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There is much vibe in IOT space, startups are just banging this opportunity, which is super cool. Getting out the product in the tech-savvy market is strategic and a reasonable idea. You will agree with me, some of our Indian IOT startups, patenting in India (creating a solid competitive edge in home country), having the tech team over here in India, and the management team (may or may not) in the US. So to all you guys out there, planning to enter the US market, this is for you 1. For getting registered: You should inform the secretary of state?s office to register. Whether it is a company with limited liability or corporation, that will depend?upon the nature of your entity. 2. Registration: You can either incorporate your entity as an incorporation or LLC. If at all you choose to incorporate in Delaware as a C corp, You don?t have to be present in the USA for the incorporation. ????????????Quick checklist for incorporating in USA ? ? ? ? ?   Complete list of documents for incorporating your USA subsidiary3. Along with Incorporation, get EIN: This is similar to the Social Security Number. Each business has a unique tax ID number called Employer Identification Number that you will have to register for. Having an EIN is essential to deal with banks and pretty much everything else in the USA. 4. You will need a US Address: To receive business documents(like billing and other stuffs)?and for tax compliance, it is mandatory that you have a US Address. 5. A US Bank Account: You would require a bank that allows remote processing of account opening and operations. Guys, before applying for a bank account, it?s mandatory you have an EIN. 6. A Business Credit Card: A secure credit card is nothing but a credit card with a spending limit secured by the money in your bank account / deposit. 7. A US Phone Number: You can either get a number for company or get a toll free number from any of the service providers like phone.com etc, 8. Set up a Distributor License: That assigns an exclusive license to the US company, to host and sell your products in the USA. The Indian entity now holds the entire Intellectual Property (IP), by providing a hosting and distribution license to US companies for a 20% price cut per customer. 9. Terms of Service owned by subsidiary: All the legal recourse should be made available to your US entity. 10. Earnings and transfer of money: You can retain 20% of the revenue earned by the US entity and transfer 80% of the revenue back to your parent company as license fee. 11. Tax Compliance: You will be liable to pay taxes on the profit made on the 20% margin after all the operational costs are subtracted. Remember that you will have to pay other taxes such as State tax, etc., irrespective of the margin you make. **For any Legal and Accounting support, Happy to help you, let us talk
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There has been countless instances where businesses copy ideas of other businesses, but something as old as this practice is, where businesses copy the existing trademarked property of other businesses. Cheesy, right? Thanks to the birth of WWW that owners have profoundly chosen to act against such practices, at least on IP matters. Alrighty, so when does one file a Trademark Opposition in India?
  • The mark is similar or identical to an earlier or existing registered trademark.
  • The mark is devoid of distinctive character.
  • The mark is descriptive in nature.
  • Application for the trademark is made with bad faith.
  • The mark is customary in the current language or in the established practices of business.
  • The trademark is likely to deceive the public or cause confusion.
  • The mark is contrary to the law or is prevented by law.
  • The trademark is prohibited under the Emblem and Names Act, 1950
  • The mark contains matters that are likely to hurt religious feelings of any class or section of people.
Someone used your Trademark illegally, what now? Young startups do not have the time and money for Trademark opposition, how to plan accordingly? It would take somewhere from 2 days to 2 weeks, and the costs in normal circumstances is somewhere in the range less than INR10K. Choosing trademark opposition reflects your precautionary measures to protect your business property from infringement. it’s a bit of inconvenience but then someone might be misusing your brand and impacting you in the long run, you should better be protecting your brand which you have taken pain to built.
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#WazzeerKaCounsel How many times have you ended up browsing scores of sites to get some information on legal, accounting or compliance matters? You end up reading lots of data dump, wasting considerable time and wishing there was someone who could offer you advice for what you are looking for. Of course, you can go to a Lawyer, Chartered Accountant or a Company Secretary that you are somehow connected to but there is one small problem – you are not sure of his expertise area (not to mention you privacy concerns). We, at Wazzeer have been facing similar challenges as entrepreneurs, startup and individuals. We have been leveraging the Wazzeer Professionals Network to help people like you get advice for their specific queries from qualified practicing professionals across the country. Looking at the impact we have been creating, we decided to come up with a platform which did exactly this – offer expert advice from practicing Lawyers, Chartered Accountants and Company Secretaries to businesses and individuals while maintaining their anonymity. How Counsel works As an end user you can simply go on our platform and ask any query you might have. Please share the details for this helps us in understanding the question properly. We will need you to share your basic details (contact details primarily), however, none of these will be shown to anyone including the professional who answers the question for you. The details are needed for informing you once the answer is available. The question is shared with professionals with expertise in the related field. Once the question has been answered by the professional, it is shared with you. The question and answer will be published on our platform and can be viewed by any visitor. However, your personal details are not visible to anyone. In fact, all the questions are moderated and in case you have shared any details unintentionally, don?t worry, the admin will remove those details before publishing. Counsel application, for your legal and accounting advice A free service Counsel is a free initiative and we do not charge or intend to charge for it. The whole team at Wazzeer is very excited with the launch of Counsel. We believe that it?s a positive step towards our mission of making legal, accounting and compliances easy, accessible and transparent. We hope that you as an end user find this helpful. In case you have any idea on how to make this better, please feel free to ping us @?chandan@wazzeer.com
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?#DataSpeaksTruth Why should I bother about Accounting? Experts advise that you need not worry about accounting when your startup is as old as a newborn (<3 months old), all that you should worry about is the core business. What next after my startup crosses the newborn age group? Now that you are more than 3 months old, structuring processes like?Launching a new product, ?employee salary related costs, legal setup costs, and travel costs etc. Essentially the accounting for the startup is to expense them as incurred. Accounting will help you understand the financial health of your fast growing startup in and out. There are different approaches in handling various costs like ??Generally accepted accounting principles (GAAP)? approach for Customer acquisition costs, loan origination costs, R&D costs and cost of internally generated assets. Whoa! don?t worry, that will be taken care by a CA. When you decide to give this responsibility to a Chartered Accountant, the inputs that he/she as a CA will require: A monthly process of accounting doesn?t have to be as strict as annual submission of reports. At the same time switching from annual submission of reports and tax returns to monthly process can seem?to look difficult at initial stages. So the organization has to provide sufficient amount of information to the CA for an?effective monthly financial result. The information will be like
  • Details of all transactions
  • Details of Employees
  • Bank account statement
  • Employees and their salary details
  • Revenue statement
  • Expenses statement
  • Details of invoices
But there are real benefits to knowing profitability, cash flows in the organization and financial position for every month. Having up to date financial information allows you to find trends and better plan for future. Overview of the Process of Accounting for Monthly reporting: The process followed for monthly record of transactions by startups is known as ?Soft Close Process?. It consists of
  • Reconciliation of all transactions made through bank accounts
  • Completing and sending invoices or receipts
  • Load bills received for payments
  • Quick check of missing transactions
  • Tax calculations and filing
This method of accounting could really be helpful and take lesser time to analyze the financial reports. Start-up process entails complex procedures and many bureaucratic hurdles, entrepreneurs are better off using professional services. Hiring a ?virtual accountant can save time and help ensure that the process goes smoothly.
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