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Secretarial Compliance, Uncategorized, Winding up of Company
Entrepreneurs remain Entrepreneurs! Sometimes, what surprises me the most is, Why Shut Down your Startup when there are Options for Legal Existence? Majority of entrepreneurs lack a proper legal advisory in the team that could help the firm to take right decisions predicting things long before. In this article, I will be focusing on ways a startup could sustain to be active smartly in Indian startup ecosystem.

You have three options:

Plan A: Work on a similar business idea, with modifications in MOA

You can alter Memorandum of Association through Special Resolution & Confirmation by Central Government (Section 13)

Note: In case of failure to register within the time prescribed then all such alterations made and the orders of Central Government will become void.

 

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Plan B: Let the firm be without any operations and file with ROC of Nil returns annually.

As per Companies Act, 2013 Section 92(1) every company is required to file the annual return. For Companies that have had no operations nor have any transactions to file Nil Returns in annual returns with ROC.


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Plan C: Apply for dormant status of the Company


Section 455 of the Companies Act 2013 defines Dormant Company as a company is formed and registered under this Act for a future project or to hold an asset or intellectual property and has no significant accounting transaction, such a company or an inactive company may make an application to the Registrar in such manner as may be prescribed for obtaining the status of a dormant company, without any significant accounting transactions i.e. an Inactive company (no business or operation), or has not made any significant accounting transaction during the last two financial years, or has not filed financial statements and annual returns during the last two financial years.  




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Start-up process entails complex procedures and many bureaucratic hurdles, entrepreneurs are better off using professional services. Hiring a virtual lawyer and virtual accountant can save time and help ensure that the process goes smoothly.
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Business Formation, Subsidiary Company, Uncategorized
Singapore is now a popular place to raise international funding. Companies leverage its operational and legal convenience to set up a base or regional headquarters. There are close to 6000 Indian companies registered in Singapore, of which 2000 are active, says George Abraham, CEO of Singapore Indian Chamber of Commerce & Industry.  If you have plans for a Subsidiary company in Singapore, then this is article will give you all the guidance.


Singapore with its 3.5 lakh Indian Diaspora (9.1% of the population) is far more socio-culturally accepting and geographically closer. And with 199 flights a week from India, it’s easier and cheaper to fly to Singapore from anywhere in the country.   A Singapore subsidiary can be wholly owned by a foreign parent company and is considered a separate legal entity from the parent company. It is important to note that under the FEMA Act, the intention to stay outside or inside India for an uncertain period is important. This is different from the provisions of section 6 of Income Tax Act. To be a resident under Income Tax Act, an individual has to only stay in India for a specified number of days. So, an individual may be nonresident under Income Tax Act during a year and may be resident as per the FEMA Act, during the same year.  For any Legal and Accounting support, happy to help you, let us talk

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 Wazzeer is vouched by Entrepreneurs as the most reliable Legal and Accounting Partner. We would be super excited to help you. Let’s Connect! 🙂
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Business Formation, Uncategorized
?Make in India? ambitious to see India on the world map as a manufacturing hub and give global recognition to the Indian economy. Now India?s ranking among the world is sixth position in 2015. Startups that are building products that belong to the manufacturing sector, is one among the most welcomed by the Make in India. This article will help you prepare, analyze and plan to run a successful manufacturing startup in India., more of a. Performance of the sector:
  • India?s manufacturing sector has the potential to touch US$ 1 trillion by 2025.
  • In a major boost to the ‘Make in India’ initiative, Investors have committed INR 15.2 trillion (US$225.32 billion) in investment.
  • Electronic exports from India reached USD6.1 billion in FY15, over FY07?15, exports from the sector (CAGR: 10.2 per cent)
  • The Government of India has set a goal to see 25 per cent of Gross Domestic Product (GDP) from manufacturing sector by 2025, from 16 per cent currently.
The complete guide to a run a manufacturing startup in India: Quick guide for manufacturing startup   Start-up process?entails complex procedures and many bureaucratic hurdles, entrepreneurs are better off using professional services. Hiring a virtual lawyer and virtual accountant can save time and help ensure that the process goes smoothly.   For any Legal and Accounting support, Happy to help you,?let us?talk at?Wazzeer.
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