Is Company Registration in One Single Day Possible?

SPICe Form?

The SPICe stands for Simplified Proforma for Incorporating Company Electronically, it is the latest form released by MCA to be used for Incorporation of the company.

What SPICe Covers?

SPICe is a single form used for multiple approvals during Company Incorporation, that are: Director Identification Number, Name Reservation, Incorporation, PAN Number and TAN Number. Thus, filing a single form shall serve you all these purpose that too at the Government Fees of Rs 500 as of now. Impressive, isn't it.

What's the Advantage?

Apart from providing the multiple service as mentioned above, the basic and the crude advantage of using SPICe form is that if you are having a very unique name, the chances of rejection for which are almost zero, then your company may be incorporated within 3-4 hrs of filing of the SPICe form.

What's the Disadvantage?

Like the advantage, the disadvantage is also in name. If the name you filed through the SPICe form gets rejected then all the incorporation documents are required to be uploaded and submitted again for Company Registration. This may even happen while approving the DINs in SPICe form. Huge Task for Professionals.

Can it Incorporate the Company in a Single Day?

Yes, if all the documents are in place and all the details in the SPICe form gets approved, the company shall be registered with in 3-4 hours of filing the Form.

But there is a catch, which makes the company registration in a single day nearly impossible. The number of documents that are required while filing SPICe form are extensive, thus for a person to collate all the documents it nearly takes 3-4 days. Moreover, all the filing is to be done through DSC, thus it takes around 1-2 days for making of DSC of the Directors.

Considering the process, if an entrepreneur thinks to get company registered then following steps need to be taken:

1. Arrange all the documents of the Directors beforehand

2. Arrange the DSCs as well

3. Finalize on the Unique name

4. Check that name and date of birth on all the documents are same

5. Provide immediate response to the Munim Verified Professional

What's the current practice Professionals are following for Company Registration?

As the maximum chances of rejection are in Name Reservation, thus the professionals first apply for two DINs of the Directors and then apply for Name reservation separately. After approval on these documents, the professionals file SPICe form to get the company incorporated.

Is there any Platform in India that provide Guarantee on Professional Services?

Yes there is. Munim.in is a marketplace for Professional Services including Company Registration and Trademark Registration. It enlists the verified professionals near the Service Seeker area to enable the Service Seeker to choose the Professional and place the order. Once placed the order, Munim.in shall cover the order under Munim Guarantee that means timely and orderly execution of the order.

Thus Rest Assured, Munim shall take care of your worries.

Seed / Link Aadhaar with PAN

Munim PAN-AADHAAR Infographic

Government has make it mandatory to link PAN with Aadhaar. As per the mandate “Every person who is eligible for an Aadhaar number shall, on or after the 1st day of July 2017, quote Aadhaar number,
(i) in the application form for allotment of the permanent account number;
(ii) in the return of income”.

Here is How to Link PAN with Aadhaar

For Linking Aadhaar with PAN, one should have:

1. Valid Aadhaar Card
2. Valid PAN Card
3. Mobile number linked with Aadhaar
4. Name on Aadhaar and PAN Should match
5. Date of Birth on Aadhaar and PAN should match
6. Gender should match on Aadhaar and PAN

Not satisfying any one of the conditions, do not worry; read the procedure of PAN and Aadhaar Seeding if name does not match in PAN and Aadhaar

Government (IT Dept) has made it easier to link Aadhaar with PAN without login,

Here are the updated steps to link Aadhaar with PAN card:

Step 1.

First register yourself at the income tax e filing portal, if you are not already registered

https://incometaxindiaefiling.gov.in/ 

Step 2.

Log in to the e-Filing portal of the Income Tax Department by entering the log-in ID, password and date of birth

Step 1:

Just go to www.incometaxindiaefiling.gov.in and click on the link on the left pane i.e. Link Aadhar

Step 3.

Step 2.

Provide PAN, Aadhaar No. and Enter Name Exactly as given in Aadhaar Card and Submit. After Verification from UIDAI, the linking will be confirmed.

Step 4.

Step 3.

In case of minor mismatch in Aadhaar Name provided, Aadhaar OTP will be required.

Step 5.

Enter your Aadhaar card number and captcha code and click on the “Link now” button.

Step 6.

Enter OTP. A pop-up message will inform you that your Aadhaar card has been successfully linked to your PAN card.

Have you received any error like details in PAN and Aadhaar do not match. Read read the procedure of linking Aadhaar and PAN if name does not match in PAN and Aadhaar

This information is brought to you by Munim.in

Munim.in is a marketplace for Professional Services like Online Company Registration, Trademark Registration, LLP and IEC registration in India. It connects Service Seekers with Service Providers and allows placement of order on the platform for coverage under Munim Guarantee.

Details Do not Match: Link Aadhaar and PAN

Do not worry if your name does not match in PAN and Aadhaar

With the linking of PAN with Aadhaar being made mandatory, individuals can log on to e-filing website of the income tax department or NSDL but the seeding cannot happen if the name doesnot match in two cards.

The situation may arise because of usage of Abbreviation or special character in one of the database or the name changed after marriage did not updated.

In such cases, government has allowed a simple uploading of a scanned copy of PAN on the Aadhaar website.

1. Visit Aadhaar website for update of database https://ssup.uidai.gov.in/web/guest/ssup-home

2. Enter Aadhaar Number and linked mobile number, wait for OTP and then enter the OTP on the website.

3. Choose Update Name

4. Enter the Correct Name as per PAN details.

5. Upload PAN and click submit

6. Choose the agency may be Karvy

7. Save and take the print out of Acknowledgement.

That's it, your details shall be updated within 2-3 days.

This information is brought to you by Munim.in

Munim.in is a marketplace for Professional Services like Company Registration, Trademark Registration, LLP and IEC registration in India. It connects Service Seekers with Service Providers and allows placement of order on the platform for coverage under Munim Guarantee.

What you Do not know about Trademark

Even if you don’t realize it, everyone deals with trademarks on a daily basis. “Trademark” is another way of referring to brands.

Consumers’ purchasing decisions are influenced by trademarks and the reputation such brands represent. It is important for business people to have an understanding of why trademarks are important assets and help grow their business. 

1. Trademarks are an effective communication tool. In a single brand or logo, trademarks can convey intellectual and emotional attributes and messages about you, your company, and your company’s reputation, products and services. Your trademark doesn’t need to be a word. Designs can be recognized regardless of language or alphabet. The Puma design is recognized globally, regardless of whether the native language is Hindi, Chinese, Spanish, Russian, Arabic or English.

2. Trademarks make it easy for customers to find you. The marketplace is crowded and it’s hard to distinguish your business from your competitors. Trademarks/brands are an efficient commercial communication tool to capture customer attention and make your business, products and services stand out. Customers viewing a trademark immediately know who they are dealing with, the reputation of your business and are less likely to look for alternatives. Your brand could be the critical factor in driving a customer’s purchase decision.

3. Trademarks allow businesses to effectively utilize the Internet and social media. Your brand is the first thing customers enter into a search engine or social media platform (Facebook, Twitter, Instagram, LinkedIn) when looking for your products and services. Higher traffic on a website or social media platform translates into higher rankings, bringing even more traffic, more customers and more brand recognition.

4. Trademarks are a valuable asset. Trademarks can appreciate in value over time. The more your business reputation grows, the more valuable your brand will be. Trademarks provide value beyond your core business. Trademarks  can lead the way for expansion from one industry to another, such as from personal care to clothing or eye ware. If you desire it, your trademark can lead to the acquisition of your business by a larger corporation. Trademarks are a property asset, similar to real estate, that can be bought, sold, licensed (like renting or leasing) or used as a security interest to secure a loan to grow your business.  

5. Trademarks can make hiring easier. Brands can inspire positive feelings in people’s minds. As a result, employment opportunities are more attractive to candidates. Employee retention can be higher if employees have positive feelings for the brand and the products and services offered.

6. Trademarks are a bargain to obtain. The Trademark Application Fees is just Rs 4500 for Individual, Small Company, LLP, Partnership. Thus, it is just a matter of few buck and a protection to your Brand.

7. Trademarks never expire. Your trademark will not expire as long as you are using it and renewing it with Authorities after every 10 years. 

Brands are a critical asset. Do your due diligence before investing a lot of time and money in launching a new brand. Be sure the brand fits your company. Obtain a clearance search to make sure your new brand is available and doesn't infringe on anyone’s prior rights.

Keep in mind that the more you differentiate your brand from others in your industry, the easier it'll be to protect. Choose a name and logo that distinctly identify your business and will protect it from competitors. Utmost importance is Check Trademark availability before starting the brand building exercise. 

Munim.in is an online marketplace for services like Company Registration, Trademark Registration, LLP Registration etc. Munim.in connects Service Seeker with the verified Professionals and allows placement of order through the platform to avail Munim Guarantee. 

What most of the Entrepreneurs are unaware of: Compliance after Incorporation of Private Limited Company

1000's of new companies gets registered each month in India, a substantial number of them pertains to the Startups but there is something that all the Startups must know about post company registration compliance which may be a decisive factor in growths to follow. 

• INTIMATION OF REGISTERED OFFICE (within 15 days from the date of incorporation), if not done at the time of Incorporation: The company is required to file a verification of the registered office with the registrar of companies within the period of 30 days of its incorporation in form INC-22. In case of any default in complying with any of these requirement, a company and every officer who is in default shall be subjected ta a penalty of Rs. 1000 for every day during which the default continues, not exceeding Rs. 100000. However, with Munim.in the Incorporation is done with eSPICE wherein this compliance is not necessary.

• FIRST MEETING OF BOARD OF DIRECTORS (within 30 days from the date of incorporation):  First meeting of board of directors is required to be held within 30 days of incorporation of company and thereafter 4 meetings are required to be held in every financial year in such a manner that the gap between 2 board meetings should not be more than 120 days. 

• APPOINTMENT OF AUDITORS (within 30 days from the date of incorporation and in case of failure of board of directors ,the members appoint the auditor within 90 days): The company has to appoint its first auditor within 30 days from the date of incorporation in a board meeting. If board of directors are not able to appoint them it has to be appointed within 90 days in a general meeting of members. First auditor as appointed is required to hold office till the conclusion of first annual general meeting. Companies act 2013 does not require any form to be filed with ROC but this is a requirement of law and it has to be complied within time.

• ISSUING OF SHARE CERTIFICATE (within 60 days from the date of incorporation): Within a period of 2 months from the date of incorporation , every company must deliver the share certificate to the subscribers of the memorandum. This means that the subscriber has to remit the agreed subscription amount within 60 days from the date of incorporation. Failure by the company to deliver the certificates will attract a fine which shall not be less than Rs. 25000 but which may be extend to Rs. 500000. Also,every officer of the company who is in default shall be punishable with a fine which is not less than Rs. 10000 but which may extend to Rs. 100000.

So these were some of the compliance that are required to be done immediately after Private Limited Company Incorporation. Rest of the Compliance are Annual in nature which are covered in subsequent blog.

Munim.in is an online marketplace for services like Company Registration, Trademark Registration, LLP Registration etc. Munim.in connects Service Seeker with the verified Professionals and allows to order the service through the platform to avail Munim Guarantee. Munim.in ensures that the Client should get the good and complete service.

How to get Media Coverage for your Startup

As a startup, one of the biggest hurdles you’re going to face is building an initial reputation with your target audience. 

With almost zero customers, zero brand recognition and little in the way of capital you could use to bolster your image, you’ll have to rely on alternative outlets and inexpensive tactics to give you early traction. One of the best ways to do this is by getting your startup featured in media coverage, but doing that is often easier said than done.

Undoubtedly there are a number of advantages of Media Coverage which is why, you are reading this article right now.

1. Brand Visibility
2. User Acquisition
3. In Line of Sight of Investors
4. Recruitments

So, here is the list of activities that are required to be heeded for coverage in Media be it Newspaper or Digital Platforms.

• Identify the List of the Newswire Websites that cater to your target audience

• Submit Press Release: Through a platform like PR Web or PR Newswire, you can submit this press release to thousands of potential news platforms at once, some of whom will inevitably pick up and publish your piece. Press releases probably do little (if anything) for your SEO, but they can have a positive impact on your branded search results, helping with online reputation management.

• Reach Out to Individual Journalists: Alternatively, you can identify and work with individual journalists to get your startup featured in a story. However, finding a willing Journalist to cover your story may be hectic task.

• Newsjack Existing Stories: This is a risky move, but it could help you generate more attention for your brand. There are a few different ways to newsjack an existing story, but all of them share a common theme: taking advantage of the popularity of a previously existing story for your own benefit. For example, you could do a write-up on your startup’s opinions about a given news event, or jump on the bandwagon by taking action in line with or against a major company action covered in the news story. This type of move could get you featured in follow-up pieces.

• Involvement in Local Events: Keep an eye out for local events that are sure to attract media attention, and deliberately get your startup involved. If you want an extra chance to be noticed, keep your team brandishing your company colors, and consider making a formal announcement, such as one through a press release, to make your attendance known. You could even host your own local events to generate even more focus for your brand.

• Stand out on social media through a strong content marketing campaign: Many modern journalists and media publications look to social media as a source of material and inspiration, so if you can stand out there, you’ll have a far higher likelihood of getting featured in some capacity. Publish content regularly as part of a strong content marketing strategy, and engage with influencers and others in your industry to build a loyal following. From there, almost any announcement you make (or content you publish) will have more visibility.

Munim.in is an automated marketplace for Professional Services like Company / LLP Registration, Trademark/Copyright Registration, ISBN registration, Service Tax Registration etc.

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Regards,

Munim Team

Your Personal Munim

www.munim.in

Reach us @  contact@munim.in

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Signature Validation Issue.... Here is how to Fix the Digital Signature Certificate

 

Done with the Company/LLP Registration or any other legal document through Munim.in but wait what is it showing when I open the Certificate: Signature Validity Unknown in Digital Signature. Is this the problem you are facing right now?

Here are the steps to validate the signature in your certificate or any other document signed by Digital Signature Certificate or #DSC:

1. First of all, your system should be connected to the Internet. Advisably
2. Right click on the 'validity unknown' icon and click on 'Validate Signature'
3. You will get the signature validation status window, click on 'Signature Properties'
4. Click on 'Show Certificate'
5. Click the 'Trust' tab and then 'Add to Trusted Identities'
6. Answer 'OK' to any security question that follows
7. Check(✓) the field for 'Use this certificate as a trusted root' and click 'OK' twice to close this and the next window.
8. Click 'Validate Signature' to execute the validation.

 Wohh... Now the problem has been solved and this certificate may be used as a valid, legal certificate.

Munim.in is an automated Marketplace for Professional Services related to Company/LLP registration, Trademark or Copyright Registration, ISBN Registration, Service Tax Registration.

#ValidateSignature  #MunimServices #Startup

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Munim Team

Your Personal Munim

www.munim.in

Reach us contact@munim.in

Like us on Facebook @ Munim

Follow our blog @ Munim Blog | Munim Twitter

Rest Assured, We feel Your Concern !!

The Service Tax Increases to 15% from 1st June, 2016

Alert! Another cess on the horizon. Owing to the success of the Swachch Bharat cess, the Finance Ministry has now decided to come up with the Krisha Kalyan cess. What is it?

The tax (because that’s what it is) of 0.5% will be levied on all the existing taxable services and will come into effect on June 01, 2016. The proceeds from this burden, will be used to improve agricultural practices, and boost welfare of the farmers. Input tax credit will be available against this charge. This basically means that any Taxes Paid on the inputs of the final service that you are providing, will be available to you as a Tax Credit. This concept is the underlying principle of Value Added Tax (VAT) – you only pay taxes on the value that you add in the value chain.

The Krishi Kalyan cess, is proposed to be collected in another way as well. Enter Black Money. A strong and continuing focus of the Finance Ministry has been to pre-empt those with undeclared assets and income, to come forth and do so. Special attention has been given to this focus this year. Any declarants who come forward and declare their undisclosed income, will have to pay 30% taxes on it, plus a 7.5% penalty and an additional 7.5% as a surcharge. This additional charge will also accrue to the ‘Krishi Kalyan’ scheme.

Previously Exempt Services Coming Under the Scanner

The following services are proposed to be slapped with service tax from April 01, 2016.

• Services provided by an advocate to another advocate or partnership of advocates (14%);
• Construction & installation of original works pertaining to monorail or metro, in respect of contracts entered into on or after 1st March 2016 (5.6%);
• Services of transport of passengers by ropeway, cable car or aerial tramway (14%);
• Service Tax is being levied on transportation of passengers by air conditioned stage carriage (5.6%); Stage carriages are basically larger cabs, that are allowed to carry People and Goods.

New Exemptions Announced

• Housing projects under Housing For All (HFA) (Urban) Mission/Pradhan Mantri Awas Yojana (PMAY), Low Cost houses up to a carpet area of 60 square metres in a housing project under “Affordable housing in Partnership” component of PMAY, and Low Cost houses up to a carpet area of 60 square metres in a housing project under any housing scheme of the State Government;
• Life Insurance business provided by way of annuity under the National Pension System;
• Services provided by Employees’ Provident Fund Organisation (EPFO);
• Services provided by Insurance Regulatory and Development Authority (IRDA);
• Services provided by SEBI;
• General Insurance business provided under ‘Niramaya’ Health Insurance scheme launched by National Trust for the Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation and Multiple Disability;
• Services provided by National Centre for Cold Chain Development;
• Services provided by way of skill/vocational training by training partners under Deen Dayal Upadhyay Grameen Kaushalya Yojana;

Additional Fascinating Measures:

• Indian shipping companies now have to pay taxes only for transporting Goods to India, from outside. Any goods transported outside of India, ca
  n be used to avail tax credits.
• Exemptions on construction for a Governmental authority and canals, dams or other irrigation works are being reinstated after being removed for a year.
• IIM’s are now exempt from paying Service Tax! Doesn’t apply to their Executive Management programs though.
• Small changes in taxation for agents in the Mutual Funds industry.

 For more information you can contact us at munim.in

Due Diligence - Essential for Start up Funding

Due diligence is now-a-days becoming a synonym to funding. Due diligence is a process by which an investor obtains information about the business in which they are seeking to invest, both from a business and legal perspective.

Due Diligence is nothing but an investigation to assess risk. So, once you have decided to raise money from outside investors, take the time to prepare due diligence. For this, first we need to know about the different stages of funding:

·         Term Sheet Negotiation

·         Business Valuation & Business Plan

·         Due Diligence

·         Agreement Signing

·         Issuance of funding instrument- Share Based and Debt Based Funding

·         Corporate Law and RBI Compliances

So, we can see that before signing of final agreement for funding, we need to clear the due diligence process. When we talk about due diligence, questions like why Due Diligence? Its process.. few tips to clear the process… are generally asked by startups. In this article, we try to clear all the queries related to due diligence for funding:

Why Due Diligence?

·         Check the Internal Control Systems are in place or not

·         To calculate the financial risk involved

·         Judge the awareness of the business owners

·         Assess the team structuring and Operational Processes in place

·         Verify the claims of the pitchers

·         Excavate undisclosed risks

Process of Due Diligence:

·         Investor appoints a team

·         Definite Mandate is set for the team

·         Confidentiality Agreements are formulated between parties

·         Due Diligence Questionnaire and checklist is prepared and circulated

·         Investigation takes place

·         Due Diligence Report is formulated and circulated

Tips to hack the due diligence investigation:

·         Ownership of Intellectual Property should reside with the Company and not the Director(s)/Shareholder (s)

·         Internal Differences of Founders should be thrashed out before pitching for investment

·         Secretarial practices should be in place

·         State Specific licenses and permits have been obtained or not

·         Proper record of all the filings with the Government department till date should be in records of the Company

·         Internal Agreements and contracts between shareholders or directors should be reduced to writing

·         Check the formulation, maintenance and renewal of contracts with service providers and vendors

·         All structural changes in company should be duly recorded with the RoC and should take place as per standard guidelines of the Companies Act, 2013

·         All the compliance related filings should be up to date.

·         State Specific licenses and permits have been obtained or not

·         Litigation issues, if any should be properly recorded and if possible sorted as early as possible.

·         Best to appoint an inspector internally to set everything in place before the due diligence check from the investor is due

Here are a few points for startups to focus on when setting their house in order:

·         Incorporation– Failure to corporatize or legalise your entity, you lose the advantage of ring-fencing yourself with an artificial-legal entity. A legal entity not only adds professionalism to the startup, but also provides a sense of confidence to the other transacting party.

·         Registrations– Failure to register under PF, ESI, VAT, Service Tax might pull you down on the edge of due diligence. So, all the registrations and filings must be in place.

·         Legal issues– Any legal issue outstanding at your door step must be tackled and if you are not capable enough then hire some lawyers and set them off.

·         Accounting– Maintain Income and Expenditure statement, P&L Accounts, other financial statements. If it is eating too much of your time, and weaning you away from core business-building activities, outsource it to someone who does it professionally.

·         Intellectual property–Ownership of Intellectual Property, including non-exclusive licenses, infringement, inappropriate use and potential action, has to be dealt and agreed upon.

·         Previous fundraising documents- If you have already raised funds, then future investors would like to know the details of fundraising, utilisation, its impact, etc. Put these in order so they can understand them thoroughly.

·         Secretarial Drafting- Secretarial practices should be in place like Board Minutes, AGM/ EGM Minutes, all the filings with MCA.