7 Documents required for Startup India Registration
Startup India was launched in 2016, the Indian government initiated this plan to support entrepreneurs in their businesses. Startup India not only encourages innovation and entrepreneurship but also, provides benefits like funding, tax breaks, and relaxed government for those who register. This article will give a clear idea about the main documents required for Startup India Registration.
The major documents required for Startup India Registration are: Incorporation or the Registration Certificate of the startup, Proof of funding of the startup (if any, Authorization letter of the authorized representative of the particular startup company, Limited Liability Partnership or partnership firm, Proof of concept like website link or video Patent and trademark details, if any, List of awards or certificates of recognition of the startup (if any), PAN Number of the startup.
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Start Up: Anything is Possible.
Venture Capital backed companies account for 21% of US GDP, and 11% of US private sector employment. The reason we are saying Venture Capital backed companies, is they have moved from Start Up companies to highly successful and profitable concerns. Moreover US Venture Capital firms are today investing in hotbeds of innovation such as China and India as we have become an interconnected society. Rough estimates, say Start Ups today have the potential to contribute 4-5% of India’s GDP by 2030 and have generated 1 million jobs since the Start Up India initiative. Entrepreneurs have proved that conventional wisdom may be conventional but it is not always wise. They demonstrate that good ideas-the ones that change the world , are often initially rejected by all, except for a niche group of risk takers and innovative thinkers whom we usually find among the Venture Capitalists. And a successful Entrepreneur is associated with a good Idea. But, then, what it takes to be a successful Entrepreneur? We feel it takes: a) Brains and Education and innovative ideas b) Energy and Passion c) Expertise d) Vision with good Execution e) Integrity and f) Nerve Control to overcome tough situations. We feel that this in you, the reader of this blog, too. Lastly, they need a favourable Start Up Policy which we have and a Partner in the form of a Venture Capitalist who is genuinely interested in the success of the Start Up. Venture Capitalists often take a Board Seat and provide key advice, mentoring and strategic guidance; help in hiring; help in finding customers , suppliers and additional Investors when needed. All this comes to the title as conclusion ; with a Start Up: Anything is Possible. Hence, come on, Start Up : India
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ONE-PERSON COMPANY REGISTRATION PROCESS
The concept of One personal company is introduced in the year 2013 under the Companies Act, 2013. This has brought so many changes and provided many opportunities for all budding entrepreneurs to start their single-person economic enterprise. It is a refinement of a Sole proprietorship.
An OPC is managed and controlled by a single individual, minimizing his or her accountability for contributions to the enterprise. A director nominee, on the other hand, is present but has no authority until the actual director is unable to continue. A company can be founded with only one director and one member, according to Section 2 (62) of the Company’s Act 2013. A Person Company Registration in India is a type of entity with the fewest compliance requirements of any company type. Because it is administered by a single person, an OPC is simple to manage. If you are an entrepreneur seeking unique success, you can register as an OPC in India.
Why Choose One-Person Company Registration?
One-Person Company Registration offers numerous advantages over a sole proprietorship. Having a registered company under MCA increases the legitimacy of your business. It benefits your company in the following ways:
1. A single proprietor can form a corporation.
2. Unlike a sole proprietorship, your business name is protected and cannot be replicated by others.
3. A decrease in compliance
4. Its director’s liability is limited.
5. Suitable for bank loans and credit
6. Lower income tax rate when compared to a sole proprietorship
7. No involvement from a third party is permitted.
8. Ownership is easily transferrable to a nominee in the event of the owner’s death.
Eligibility for One-Person Company Registration
The company’s Director / Shareholder must be an Indian citizen and a resident of India. NRIs and foreign nationals are not permitted to register for OPCs in India.
Before registering a one-Person Company, the proprietor must be 21 years old. Minor is unable to function as a member.
The promoter must select and furnish KYC information for a nominee during the OPC Incorporation.
There is no minimum capital requirement for a one-person firm. An OPC can be formed with a paid-up capital of Rs.1/-. An OPC, on the other hand, must be registered with a minimum authorized capital of Rs. 1 Lakh.
Your company’s name must be distinct and unique. The suggested company name should not be similar to any existing registered Indian companies or trademarks
Documents Needed for OPC Company Registration
A scanned copy of a recent bank statement
Bank statements can be accessed via Internet banking or by visiting a bank branch. Account statements and transaction summary statements are two additional standard titles for them.
A bill for power or gas, a phone bill, and a mobile bill
Utilities often include power, gas, water/sewage, and garbage disposal. Other services, such as internet, cable TV, and phone service, are occasionally viewed as extra utilities because they are now considered standard in most Indian households. The cost of utilities might vary greatly based on your location, the temperature where you reside, and your usage habits. As a result, these are also presented as critical documents for OPC registration.
Rental agreement in English, digitally transcribed
Tenants are frequently given hard copies of rental agreements. This must be scanned and submitted to the appropriate authority for documentation.
Digital transcription of a landowner’s no-objection certificate
This document comes from the specific landowner. Section 12 of The Companies Act, 2013 requires that every corporation maintain a registered address. When a company is incorporated in India, the registered address is attached to the Spice+ form. If the business’s address changes after formation, a Form INC-22 notification of the company’s new registration address must be sent to the ROC.
An English-language scanned copy of the property deeds or sale deeds if the property is owned.
A sale deed is a legal document used in real estate transactions to confirm the purchase of property and the transfer of ownership from the seller to the buyer. This is the primary ownership transfer documentation. A sale deed is also known as a conveyance deed or a final deed.
Registering One Person Company is quick, simple, and can be done online with a few easy steps:
Obtain a Digital Signature Certificate (DSC) and Director Identification Number (DIN): These are mandatory requirements for registering any company in India. You can obtain these online by visiting the website of the Ministry of Corporate Affairs (MCA) or through a government-approved agency.
Choose a unique name for your OPC: You need to choose a unique name for your company that does not conflict with any existing trademarks or company names. You can check the availability of your chosen name on the MCA website.
File incorporation documents: You need to prepare and file various documents for incorporation, including the Memorandum of Association (MOA) and Articles of Association (AOA) of the company, as well as a declaration from the sole member of the company. You can prepare and file these documents online through the MCA website.
Pay the registration fee: Once your documents are verified, you will need to pay the registration fee online. The fee depends on the authorized share capital of the company.
Obtain Certificate of Incorporation: After successful registration, you will receive a Certificate of Incorporation from the Registrar of Companies. This certificate is proof that your OPC is now a legal entity in India.
Apply for PAN and TAN: Finally, you need to apply for a Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) for your OPC. You can apply for these through the NSDL website.
Finding difficulty in registering OPC? Utilize our effective services for Person Companies (OPC) registration. Assuring that all legal criteria are met, our knowledgeable team will walk you through the whole registration process. You can concentrate on expanding your business while we take care of the paperwork. Use our easy registration services to begin your OPC journey right away.
Reference:
https://cleartax.in/s/one-person-company-registration-procedure-india
https://www.geeksforgeeks.org/one-person-company-meaning-and-characteristics/
https://vakilsearch.com/one-person-company-opc-i
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Steps to Register your Startup: Turn Ideas into a Reality!
Startups are progressing in India. It helps in boosting the country’s economy. Various Steps to Register your Startup in Inida is explained in this article. The government also provides some infrastructure for young entrepreneurs to establish startups. The government of India, under the leadership of Prime Minister Narendra Modi, has started and promoted the startupsto attract talented entrepreneurs.
Its main objective is to build a strong connecting network that is helpful for the growth of startups and also aims to enrich and enlighten the startups through technology and innovation. These startups mainly help for the growth of the Indian economy.
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