpler, clearer, and less time-consuming application process.
Two-in-one reform versus old system
A standard procedure for obtaining a foreigner’s work visa normally involves three critical steps: an application for an employment license, a work visa application at a Chinese embassy, and obtainment of an employment permit.
Under the old system, there were two government entities, the Human Resources and Social Security Bureau (HRSS) and the SAFEA, governing the foreign work visa application process.
The HRSS issued the Employment License and Alien Employment Permit to Z-visa applicants, while the SAFEA issued the Foreign Expert License and Foreign Expert Certificate to R-visa applicants.
However, starting from April 1, the SAFEA became solely responsible for processing all foreign work visa applications. In other words, both Z-visa and R-visa applicants need to submit their applications to only the SAFEA without confusion over where to apply.
In addition, the Employment License and Foreign Expert License have been integrated into a single Notification Letter of Foreigner’s Work Permit, and the Alien Employment Permit and the Foreign Expert Certificate unified into the Foreigner’s Work Permit ID card. Each Foreigner’s Work Permit card will have a unique ID number that does not change regardless of permit renewal or change of employer.
Online application
Under the new system, the employer and foreign applicant can complete the application and submit necessary supporting documents electronically.
An online management service system for foreign workers in China (Management Service System) established by the SAFEA will manage the online registration process. Application materials required for submission are reduced by almost half, with submissions like personal CVs and application letters no longer necessary. The following documents are required:
Application form for Foreigner’s Work Permit;
Verification of past employment;
Verification of education or a verification of professional qualification;
Criminal record certificate;
Physical examination record for foreigner or overseas Chinese;
Copy of the job contract or appointment letter;
Passport;
ID photo; and
Information of accompanying members.
Documents required by applicant’s employer:
Registration form;
Business license and organization code certificate;
ID information of the employer/agent who is responsible for the registration;
Industry license documents.
Tiered classification
The SAFEA has adopted a point based three-tiered classification system as a primary method to evaluate which candidates qualify for the new work permit.
The classification system divides candidates into three categories: A (above 85 points) for high level talent, B (85 – 60) for professional personnel, and C (less than 60) for non-technical or service workers hired on a temporary or seasonal basis.
The SAFEA assigns scores to each candidate based on his or her education background, salary level, age, time spent working in China, Chinese language proficiency, employment location, etc.
In addition to the points-based classification system, the SAFEA defines a set of special conditions when a candidate qualifies for ‘A’, ‘B’, or ‘C’ level.
The SAFEA explicitly listed all special conditions for each status’ level in the Classification Standard for Foreign Workers in China (Pilot). If a candidate meets any of those special conditions, the SAFEA will flag a corresponding level to this person without calculating the total score.
For example, A level can automatically be granted to international award recipients, Fortune Global 500 company senior managers or technicians, intellectual property holders of high profile companies, and post-doctoral degree holders under 40 years old. All A level candidates are eligible for service through a ‘green channel’, which offers a pre-entry visa, paperless verification, expedited approval, and other facilitation treatment.
RELATED: Payroll and Human Resource Services
Validity of an Employment Permit
While the maximum validity of a Foreigner’s Employment Permit is five years, in practice five-year permits are rarely granted. First-time applicants are more likely to receive a one-year permit and then renewals for a multi-year work permit.
Although the Beijing Labor Bureau has started to grant more multi-year Employment Permits to first-time applicants, other first-tier cities, including Shanghai, Guangzhou, and Shenzhen, grant them far less frequently.
Consider regional variations
As the Management Service System and relative regulating measures are still under testing, regulatory changes could occur in the near future to optimize the new system.
Additionally, new incentives may be implemented first in China’s Free Trade Zones (FTZs) and later integrated into the national model.
In January this year, a new policy which lowers the application thresholds for foreign master’s graduates from Chinese and “well known” overseas universities is an extension of a scheme piloted in the Shanghai FTZ.
It is therefore recommended that work visa applicants stay up-to-date with both the national scheme and regional policies, as local bureaus have administrative leverage when implementing the national model.
A first hand source who classified themselves as a B level candidate and made an application under the new system has indicated that preparation of necessary documents for application can be an extremely taxing and time consuming task if education and work experience was gathered internationally.
Thus, sufficient preparation and company support is essential to the application process. Companies looking to hire foreign staff should not hesitate to reach out for professional HR guidance to ensure their employees successfully receive China work visas.
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China make changes to work permit system
In an effort to attract more foreign talents, the State Administration of Foreign Experts Affairs (SAFEA) has quickened reform to make it easier for foreigners to apply for China’s work visa.
Effective on April 1, 2017, the SAFEA rolled out a unified work permit system nationwide that began to process applications both ‘foreign experts’ and ordinary foreign nationals, referred to as R visas and Z visas respectively.
The new system uses a points-based, three-tiered classification system to evaluate which candidates qualify for the work permit.
Compared with the old system, the new one requires fewer supporting application materials, provides a more transparent evaluation process, and shortens turnaround time.
Foreign applicants will benefit from this restructure of the foreign work permit system due to its simpler, clearer, and less time-consuming application process.
Two-in-one reform versus old system
A standard procedure for obtaining a foreigner’s work visa normally involves three critical steps: an application for an employment license, a work visa application at a Chinese embassy, and obtainment of an employment permit.
Under the old system, there were two government entities, the Human Resources and Social Security Bureau (HRSS) and the SAFEA, governing the foreign work visa application process.
The HRSS issued the Employment License and Alien Employment Permit to Z-visa applicants, while the SAFEA issued the Foreign Expert License and Foreign Expert Certificate to R-visa applicants.
However, starting from April 1, the SAFEA became solely responsible for processing all foreign work visa applications. In other words, both Z-visa and R-visa applicants need to submit their applications to only the SAFEA without confusion over where to apply.
In addition, the Employment License and Foreign Expert License have been integrated into a single Notification Letter of Foreigner’s Work Permit, and the Alien Employment Permit and the Foreign Expert Certificate unified into the Foreigner’s Work Permit ID card. Each Foreigner’s Work Permit card will have a unique ID number that does not change regardless of permit renewal or change of employer.
Online application
Under the new system, the employer and foreign applicant can complete the application and submit necessary supporting documents electronically.
An online management service system for foreign workers in China (Management Service System) established by the SAFEA will manage the online registration process. Application materials required for submission are reduced by almost half, with submissions like personal CVs and application letters no longer necessary. The following documents are required:
Application form for Foreigner’s Work Permit;
Verification of past employment;
Verification of education or a verification of professional qualification;
Criminal record certificate;
Physical examination record for foreigner or overseas Chinese;
Copy of the job contract or appointment letter;
Passport;
ID photo; and
Information of accompanying members.
Documents required by applicant’s employer:
Registration form;
Business license and organization code certificate;
ID information of the employer/agent who is responsible for the registration;
Industry license documents.
Tiered classification
The SAFEA has adopted a point based three-tiered classification system as a primary method to evaluate which candidates qualify for the new work permit.
The classification system divides candidates into three categories: A (above 85 points) for high level talent, B (85 – 60) for professional personnel, and C (less than 60) for non-technical or service workers hired on a temporary or seasonal basis.
The SAFEA assigns scores to each candidate based on his or her education background, salary level, age, time spent working in China, Chinese language proficiency, employment location, etc.
In addition to the points-based classification system, the SAFEA defines a set of special conditions when a candidate qualifies for ‘A’, ‘B’, or ‘C’ level.
The SAFEA explicitly listed all special conditions for each status’ level in the Classification Standard for Foreign Workers in China (Pilot). If a candidate meets any of those special conditions, the SAFEA will flag a corresponding level to this person without calculating the total score.
For example, A level can automatically be granted to international award recipients, Fortune Global 500 company senior managers or technicians, intellectual property holders of high profile companies, and post-doctoral degree holders under 40 years old. All A level candidates are eligible for service through a ‘green channel’, which offers a pre-entry visa, paperless verification, expedited approval, and other facilitation treatment.
RELATED: Payroll and Human Resource Services
Validity of an Employment Permit
While the maximum validity of a Foreigner’s Employment Permit is five years, in practice five-year permits are rarely granted. First-time applicants are more likely to receive a one-year permit and then renewals for a multi-year work permit.
Although the Beijing Labor Bureau has started to grant more multi-year Employment Permits to first-time applicants, other first-tier cities, including Shanghai, Guangzhou, and Shenzhen, grant them far less frequently.
Consider regional variations
As the Management Service System and relative regulating measures are still under testing, regulatory changes could occur in the near future to optimize the new system.
Additionally, new incentives may be implemented first in China’s Free Trade Zones (FTZs) and later integrated into the national model.
In January this year, a new policy which lowers the application thresholds for foreign master’s graduates from Chinese and “well known” overseas universities is an extension of a scheme piloted in the Shanghai FTZ.
It is therefore recommended that work visa applicants stay up-to-date with both the national scheme and regional policies, as local bureaus have administrative leverage when implementing the national model.
A first hand source who classified themselves as a B level candidate and made an application under the new system has indicated that preparation of necessary documents for application can be an extremely taxing and time consuming task if education and work experience was gathered internationally.
Thus, sufficient preparation and company support is essential to the application process. Companies looking to hire foreign staff should not hesitate to reach out for professional HR guidance to ensure their employees successfully receive China work visas.
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How to Register a Private Limited Company in India?
Today, the entire private limited company registration process and other regulatory filings are paperless; documents are filed electronically through the MCA website and is processed at the Central Registration Centre (CRC).
Private Limited Company Registration process is completely online. Upon completing all registration formalities, the Registrar of Companies’ issues a digitally signed Certificate of Incorporation (COI). Electronic certificates issued by the ministry can be verified by all stakeholders on the MCA website itself.
Incorporating a private limited company is a systematic process of collection and submission of details required as per the requirements of the Companies Act 2013 and as per the process defined by the Ministry of Corporate Affairs from time to time. Management of the process requires in-depth knowledge of legal requirements and not to mention, practical experience of the same
Why register a private limited company?
Shields from personal liability and protects from other risks and losses.
Offers liability protection to protect your company’s assets
Attracts more customers
Greater capital contribution and greater stability
Procures bank credits and good investment from reliable investors with ease.
Increases the potential to grow big and expand
BENEFITS OF INCORPORATING A COMPANY
No personal liability to the owner of the company
Improves credibility
Easier to raise funds and loans from bank
Increase the potential to grow big and expand
What to keep in mind while Registering?
Two Directors
Unique Name
A private limited company must have at least two directors and at most, there can be 15 directors. Among all the directors in the business, at least one must be a resident of India
The name of your business must be unique. The suggested name should not match with any existing companies or trademarks in India.
The proposed name and trademark can be checked at https://www.mca.gov.in/mcafoportal/showCheckCompanyName.do
Minimum Capital Contribution
Registered Office
There is no minimum capital amount for a company. A company should have an authorized capital of at least Rs. 1 lakh.
The registered office of a private limited company does not have to be a commercial space. Even a rented home can be the registered office, so long as an NOC is obtained from the landlord.
What Documents will you need?
The below mentioned documents will be required for each Director/Shareholder:
Identity And Address Proof
· Scanned copy of PAN Card or Passport (Foreign Nationals & NRIs)
· Scanned copy of Voter’s ID/Passport/Driver’s License
· Scanned copy of the latest bank statement/telephone or mobile bill/electricity or gas bill
�� Scanned passport-sized photograph specimen signature (blank document with signature [directors only])
Registered Office Proof
For online private limited company registration in India, the company must have a registered office in India. To prove admittance to the registered office, a recent copy of an electricity bill or the property tax receipt or water bill must be submitted. Along with the rental agreement, utility bill or the sale deed and a letter from the landlord with her/his consent to use the office as a registered office of the company should be submitted.
· Scanned copy of the latest bank statement/telephone or mobile bill/electricity or gas bill
· Scanned copy of Notarized rental agreement in English
· Scanned copy of No-objection certificate from the property owner
· Scanned copy of sale deed/property deed in English (in case of owned property)
Note: Your registered office need not be a commercial space; it can be your residence too.
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