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Benefits of LLP Registration in India
The following are the benefits of LLP Registration in India:
1. Low Cost and Less Compliance:
The overall cost of establishing a Limited Liability Partnership is low compared to the cost of registering a Private or Public Limited Company in India. The compliances to be followed by the LLP are also low. The LLP needs to file only 2 Statements yearly (i.e., an Annual Return and a Statement of Accounts and Solvency.
2. Liabilities are limited:
Limited Liability Partnership provides a limited liability benefit to all the designated partners. In case of s business insolvency or loss, the partners’ liability is restricted to the capital contribution as per the LLP agreement. Moreover, one partner is not held responsible for the actions of negligence/misconduct of any other partner.
3. Separate Legal Existence:
Just like a Company, an LLP has a separate legal entity. The Limited Liability Partnership is different from its partners. An LLP in India can sue & be sued in its own name. The Contracts are signed in the name of the Limited Liability Partnership (LLP) which helps to gain the trust of various stakeholders & gives the customers and suppliers a sense of confidence in the business.
4. Tax Benefits:
It is also exempted from various taxes like DDT (Dividend Distribution Tax) & Minimum Alternative Tax. The tax rate on LLP is less than that of the Company.
5. No Minimum Capital:
For the LLP formation in India, no minimum capital is required. No minimum capital contribution is required from partners. An LLP can be incorporated even with Rs. 2000 as a total capital contribution.
What are the Features of an LLP in India?
The following are the features of an LLP in India:
It’s a body corporate & legal entity separate from its members;
The members of an LLP have a limited liability, limited to their agreed contribution to the LLP;
It has the organizational flexibility of a Partnership;
It has a perpetual succession, it continues to exist even after the founding partners leave the organization. All it requires is to have at least 2 partners;
Its accounting & filing requirements are similar to that of a Company;
Less compliance and regulations;
No requirement for minimum capital contribution;
At least one partner must be a resident of India;
There is no upper limit on the maximum number of Partners.
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Change LLP Agreement
In India, registering an LLP follows rules laid out in the LLP Act of 2008. When you set up an LLP, you have to submit a special LLP Agreement. Think of it like a rulebook that decides how the LLP will work. This LLP Agreement isn’t just a piece of paper – it’s like the boss that guides everything the partnership does. Partners need to follow the rules in the agreement, and breaking any of them is a big deal. But, just like life, businesses change too. That’s when you might need to tweak the LLP Agreement. Maybe you want to adjust how much money each partner puts in, change the kind of work you do, or sort out who does what. These changes are like updates to the rulebook, and they’re made when all the partners agree. When it’s time to change LLP Agreement, RegisterKaro is here to help. We’re like the helpful guide that takes care of all the paperwork and legal stuff so your LLP can smoothly go through these changes. Think of us as your partner in making your business grow and evolve.
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Important Points Regarding Section 8 Company in India
Following are some vital points about Section 8 Company in India:
NGOs in India can be registered under Registrar of Societies or as a Non-Profit entity under Section 8 Company of the Companies Act, 2013
Compliance with Companies Act is compulsory for Section 8 Company, including Filing returns with the ROCs, maintaining books of accounts, & complying with GST and IT Act Regulations
Section 8 Company in India cannot utilise profits for purposes other than charitable objectives & cannot distribute them among shareholders of the Company
Any alterations to the Charter Documents like AoA & MOA require consent from the Government
Section 8 Companies are identical to the former Section 25 Companies Under the Companies Act 1956 and now, they are recognized as such under the prevailing legislation
Advantages of Section 8 Company Registration in India
The following are the advantages of Section 8 Company Registration in India:
1. Separate Legal Entity:
These types of companies in India are considered as a separate legal entity, which means that they can own property, sue or be sued in their name, and enter into contracts.
2. More Trustworthy & Credibility:
Due to its non-profit nature, Section 8 Companies are often viewed as more credible & trustworthy than other types of Companies.
3. Nil Stamp Duty:
These Companies are exempted from paying stamp duty on their Registration Documents.
4. Minimum Share Capital:
These companies don’t have any minimum capital requirement.
5. No Minimum Capital is Required:
In India, Section 8 Companies do not have a minimum capital requirement and they can adjust their capital structure as per their growth and give them more flexibility.
6. Exemption to Donors:
Tax exemption is only allowed for the donations received by the Section 8 Company under Section 12A & 80G of the Income Tax Act.
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Company Registration in Dubai
After Abu Dhabi, the nation's capital, Dubai, the commercial center of the United Arab Emirates, is the second-richest emirate. Surprisingly, though, Dubai's riches did not come from oil reserves and natural resources like that of the other emirates. Dubai should also be at the top of your choice of sites if you're willing to launch a new business or want to expand your current one. These are a few advantages of establishing a company in Dubai.
Types of Companies in Dubai
There are different types of companies to be chosen for business registration under the Dubai Laws. Following are such among the popular company structures that people opt for Company Registration:
Free Zone Companies : The businesses and establishments that are part of the free zone are located in FTZs, which have different laws from mainland Dubai regarding ownership, taxes, and customs. A foreign businessperson may own all shares in a firm founded in a Free Trade Zone (FTZ). Within a Free Zone, entrepreneurs are able to form two different kinds of businesses: free zone establishments and free zone firms. Establishing a free zone establishment is possible for a single stakeholder with minimal responsibility. A free zone business or LLC can have up to five shareholders. A free zone corporation or institution can be founded by any natural or legal person. The laws and guidelines set forth by the specific free zones govern the creation of a firm or facility within them.
Limited Liability Company : An LLC, or limited liability company, must have at least two shareholders in Dubai. An LLC may have a maximum of 50 stockholders. The amount that an LLC's stockholders can contribute to the share capital is the only restriction. Except for banking, insurance, and financial investing, an LLC can engage in any type of business.
Onshore Company : A business founded in Dubai's mainland is referred to as an onshore company. The directors of the company are based in Dubai. Dubai only permitted 49% ownership for foreign business owners, and that ownership had to be created in conjunction with a native sponsor or agent. The administration of Dubai has changed this, though. As of right now, foreign entrepreneurs are allowed to hold 100% of a Dubai onshore business, with the exception of those founded for economically significant ventures in seven distinct industries.
Offshore Company : An offshore corporation is used to organize and run the firm outside of the nation's legal jurisdiction. The company is entirely controlled by foreigners and is based in another nation, although it is registered in Dubai. Offshore companies are fully owned by foreign entrepreneurs.
Branch Office: An extension of the main business is a branch office. Any foreign business may open a branch office in any of the FTZs in Dubai as well as on the mainland. Establishing a branch office is a wise move for businesses hoping to grow in the regional markets of the United Arab Emirates.
Why register your company in Dubai?
There are various benefits of starting a business in Dubai starting from:
Tax Benefits : Foreign investors benefit greatly from significant tax breaks because the UAE government seeks to create a business-friendly environment throughout all of its emirates. For example, capital gains and personal taxes are not owed by overseas investors. The VAT rate in Dubai is merely 5%, far less than in the majority of other global economic centers. This thriving region attracts a lot of new businesses and establishes conglomerates thanks to these business-friendly tax regulations.
International Market : This is an extra advantage for start-up businesses trying to grow and attract their first customers. Dubai is home to participants from practically every industry and domain because it is a major worldwide hub for commerce. For both B2B and B2C enterprises, this is a huge benefit. Due to the UAE's rise to the 11th spot on the worldwide "ease of doing business" ranking, more businesses are setting up shop in Dubai. Moreover, the presence of ports and a large labor pool facilitates the expansion of commercial enterprises.
Business Ownership :A broader range of activities can be managed by mainland businesses. You can trade freely on the mainland if you wish to expand your offerings. Simply re-register your new operation with the Department of Economic Development (DED). As a result, the UAE's 100% ownership policy for international investors would entice them to research the local market in Dubai and adjust the business plan for their operation.
Government Assistance : The administration of Dubai never declines to provide top-notch facilities, advantages, and security to foreign investors. In terms of quality, innovations, and more commercial opportunities, it keeps changing the laws and regulations that control how enterprises are performed in the town. In addition, the nation hopes to create many commercial growth strategies and host a variety of international events.
Geographically apt : Situated at the confluence of the East, West, North, and South, Dubai serves as an easy connection between global manufacturers, distributors, and builders of essential goods. The world's busiest and most active runways are found in Dubai. Runways and cargo terminals are situated in highly connected areas, which facilitates easy operations. This encourages the shipping, re-export, and travel businesses to grow.
Documents you would need
Following is the list of documents [not exhaustive] that you might need for the Company Registration process in Dubai:
1 : A duplicate of the directors' and shareholders' passports
2 : A copy of the directors' and shareholders' national identity cards
3 : Current utility bills, credit card statements, or bank statements that include the shareholders' and directors' residence addresses
4 : The Memorandum and Articles of Association of the Company Board resolution containing information about the establishment of the branch or subsidiary designating an authorized manager
5 : Information about share capital
6: a duly certified appointment contract from a business or service
Why Choose RegisterKaro for Company Registration in Dubai?
RegisterKaro has been a one-stop solution for Company Registration in Dubai for the varied ranges of benefits such as:
The pool of Experts: RegisterKaro holds a large pool of experts from all over the world. Our team of experts makes sure that your work is taken care of in the most effective manner possible.
Cost-effective : RegisterKaro company registration services are of premium quality at the most efficient rate, which suits the client's pocket, making sure that quality service is not the only thing the client gains on our platform.
Client-oriented approach : Our team of experts is well trained and equipped with a client-oriented approach, keeping in mind that the process must be client-centric, focusing on meeting all the requirements of their business and, therefore, satisfying their needs.
Process Alteration: For the fact that we focus on a Client-centric approach, we keep our process structurization open for the client to alter it as per their need, requirements, and vision. For us, obtaining the best results is the focus, along with the Client satisfaction.
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PSARA License
The full form of PSARA is the Private Security Agency (Regulation) Act, 2005 which is a comprehensive law enacted to regulate the proper functioning of Private Security Agencies in India. PSARA License is the license granted under the Act to validate the legal existence of such agencies in India.
The current era witnesses a surge in individuals embarking on entrepreneurial ventures and establishing their enterprises. This rapid proliferation of small businesses in the commercial realm has underscored the imperative for security and safety measures. Entities specializing in training and offering security services are commonly referred to as security agencies. Presently, a multitude of private security agencies has emerged to address the security requirements of both individuals and businesses. In India, the Private Security Agency (Regulation) Act, 2005 (PSARA) vigilantly oversees all operations and activities of these diverse private security agencies.
The growing business environment in India has heightened the demand for private security across various sectors. From banks to upscale restaurants, and car showrooms to state-of-the-art factories, the necessity for robust protection has become paramount to either ward off criminal elements or ensure the proper maintenance of security measures. In response to this escalating safety concern, the Private Security Agency (Regulation) Act, 2005 (PSARA) was enacted. This legislation provides the framework for establishing a legitimate private security agency in India. Furthermore, the Act governs every facet of private security agencies in the country, encompassing aspects such as registration and the recruitment of personnel for security services.
What is a Private Security Agency?
A private security agency is a business entity created to provide security services to a range of sectors, including banking, information Agencies, finance, and industries. The introduction of the Private Security Agencies (Regulation) Act, 2005 (PSARA) aimed to instill a specific standard of professionalism in the realm of security services. To legally operate, these agencies must obtain a PSARA license. Beyond offering security services, these agencies also extend the opportunity to train individuals aspiring to pursue careers in security-related fields.
Significant Role Played by Private Security Agencies in India
Private security agencies play a pivotal role as business entities dedicated to providing security services across diverse sectors. The implementation of the Private Security Agencies (Regulation) Act, 2005 (PSARA) was a strategic move to establish and uphold a specific standard of professionalism within the realm of security services. A crucial prerequisite for the operation of security agencies in India is the acquisition of a PSARA license, which serves as a fundamental mandate.
Beyond the provision of security services, these agencies also contribute to the professional development of individuals by offering comprehensive training programs tailored to the demands of security-centric careers. This dual focus on service provision and skill enhancement underscores the integral role that private security agencies play in ensuring the safety and protection of businesses from various verticals in the dynamic landscape of India.
Who is Eligible for PSARA?
Regarding Business Organization Type: Entities eligible for registration under the Private Security Agencies (Regulation) Act, 2005 (PSARA) and the subsequent acquisition of a PSARA license include:
Sole Proprietorship
One Person Company
Partnership Firm
Limited Liability Partnership (LLP)
Association of Persons
Private Limited Company
Regarding Director/Principal Officer Role Eligibility: Becoming a Director/Principal Officer is subject to specific eligibility criteria:
Must be a citizen of India.
Must be at least 18 years old.
Must possess adequate financial resources to cover business expenses.
Must not have any convictions.
Regarding Security Guard Role Eligibility: Qualifying for the role of a security guard requires meeting the following criteria:
Must be a citizen of India.
Must be between the ages of 18 and 65.
Must have undergone prior training.
Must not have been terminated from any government service.
Must meet the specified physical attributes.
Proof of the individual’s character must be provided.
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Startup India Registration
A Complete Analysis of Startup India Registration
India’s startup scene is thriving, witnessing a surge in young entrepreneurs each year. With supportive government backing, startups contribute significantly to the nation’s economic growth. These ventures, offering innovative solutions to societal challenges, redefine existing products or services. The Startup India Initiative, championed by the Indian government, aims to nurture aspiring entrepreneurs. The accompanying Startup India Scheme provides crucial financial and mentoring support for the growth and expansion of startup companies. This initiative not only promotes startups but also focuses on creating employment opportunities and fostering wealth generation.
What is a Startup?
It’s a newly established Company, generally small, which is started by one or more people. The main purpose behind a startup is to grow faster & provide something to fulfill the market gap in any industry. There are no fixed parameters set for a startup, as they are totally independent to some level. Startups initiate with a product concept & strive to grow at pace. It’s not vital that all Startups make a profit during their initial stage.
Objectives of Startup India Movement
Following are the objectives of Startup India Movement:
1: Enhanced Infrastructure, including incubation centers;
2: IPR facilitation;
3: A goal to increase the funding opportunities;
4: Provide an extensive networking database for the entrepreneurs & other stakeholders in the startup ecosystem;
5: The better regulatory environment including tax benefits, easier compliance improved establishing a Company, fastest mechanism & more.
Benefits of Startup India Registration
Following are the benefits of Startup India Registration:
Easy Access of Funds: Rs. 10,000 crores fund is set-up by the Indian Government to provide funds to the startups as Venture Capital. The Government is also giving guarantees to the lenders to encourage banks & other financial institutions to provide Venture Capital.
Tax Savings for Investors: Individual investing their capital gains in the venture funds set-up by the Government will get exemption from Capital Gains and this will help all the Startups to attract more investors.
Income Tax Exemption: Eligible startups can be exempted from paying Income Tax for 3 Consecutive F.Y. (Financial Years) out of their first 10 years since Incorporation.
Easily apply for Government Tenders: Startups in India can easily apply for Government Tenders and they are exempted from the prior experience or turnover criteria applicable for normal companies answering to Government Tenders.
Rebate in Trademark & Patent Filing: Startups working under Startup India Registration Scheme will get 50% rebate on Trademark Filing and 80% rebate on Patent filing.
Easy Winding Up: The process of winding up of Company becomes very easy & it takes 90 days to wind up under IBC, 2016.
Eligibility Criteria for the Registration
Following is the eligibility criteria for Startup India Registration or DPIIT Certificate of Recognition:
1: The Startup India Registration Certificate or DPIIT Certificate of Recognition is provided for the company which is registered as an LLP, Private Limited Company, or a registered Partnership Firm.
2: To get the Registration Certificate, the firm should have an annual turnover of less than Rs. 100 crores for any of the previous Financial Year.
3: The entity or company should be working towards improvement/development of a product, service, or process.
4: The entity or company should have a scalable business model with high potential for the creation of wealth & employment. The company or firm should have the capability to generate employment or create wealth.
5: The period of Company’s operations or existence shouldn’t exceed 10 years from the date of formation.
6: To get Startup India Registration Certificate or DPIIT Certificate of Recognition, the company shouldn’t have been registered by splitting up/recreating an already existing entity.
7: Applicants shouldn’t have defaulted with any financial institution in the past.
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Trademark Registration Online
A Trademark refers to a recognizable phrase, word, symbol, name, design, image, or combination of these that denotes a particular product & legally differentiates it from all other products. In simple terms, a Trademark identifies a product as belonging to a particular company & recognizes the Company’s ownership of the brand. Trademarks are usually considered a type of IP (Intellectual Property) & may/may not be registered. Trademarks & their rights are safeguarded by the Trademark Act, of 1999. To get the protection of Trademark Rights one has to register the Trademark. It’s vital to get Trademark Registration Online done because it prevents others from copying your Trademark & misrepresenting other products with your mark.
Benefits of Trademark Registration Online in India
1. Gives Exclusive Rights:
The actual owner of a registered Trademark will be able to have exclusive rights over their Trademark. The same Trademark can be applied by the Trademark Owner for all the products that come under the same classes. These rights on the products or services permit the Trademark Owner to stop any type of unauthorized use of the registered Trademark.
2. Provides Unique Identity:
Customers will recognize the product or service only with the brand name or Trademark. Registering a Trademark guarantees that competitors will not apply it & so it remains a Company’s distinctive asset.
3. It Protects, Builds Commercial Goodwill:
An owner of a registered Trademark can build & protect the goodwill of their products or services. The Trademark owner can stop other traders from using their trademark illegally. The owner can also sue the infringer for using the brand name & demand damages for any infringement.
4. Legal Protection:
An owner of a registered Trademark has the legal right to sue anyone in case of infringement.
5. Creation of an Asset:
Trademark Registration creates an intangible asset and a registered Trademark can be assigned, sold, franchised, or commercially contracted to bring benefits to the Company or the owner.
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Types of Companies for Company Registration in the Netherlands
In the Netherlands, there exist two main broad categories for company registration; one specifying the Corporate legal personality and another for Non-corporate legal personality, which are as follows:
Legal Personality:
Private limited company [besloten vennootschap/BV] : A corporate structure with legal personality is a private limited company or besloten vennootschap (bv) in the Netherlands. This implies that BV, not you personally, is usually responsible for any debts. As the only director and major shareholder (DGA), you may form a Dutch bv by yourself, with other people, or with other legal organizations, and therefore work for BV and represent it. The equity of a private limited business is allocated among its owners in the form of shares.
Public limited company [naamloze vennootschap/NV] : A NV and a BV are primarily distinguished by their size, with the former being a larger business with more directors. A public limited company's capital is divided into shares, each of which is owned by a shareholder. These shareholders hold the ultimate power but are permitted to make choices regarding the business. The board may also be appointed and removed by them. Bearer shares are not permitted by Nevada; only registered shares may be issued.
Cooperative [coöperatie] : A cooperative can be established with one or more participants. For instance, one member can delegate tasks to the other if they get sick as the members of the cooperative make it up. The cooperative's existence is not in jeopardy when members join or leave. In contrast, partners in a professional or business partnership (maatschap) are not free to depart at any time.
Association [vereniging] : An association is a type of organization where profit is not the primary goal. The majority of associations concentrate on planning social events. Any money that an association makes ought to be put back into the organization as sharing the profits with other members is not permitted. There are two or more members of the association who all are qualified to cast a vote and the entire power and authority is vested in the gathering of members, or ledenvergadering. The Committee, which is composed of (at least) a chair, secretary, and treasurer, is appointed by the ledenvergadering [no stockholders].
Foundation [Stichting] : Foundation stands to be like that of an association where the motive is not profit making, therefore promoting non-profit or social cause.However, this type of organization can also be subject to operation as that of a business but important to note that the profit must only be used for the foundation’s cause only. Unlike an association, it neither has shareholders, not members.
Non-Legal Personality:
Sole Proprietorship [eenmanszaak]: Sole Proprietor is one of the non-legal personalities meaning that the operator of the business is solely responsible for all of the business profit and debts. In this form of business, the business is not considered separate from the owner who is also known as Sole Proprietor.
General or Commercial Partnership [vof/vennootschap onder firma]: General Partnership or commonly known as Commercial partnership is such a business structure where two or more people come together to work under one business name. It is important that all of the partners constituting the partnership are contributing in some way whether it be money, labor, or other form of resources. Like that of the sole proprietorship, this form of business is also not separate from its partner, defining that the partners are liable for all its profit and loss depending on their contribution.
Professional or Public Partnership [maatschap]: Professional or Public Partnership is a form of collection of Individual professionals intending to be self-employed along with like forms. This might include doctors, lawyers, accountants, architects, etc. In this form of structure, the members are called partners and are entirely responsible for the company's liabilities.
Limited Partnership [CV/commanditaire vennootschap]: Limited Partnership consists of two more partners where one is mandatory to be an unlimited partner and the rest to be the limited one. It means that the unlimited partner is not considered separate from the entity and is liable for all the actions taken place in the business, either resulting in profit or loss. However, on the other hand, the limited partner is only liable for the amount of contribution he or she has made to the business.
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Compliance for LLP in India
Once an LLP is incorporated, there is some mandatory compliance that an LLP is required to fulfill. If a Limited Liability Partnership fails to comply with these requirements, it may have to pay heavy penalties. Following is the list of vital compliance that an LLP needs to follow after the LLP Registration in India.
In India, LLP or Limited Liability Partnership enjoys a separate status and an organization needs to maintain its active status by regularly filing with MCA (Ministry of Corporate Affairs). Annual Compliance filing is compulsory for any LLP, whether having a business or not. LLP Compliance in India requires filing 2 separate forms. One form is for Annual Return and another one is for Statement of Accounts & Solvency. The forms are filed for reporting the activities & financial data for each Financial Year in the future. The failure to fulfill all the requirements for LLP Compliance levies an additional fee of Rs. 100 each day of a delay till the actual filing date. Hence, apart from the mandate, the heavy penalty compels the Partners to fulfill the requirements.
For LLP, the returns should be filed periodically to maintain compliance & avoid heavy penalties for non-compliance. An LLP has only a few compliances to be followed every year which is amazingly low as compared to the compliance requirements placed on the Private Limited Companies. Whilst non-compliance might only charge a Private Limited Company Rs. 1 lakh in terms of penalties and it might charge an LLP up to Rs. 5 lakhs.
Benefits of LLP Compliance in India
Following are some benefits of LLP Compliance in India:
1 : Easy Closer and Conversion of LLP: For the LLP Conversion into any other organization or company, annual filing is very important. Regular compliance records ease the conversion task. The same applies in the case of LLP Closure. Even if the Limited Liability Partnership was non-operational, the Registrar may ask to fulfill LLP Compliance, with an additional LLP filing fee (if applicable).
2 : Avoid Penalties: With an intention to avoid huge penalties & fees, regular filing of forms protects Partners from being declared as defaulters. It also avoids further disqualification of contracts. Hence, Limited Liability Partnership needs to fulfill the Annual Compliance requirements. The non-fulfillment of LLP Compliance adds up in the form of heavy penalties till the actual date of filing.
3 : High Credibility: Legal Compliance is the main requirement for any business in India. The status of the LLP Annual filing is shown in the Master Data of the Limited Liability Partnership on the MCA portal & any individual can access the same. For loan approvals or any other requirements, compliance is a primary criterion to measure the Company’s Credibility.
4 : Financial Worth Record: The Forms filed by the Limited Liability Partnership are accessible by Companies. Hence, while entering into major projects or contracts, the concerned party may also inspect the financial worth. The annual filing provides its financial worth record & capacity to an interested individual or party.
5: Greater Reputation: A vital requirement for any company is legal compliance. Anyone can access the Master Data of the LLP on the MCA portal to check the current status of the LLP Annual Filing. Compliance is a key factor in determining how trustworthy an organization or a Company is when approving loans or other needs of a similar nature.
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Section 8 Company Registration
In India, a Section 8 Company functions as an NGO dedicated to advancing various fields such as art, science, education, sports, and charitable activities. Unlike Trusts or Societies, profits generated by Section 8 Companies are reinvested to support their stated objectives rather than being distributed to company members. The registration process for a Section 8 Company falls under the jurisdiction of the Ministry of Corporate Affairs (MCA), distinguishing it from Trusts and Societies, which are governed by State Government Registrars.
Opting for Section 8 Company registration through RegisterKaro offers distinct advantages over Trusts and Societies. The Section 8 structure enhances credibility with government departments, stakeholders, and potential donors. At RegisterKaro, our proficient team ensures a seamless registration process for your Section 8 Company. With expertise in documentation, application filing, and efficient incorporation, we alleviate your concerns, making the entire process smooth and effective.
Important Points Regarding Section 8 Company in India
Following are some vital points about Section 8 Company in India:
NGOs in India can be registered under Registrar of Societies or as a Non-Profit entity under Section 8 Company of the Companies Act, 2013
Compliance with Companies Act is compulsory for Section 8 Company, including Filing returns with the ROCs, maintaining books of accounts, & complying with GST and IT Act Regulations
Section 8 Company in India cannot utilise profits for purposes other than charitable objectives & cannot distribute them among shareholders of the Company
Any alterations to the Charter Documents like AoA & MOA require consent from the Government
Section 8 Companies are identical to the former Section 25 Companies Under the Companies Act 1956 and now, they are recognized as such under the prevailing legislation
Advantages of Section 8 Company Registration in India
Following are the advantages of Section 8 Company Registration in India:
1. Separate Legal Entity:
These types of companies in India are considered as a separate legal entity, which means that they can own property, sue or be sued in their name, and enter into contracts.
2. More Trustworthy & Credibility:
Due to its non-profit nature, Section 8 Companies are often viewed as more credible & trustworthy than other types of Companies.
3. Nil Stamp Duty:
These Companies are exempted from paying stamp duty on their Registration Documents.
4. Minimum Share Capital:
These companies don’t have any minimum capital requirement.
5. No Minimum Capital is Required:
In India, Section 8 Companies do not have a minimum capital requirement and they can adjust their capital structure as per their growth and give them more flexibility.
6. Exemption to Donors:
Tax exemption is only allowed for the donations received by the Section 8 Company under Section 12A & 80G of the Income Tax Act.
Requirements for Section 8 Company Registration
Following are some vital requirements for Section 8 Company Registration:
1. Directors:
For Section 8 Company Registration in India, a minimum of 2 Directors are required.
2. Capital Requirement:
There is no minimum paid-up capital for the Registration of Section 8 Company. NGOs in India established as a Section 8 company need not use the words Private Limited or Limited in their name.
3. Management
Section 8 Company is managed by the BoD (Board of Directors) as per AoA & MoA of the Company, unlike other Trusts that are handled by the Trustees as per the Trust Deed.
4. Regulation under various Acts:
Section 8 Company needs to follow the Rules & Regulations prescribed under the Companies Act, 2013. It needs to file returns & maintain Books of Account with ROCs. Section 8 Company can’t make any alterations to the provisions of Memorandum of Association (MoA) & Articles of Association (AoA) without prior consent of the Central Government and it should follow the provisions of the GST Law & Income Tax Act.
5. Charitable Objects:
In India, Section 8 Companies are registered with non-profit objectives. The AoA & MoA must mention the purpose for which it is set up. Any profits earned by the Section 8 Company is utilised for the furtherance of its main objectives i.e., charitable purposes in the Company. The profits will not be distributed among its members.
6. DSC and DIN:
DSC or Digital Signatures of all the proposed Company’s Directors are necessary for the Registration because the forms for the Registration process are filed online & should be digitally signed. Apart from DSC, you need to apply for DIN for the Directors and the application for allotment of DIN must be filed in Form DIR-3 or along with the SPICe+ Form for the Registration.
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Types of BIS Hallmarking Certificates
BIS Registration for Hallmarking Showroom/Jewellers
BIS Hallmarking Registration is compulsory for jewellers to manufacture or sell gold & silver jewellery. Under the Hallmarking Scheme, BIS grants Hallmarking Registration to jewellers for the specified location. A jeweller who wants to sell BIS Hallmarked gold jewellery must first obtain Hallmark Registration from BIS for each of their sales outlets. BIS-certified jewellers can have their jewellery hallmarked at BIS Assaying & Hallmarking Centres.
BIS Recognition of Assaying & Hallmarking Centre:
A Hallmarking Centre is a BIS-certified marking center or 3rd party evaluation center where the purity of precious metals is examined & stamped. BIS recognition is required for the center and the A&H center can apply for BIS Recognition.
Different Types of Forms for Hallmark Registration
FormsDescriptionForm-IThis application from is for the grant of a Hallmark Registration Certificate to jewelers to sell Hallmark articles.Form-IVApplication for Recognition of Assaying & Hallmarking Centre as per IS 15820Form-VAffidavit cum undertaking submitted by Assaying & Hallmarking Centre for BIS RecognitionForm-VIIThe renewal application of Recognition of Assaying & Hallmarking Centre as per IS 15820Form-VIIIApplication for grant License to use the HallmarkForm-XIIIRenewal Application of LicenseSchedule-IIFee for Grant & Renewal of Recognition of Assaying & Hallmarking CentreSchedule-VFee for Grant & Renewal of License to Refinery/Mint
Documents Required for Hallmark Registration
Proof of a Company/ firm establishment
1. Registered partnership deed
2. Registration certificate issued by ROC and MOA(Memorandum of Association)
3. CA certificate (if the application is a proprietorship firm)
Address proof of company or firm
1. GST registration certificate
2. Income tax assessment order
3. The sale or lease deed agreement
4. Rent agreement with previous rent receipts
5. Latest receipt of property tax
6. Registration certificate issued by a state government
Proof of annual turnover:
1. Copy of GST returns of the previous financial year
2. In case the firm is new, an undertaking should be collected from the firm with an estimate of expected turnover and assurance to submit GSTR.
ID proof of the Signatory:
1. Aadhaar-based verification or e-signature
2. Copy of PAN card, Aadhaar card, passport, driving license, or photo ID card issued by a Gazette Officer on an official letterhead.
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Hallmark Registration
In India, especially women have more fascinated with gold for many years and gold is always a very safe and secure investment for Indian residents during tough times. Hence, to protect customers from adulteration and to obligate jewelers to maintain the purity of jewelry, the Bureau of Indian Standards launched a jeweler Registration Scheme. BIS introduced the Gold Hallmarking Scheme in 2000 & a Silver Hallmarking Scheme in 2005. It is the accurate determination & official recording of the equivalent content of precious metals (such as gold and silver) in precious metal articles. Thus, Hallmarks are legal marks used in many countries as a guarantee of the purity/fitness of precious metal articles. The primary objectives of the Hallmarking Scheme are to safeguard the public against adulteration & to obligate all manufacturers to maintain legal standards of fitness. If we see in India especially two metals, namely Gold & Silver, have been brought under the purview of Hallmarking.
Importance of Hallmark Registration Certification
It rapidly boosts your business;
It gives quality assurances to jewellery products;
It provides customer satisfaction and builds trust among customers;
This Certification adds value to the precious stone & trust in jewellery;
Provide legal protection against any violation.
List of Different marks of a BIS Hallmark?
Old Methods of Hallmarking
BIS Mark or Logo: his mark shows that a 3rd party or independent assessor has properly evaluated the decoration & validated the purity of a metal. In most instances, it is validated by one of the BIS certified labs.
Purity Grade: There are two ways to know the purity of gold; one is Karats which is denoted by KT and the second is Fineness Number. So, the highest grade of gold is 24KT (purest), but it is too soft to be utilised in ornamentation or jewellery. As an outcome, a trace amount of other metals, such as silver or zinc, is added to gold to create long-lasting jewellery/adornment.
Hallmarking Centre’s Mark: This is the Hallmarking License of the marking centre or 3rd party evaluator. The label is stamped in every product in the centre and is inspected for purity of silver & gold.
Jeweller Mark: This is the manufacturers or jeweller’s mark on the metal article and each BIS certified jeweller’s decorations bear a unique jeweller BIS Hallmark Logo.
Marking Year: This shows the year the object was labelled or hallmarked. The marking year is recognised by a letter of code assigned by BIS. For e.g., the letter A stood for 2000 and B for 2001 and so on.
New Methods of Hallmarking
The BIS has introduced a new method for marking jewellery and the new method contains a Unique Identification Number along with a BIS Hallmark and the purity of the metal. In 2019, the Indian Government announced that Hallmarking of gold artefacts & jewellery would be mandatory across the country. After fulfilling the terms & conditions of the Hallmark Registration Certificate as specified in Regulation 5 of the BIS (Hallmarking) Regulations, 2018, precious articles of gold marked with Hallmark shall be sold only by registered jewellers via certified sales outlets. The list of licensed jewellers can be accessed by selecting the state or region and IS Number.
Types of BIS Hallmarking Certificate
BIS Registration for Hallmarking Showroom/Jewellers
BIS Hallmarking Registration is compulsory for jewellers to manufacture or sell gold & silver jewellery. Under the Hallmarking Scheme, BIS grants Hallmarking Registration to jewellers for the specified location. A jeweller who wants to sell BIS Hallmarked gold jewellery must first obtain Hallmark Registration from BIS for each of their sales outlets. BIS-certified jewellers can have their jewellery hallmarked at BIS Assaying & Hallmarking Centres.
BIS Recognition of Assaying & Hallmarking Centre:
A Hallmarking Centre is a BIS-certified marking centre or 3rd party evaluation centre where the purity of precious metals is examined & stamped. BIS recognition is required for the centre and the A&H centre can apply for BIS Recognition.
To know more, visit: Hallmark Registration
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Documents Required for Section 8 Company Registration
Following are some crucial documents required for Registration of Section 8 Company:
Identity/Address proof of Directors or Shareholders:
Address proof of Registered Office:
Other Documents:
Procedure for Section 8 Company Registration
Following is the step-by-step procedure for Section 8 Company Registration:
Step 1: Obtain DSC & DIN:
First, the applicant needs to obtain a Digital Signature Certificate of the proposed Directors. Once they receive DSC, file Form DIR-3 with ROC for obtaining DIN. The identity & address proof should be attached for getting DSC. Once DIR-3 is approved, the Registrar of Companies will allot a DIN to the proposed Directors.
Step 2: Filing of INC-12 Application Form:
After getting DSC and DIN, the next step is to file Form INC-12 with the Registrar of Companies to apply for a Licence under Section 8 Company along with the attachment of the required documents. Once the form is approved, a Licence under Section 8 Company will be issued in Form INC-16.
Step 3: Filing of SPICe+ Form:
After getting a License under Section 8, you need to file an SPICe+ Form with the Registrar of Companies (ROC) for the Registration along with the vital documents.
Note: Once the Registrar of Companies is satisfied with the forms submitted, he or she issues a CoI (Certificate of Incorporation) along with a Unique CIN.
To know more, visit: Section 8 Company Registration
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Consumer Complaints
Capitalism has been around for centuries, and with that, so have the consumers. Therefore, the continuity of the consumer's dissatisfaction in the market is not something new to talk about, but its redressal mechanism is. If customers pay for a certain commodity or service and receive inferior goods or services, they are entitled to legal action. Consumers are granted several legal rights and safeguards under the Consumer Protection Act, of 1986. This Act allows a customer to file a formal Consumer complaint and bring a business or service provider to court.
Challenges you might face in filing a Consumer complaint
Tedious Process The process for Consumer Complaint redressal is a multi-dimensional process that demands heavy input when it comes to filing documents, evidence, and keeping track of the follow-up. These multidimensional prospects make the entire process tedious.
Complex filing Being a multidimensional process, several documents are required to be filed at different stages of the process such as application, response to the application, etc.
Rigorous Follow-upThe other important step in the consumer complaint process is the rigorous follow-up to be taken care of at every stage. This creates a challenge in the process while proceeding ahead with the complaint at the consumer forum
Steps for filing a Consumer Complaint
Step 1. Start with a notice describing your consumer complaint: In the beginning, you will have to express your consumer complaint or dissatisfaction over any product or service to the manufacturer/producer/seller. It is important that the concern expressed must be in writing. It is always recommended to consult with your lawyer when the claim is above Rs. 10,000 and take their assistance in dispatching the notice as a notice under a lawyer’s professional head depicts the degree of seriousness in taking a course of legal action.
Step 2. Vendor’s reciprocity: Once a legal notice has been dispatched to the vendor, it is expected that the vendor will respond to the notice to avoid any legal action or even in the course of legal action. It is suggested that you wait for the vendor’s reciprocity, as some may give you a just reward. The courts will not award incredibly large damages petitions. In case you do not hear from the vendor, you can get in touch with the consumer forum within 15 days of a notice being dispatched.
Step 3. Select the correct forum: In the event of both a response or no response from the vendor, now is the time to select the suitable consumer forum for your complaint. Depending upon the nature of the consumer complaint, you will have to select one among the district forum, state commission, or national commission. You may either by yourself or by your representative may approach the forum with your grievances, the resolution of which takes 6 to 18 months.
Step 4. Submission of complaint: Once you have chosen the forum as per your complaint, it is time to prepare your grievance in a well-written format, which differs from forum to forum. In case of any problem faced in drafting the consumer complaint, you may also seek professional assistance, such as that of a lawyer, to constitute the ideal complaint, including all the necessary details along with the attachment of the legal notice you sent to the vendor. This attachment justifies your true intent of resolving the dispute in an amicable method without resorting to trials.
Step 5. Court fee payment: Once the documentation is done, you may pay the court fee, which is requested by the filing department, to file the consumer complaint. This fee depends upon the claim amount filed. In the event of the success of the lawsuit, the court puts the mandatory obligation on the vendor to compensate you for all the expenditure caused in the process, including attorney fees, filing fees, etc.
Conclusion: However, consumers are now protected against malpractices with the help of the mechanisms offered by the government, such as consumer complaints. If you feel you have been the victim of dark market practices and are resorting to the solution, let Registerkaro help you with your Consumer complaint and attain justice.
To know more, visit: Consumer Complaint
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Limited Liability Registration (LLP) Registration in India
In India, the concept of Limited Liability Partnership was introduced in 2008 by the LLP Act, 2008. In India, LLP has become the most preferred form of business among entrepreneurs. Registering an LLP in India has both the limited liability features of a Private Company and the flexibility of a Partnership Firm. No partner is answerable on account of unauthorized or illegal actions of other partners, thus individual partners are protected from joint liability created by another partner’s wrongdoing. LLP is generally preferred by professionals and micro and small businesses that are family-owned or closely held. In 2022, the MCA (Ministry of Corporate Affairs) introduced LLP (Second Amendment) Rules, 2022 and it has made the procedure of LLP Registration even easier & transparent as now all the LLP Forms will be digital-based. Also, with the LLP (Second Amendment) Rules, 2022, Limited Liability Partnerships shall be allotted their TAN & PAN along with the Certificate of Incorporation itself.
Benefits of LLP Registration in India
The following are the benefits of LLP Registration in India:
1. Low Cost and Less Compliance:
The overall cost of establishing a Limited Liability Partnership is low compared to the cost of registering a Private or Public Limited Company in India. The compliances to be followed by the LLP are also low. The LLP needs to file only 2 Statements yearly (i.e., an Annual Return and a Statement of Accounts and Solvency.
2. Liabilities are limited:
Limited Liability Partnership provides a limited liability benefit to all the designated partners. In case of s business insolvency or loss, the partners’ liability is restricted to the capital contribution as per the LLP agreement. Moreover, one partner is not held responsible for the actions of negligence/misconduct of any other partner.
3. Separate Legal Existence:
Just like a Company, an LLP has a separate legal entity. The Limited Liability Partnership is different from its partners. An LLP in India can sue & be sued in its own name. The Contracts are signed in the name of the Limited Liability Partnership (LLP) which helps to gain the trust of various stakeholders & gives the customers and suppliers a sense of confidence in the business.
4. Tax Benefits:
It is also exempted from various taxes like DDT (Dividend Distribution Tax) & Minimum Alternative Tax. The tax rate on LLP is less than that of the Company.
5. No Minimum Capital:
For the LLP formation in India, no minimum capital is required. No minimum capital contribution is required from partners. An LLP can be incorporated even with Rs. 2000 as a total capital contribution.
What are the Different Types of LLP Forms in India?
Following is the list of all types of LLP Forms in India:
1. FiLLiP Form: This form is used for the incorporation of LLP in India.
2. Run LLP: This form is used for reserving a name for the LLP.
3. Form 3: Details regarding LLP Agreement.
4. Form 8: Statement of Account & Solvency.
5. Form 11: Annual Return of LLP.
6. Form 24: This is the application to the ROC for striking off the name of LLP.
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Procedure for Private Limited Company Registration in India
In India, a Private Limited Company stands out as a popular business structure regulated by the Companies Act, 2013. Entrepreneurs aiming to establish a company in India find it crucial to undergo Private Limited Company Registration. This not only fosters the development of a strong business framework but also offers directors the advantage of limited liability. To register a Company under the Companies Act, 2013, it needs to be registered with the ROC (Registrar of Companies) as per the guidelines & norms laid down by the MCA.
Following is the step-by-step procedure for Private Limited Company Registration in India:
Step 1: Get DSC and DIN: As we know that the Private Limited Company Registration is completely online and you must file the application for Private Limited Company Registration online, so it is necessary to obtain Digital Signature Certificate to authenticate the documents you upload on the MCA portal. Also, you need to get a DIN to access the application form for the Private Limited Company Registration. Our experts will help you in obtaining DSC and DIN in minimal time.
Step 2: Filing Incorporation Form (SPICe+ Form): You can apply for Company Name Approval and PAN & TAN of the Company in 2 different parts as we mentioned below:
SPICe+ Part-A Form: In this Form, you need to pick 2 best names for your company. The SPICe+ Part A Form has the following fields:
Company Type: First, select “Private Limited Company” from the different types of Company Structures listed down in the form.
Class of Company: Then, choose the class of company whether a Company is Private, Public or One Person.
Category of Company: After that, choose if you want the Company to be limited by shares, by guarantee or have unlimited shares. The most popular one is to keep the Company limited by shares.
Sub-Category of Company: Choose the relevant sub-category with the help of our experts.
Main division: The Ministry of Corporate Affairs (MCA) has designated unique codes to the main divisions. Choose the one that fulfills your business requirements.
Description of the main division: In this section, you need to explain your business idea and specify the purpose of the products and/or services that you are going to offer in a detailed manner.
Proposed Company’s Name: Then, you can propose 2 names here.
Note: Once you completed SPICe+ Part-A Form and submitted it to the MCA, then it will take 3-4 days to approve. In case, both the proposed names get rejected, then you will get a 2nd chance to file for 2 more Company names. If all your 4 suggested names get rejected, then you need to file SPICe+ Part-A Form all over again.
But remember one thing, before filing the form you need to check if a Company with the identical name is already registered or not on the MCA portal. Once your Company’s name gets approval from MCA, then you can start filing the SPICe+ Part-B Form.
SPICe+ Part-B Form: Once the Company name has been reserved, then you need to file an application under SPICe+ Part-B Form along with the documents. The applicant is required to provide details regarding the designated Directors & Shareholders of the Company, details regarding the Company’s resources & registered office. You can also apply for PAN & TAN at this stage. The applicant is also required to conduct a pre-scrutiny check to review the correctness of the information filed under SPICe+ Part-B Form. Once the scrutiny check is done, then you can submit the Form.
Note: Also, there are certain forms which are to be filed along with the SPICe+ Part-B Form. The form which are associated with the SPICe+ Form are SPICe+ MoA, SPICe+ AoA, AGILE Pro, INC-9 and URC-1. The applicant must ensure that SPICe+ MoA and SPICe+ AoA Forms are filled as per the instructions provided under Schedule 1.
Step 3: Certificate of Incorporation: After the verification of the application & documents, the MCA grants the Certificate of Incorporation. Basically, it’s conclusive proof of the existence of the Company, wherein the Incorporation Date, CIN (Company Identification Number), PAN & TAN are mentioned with the sign & seal of the Registrar. Moreover, DIN is allotted to Directors with the Registration Approval. The CIN receipt is proof of the legal existence of your business.
Conclusion: RegisterKaro offers a cost-effective service to facilitate the Private Limited Company Registration process, managing legal formalities and ensuring adherence to MCA regulations. Upon successful registration, you receive a Certificate of Incorporation, along with PAN and TAN documents, enabling you to smoothly initiate business operations after setting up a current bank account.
To know more, visit: Private Limited Company
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Online Trust Registration in India
Trusts, conceived with noble intentions to foster advancements in sciences, literature, and other commendable causes, serve various purposes such as mitigating scarcity, facilitating education for the underprivileged, and extending medical support. The formal process of Trust Registration involves officially enrolling a trust under the Trusts Act of 1882. This crucial legal step ensures the trust’s acknowledgment and adherence to legal parameters, providing it with legal validity and establishing its identity as an independent entity.
Categories of Trusts in India
Trusts can be categorized into various types based on the nature of their activities. Here is an overview of different types of trusts::
1. Public Trust:
2. Private Trust:
2. Public Cum-Private Trust:
Regulatory Oversight and Legislation for Trust Registration
The Registrar of Trusts serves as the principal regulatory authority entrusted with the responsibility of overseeing trust registration in India. Their pivotal role includes maintaining a comprehensive database of all registered trusts throughout the country. The registration process for private trusts is governed by the Trusts Act of 1882.
In the realm of public trusts, there is no singular governing act that uniformly applies. Instead, public trusts in India are obligated to undergo registration with the relevant state authority, as stipulated by the applicable state act.
Several laws play a crucial role in regulating trusts in India, including:
1. Trusts Act of 1882:
2. Income Tax Act of 1961:
2. Societies Registration Act of 1860:
To know more, visit: Trust Registration
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