Who can apply for Company Registration in Madurai?
Who can apply for company registration?
A company is a business that manufactures, buys, or sells goods or services in exchange for money.Simply put, the way a company does business.One needs to think carefully about your business setup and most importantly decide what kind of business structure or vehicle to adopt. Vehicle selection will help you achieve most of your entrepreneurial dreams.Mostly, it depends on your expansion plans, future team size, funding requirements and business vision. Company registration means gaining the right to do business legally. In India, company registration is also known as business formation or merger. Here, we discuss about the topic on Who can apply for Company Registration in Madurai?. Here a clear note about this topic below.
Need for company
These days, one has about to see a new beginning with each new day. It is the result of India’s entrepreneurship and innovation. However, some of these entrepreneurs find a way to start doing business enthusiastically without any care. If anybody wants to do business, you need to set up a proper legal framework before starting it. Having a legal structure for the business gives legitimacy in the eyes of the government. It makes it more trustworthy by the people. As a result, the business is more successful. One can get legal infrastructure through company registration in India. One of the best business structures in India, it comes with many benefits.
Who can apply for company registration in India?
In case of private limited company, LLP or a partner company your business must be incorporated or registered in India not earlier than 5 years. Your company turnover should not exceed Rs 100 crore. The company must continue to innovate or improve the existing system in its own way. Registering a company is said it is not only start a business in India. The simplest way to start your own business is to obtain a tax license for anything, such as service tax registration. Company registration is mandatory under the Companies Act, 2013, as all provisions of this Act apply to companies registered under this Act.
Benefits of company registration
Self-certification
An organization is required to comply with various labour laws. Failure to comply with such laws may result in liability. Start-ups tend to ignore ecosystems because they are so new. However, to reduce regulatory responsibilities, start-ups are allowed to self-certify in accordance with nine labour and environmental laws. In such a case, there will not be any inspection conducted for a period of three years.
Tax deduction
In an excellent film, start-ups registered under the Start-up India scheme are tax deductible. This exemption is provided for an initial period of three years. Any investment made through incubators worth more than the market price will be exempt.Furthermore, investments made by angel investors are also exempt under the scheme. Reaching a tax holiday or a certain threshold for the first three years means that start-up earnings can only be fully utilized for business development purposes.
Single window clearance from mobile app
One of the benefits of Start-up India is to give qualified companies the opportunity to register themselves through a single form. This can be done through the Start-up India mobile application. There is a single form for the app for start-ups to register themselves.This app provides single-window clearances for start-ups for approvals, company registrations, filing compliance, etc. This is an easy way for any person to start a start-up.
Patent protection
If you’ve ever been a patent holder, you know it’s a messy process. However, a number of measures will be taken under this scheme to protect valuable intellectual property. This includes a speedy examination of patent applications.Attempts are not limited to the fast track patent application. An 80% rebate on the total value of the patent fee will also be given upon filing of the patent.
Relaxed rules for public procurement
Previously, to go for public procurement, a company registration must have ‘prior experience’ or ‘required turnover’. However, such is not the case. Start-up India has paved the way for equal opportunities for start-ups and experienced entrepreneurs. Now, the public procurement rules for start-ups have been relaxed. Thereby making it easier for them to go to the public gathering.
Incubator setup
The Start-up India scheme includes an incubator module. This module approves public-private partnership. The module gives start-ups the knowledge and support they need.Currently, 118 incubators are powering the start-up ecosystem across India, helping the start-up ecosystem.
Eligibility criteria
In order to avail the benefits under this scheme, the above organization (s) should meet the following eligibility criteria:
The company can be a private limited company (PLC) or an LLP.
The company must obtain approval from the Department of Industrial Policy and Promotion (DIPP).
It should have a letter of recommendation through incubation.
The company must provide innovative schemes or products.
It is a new company not older than five years.
The total turnover of the company should not exceed 25 crores.
It should not be the result of any business that already exists, i.e., the merged entity as a result of the scheme of rearrangement.
Business models that help the entrepreneurs
Business to Business model
Business to customer model
Consumer to consumer
Subscription based
On demand business model
Freemium business model
Problems faced by the entrepreneurs
Financial and cash flow management
Hiring employees and team building
Dealing with unknown self-doubt
Decision making
Finding the customers
Facing the criticism
Time management
Recent news on company registration
SEBI, the market regulator, on Thursday came up with a framework for processing applications for alternative investment fund (AIF) registrations. It has been observed that the AIF manager often proposes to set up an investment committee with the mandate to provide investment recommendations to the manager when processing applications and launching new schemes, according to SEBI.
In some applications, the investment committee is required to approve AIF’s investment decisions. Such committees may include internal members – employees, directors or partners of the manager – and / or an external member. Earlier this week, the regulator amended the AIF rules so that the manager could set up an investment committee to approve AIF’s investment decisions subject to certain conditions.