A must that All Entrepreneur should Know: How to Name your Company: Changes - Companies (Incorporation) Amendment Rule 2016

Indian Government has taken another step to add to ease of incorporation of the company in India.
With new Companies (Incorporation) Amendment Rule 2016 there are a few changes in the naming rules of the company rather has relaxed some of the previous norms.

Munim.in, an online marketplace for accessing Company Registration, Trademark Registration, Service Tax Registration and other allied professional CA and Legal services, presents the highlights of the amendment with direct comparison with the previous rules.

#1
Earlier:
Company's name was necessary required to be in consonance with the principal object for example XYZ Builder Private Limited had to be for construction and building works, if such name resembled any object of the company.

Now:
Name of the company will not be undesirable even if it is not in consonance with the principal objects of the company as set out in Memorandum of Association. Thus XYZ Builder Private Limited may engage in other activities as well.

#2
Earlier:
Restriction on usage of vague and abbreviated names

Now:
The restriction has been levied and such names are accepted now. For example 123K limited etc

#3
Earlier:
If the company has changed its activity which are not in line with its name then the company has to change the name to be inline with the activities

Now:
No such requirement as already cleared in #1.

#4
Earlier:
Incase key words used in the proposed name of the company is the name of the person(s) other than the name of the promoter(s) or their close blood relatives, then an NOC from such person(s)  and the proof of relation were required to be attached, respectively.

Now:

No requirement of furnishing NOC and proof of relation now.

#5
Earlier:
Only one opportunity used to be given to remove defects or deficiencies before re-submission for fast track mode of incorporation that is through INC 29

Now:
The registrar can provide third opportunity for removing defects or deficiencies before re-submission for INC 29 or fast track mode of incorporation but the opportunity can only be availed with in 30 days of the first notice.

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List of SEBI Registered Venture Capitalists for accessing a Government Corpus of Rs 10,000 Crore at #StartupIndia

Startup Indian Action Plans Clears the way to access the Government Fund corpus of Rs 10,000 Crore for Startups to be utilized over a period of 4 years. To start with  Government will set up a fund with an initial corpus of Rs 2,500 crore and a total corpus of Rs 10,000 crore over a period 4 years (i.e. Rs 2,500 crore per year) . The Fund will be in the nature of Fund of Funds, which means that it will  not invest directly into Startups, but shall participate in the capital of SEBI registered Venture Funds.

Key features of the Fund of Funds are highlighted below: 

• The Fund of Funds shall be managed by a Board with private professionals drawn from industry bodies, academia, and successful Startups 
• Life Insurance Corporation (LIC) shall be a co-investor in the Fund of Funds
• The Fund of Funds shall contribute to a maximum of 50% of the stated daughter fund size. In order to be able to receive the contribution, the daughter fund should have already raised the balance 50% or more of the stated fund size as the case maybe. The Fund of Funds shall have representation on the governance structure/ board of the venture fund based on the contribution made. 
• The Fund shall ensure support to a broad mix of sectors such as manufacturing, agriculture, health, education, etc. 

Munim.in, an online marketplace for accessing Company Registration, Trademark Registration, Service Tax Registration and other allied professional services, presents the list of SEBI Registered Venture Capitalist from where these funds can be accessed.

You may visit here for complete list.

For further communication or query, please visit www,munim.in or write to us at contact@munim.in

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Prime Minister Shri Narendra Modi: Start-up India Action Plan

At the amidst of the Startup culture in India, PM Modi has announced the 15 Action Plan to boost Startups in India. 

Munim.in, a marketplace for company registration, trademark registration, service tax registration and other allied professional services, has listed the action plans as below:.

1) No Capital Gains Tax on Personal Property Sold to Invest in Startups.
2) No Income Tax on Profits for First Startups to 3 years.
3) Self-Certification based compliance.
4) No Inspection for the First Three years
5) Startup Hub India. A single Point of Contact
6) Simpligying Patent Regime
7) 80% Rebate on Filing a Patent Application
8) Mobile Oriented Application form for startups
9) Exit Policy to be introduced. Startups for
10) Brought Bankruptcy Bill, 2,015th in Parliament to Help Exit startups. in 90 days
11) Dedicated Fund Worth Rs 10,000 Crore Will be up fro startups SET
12) Credit Guarantee Scheme for Loans
13) Will bring in New Policies to Help Women Entrepreneurs. 

14) Will bring in Sector-Specific Incubators. 

15) 5 New Bio Clusters. will be set up to help Biotech Sector. 

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