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Agreements, Contracts and Agreements, Franchise
Starting a Franchise in India is an old hat but that always work, Franchising, since the economic liberalization of 1991, many foreign companies with strong brand names have established a presence in India through franchising like Hertz, Radisson, Kentucky Fried Chicken (KFC), Domino’s Pizza, Thank God it’s Friday (TGIF), Pizza Hut etc., In fact, Indian companies with strong brand recognition are also using the franchising route like MRF, NIIT, Apollo Hospitals.

Yo bro, What’s franchising?
The Blacks Law Dictionary defines a franchise as a license from the owner of a trademark or trade name permitting another to sell a product or service under that name or mark. There are at least two parties involved: (a) the franchisor, who lends his trademark; and (b) the franchisee, who pays a royalty and often an initial fee for the right to do business under the franchisor’s.

Breaking down the Characteristic Features of business like this type:
(a) A franchise arrangement
(b) The franchisor should have developed a business system or format.
(c) The franchisee makes a substantial initial capital
(d) The franchisor trains the franchisee
(e) Once the franchisee’s business commences, the franchisor support available to the franchisee
(f) The franchisor also regularly supervises the franchisee’s business operations.
(g) Consideration is paid by the franchisee to the franchisor for the rights licensed

Enriching em with types of Franchising Agreements:
(a) Invention Licensing Agreement: Inventor (Franchisor) firstly patents the invention and license the patent and design rights and the manufacturing and marketing of the invention.
(b) Trademark Licensing Agreement: Franchisor (the owner) of a trademark can grant a license to another Franchisee to use the trademark on goods, which are associated with that trademark. This type of an agreement may be for the manufacture, preparation, marketing, presentation, and sale of goods.
(c) Character Merchandising Agreement: In such an agreement, the name of a famous entertainment or sports personality or probably a fictional or graphical character is licensed to be used on certain products.
(d) Dealer or Distributor or Marketing arrangements: Franchisee adopts the business operations model of the franchisor. Examples; in cases of dealerships with automobile companies, food and consumer goods, petrol pumps and gas stations.

What are the good to take stuffs in doing a business on franchise model?
Capitalizing and benefiting from the Franchisor brand name. Elimination of unnecessary expenses. Support from the franchisor while operating the business. Benefit from the franchisor’s advertising campaigns. Benefit from the franchisor’s negotiating and bulk purchasing power.

Alrighty, Any Trade-offs?
Imposition of controls and supervision by the franchisor. Heavy initial capital investment, in addition to consideration for using the franchisor’s brand. Franchisor’s policies that would be a directly applicable. 

Wazzeer is vouched by Entrepreneurs as the most reliable Legal and Accounting Partner. We would be super excited to see your startup kick starts seamlessly. Let’s Connect! ?
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Copyright
  1. What is copyright?
A copyright is used to protect IP that is in an original literary, dramatic, musical or artistic work, cinematograph films, and sound recordings. However, no copyright subsists in a cinematograph film if a substantial part of the film is an infringement of the copyright in any other work. A computer programme is treated as a ?literary work? and is protected as such.
  1. Can an algorithm be copyrighted?
A computer programme is treated as a ?literary work? and is protected as such by copyright.
  1. Is Copyright Registration Compulsory?
Registration is not a prerequisite for acquiring a copyright in a work. A copyright in a work is created when the work is created and given a material form, provided it is original.
  1. Should I Copyright again when doing business in other countries?
India is a member of the Bren convention and Universal convention. As Per that any work first published in any country which is a member of any of the above conventions need not file copyright again.
  1. What Rights does Copyright Provide?
The creator of a work can prohibit or authorize anyone to: reproduce the work in any form, such as print, sound, video, etc; use the work for a public performance, such as a play or a musical work; make copies/recordings of the work, such as via compact discs, cassettes, etc.; broadcast it in various forms; or translate the same to other languages.
  1. How long is copyright valid?
60 years.
  1. Can I assign Copyright to the third party?
Yes, unless such assignment is in writing and signed by the assignee and the assignee.
  1. What if there occurs copyright infringement in India?
The Copyright Act provides both civil and criminal remedies for copyright infringement. When an infringement is proved, the copyright owner is entitled to remedies by way of injunction, damages, and order for seizure and destruction of infringing articles.
  1. Can the copyright by someone else be used for the public purpose?
Yes, it can be but by giving prior notice to the owner, and essentially with Statutory License and Compulsory License.

10. Alrighty, What is the procedure to register Copyright?

To know the process of registering a copyright, click here

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!
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Business Formation, Business Registration, Contracts and Agreements, Licenses, TAXATION
Bitcoin is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin can be considered to be cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence. While there are or have been at least 110 other digital currencies, Bitcoin accounts for 77% of the market value of all digital currencies and an even higher percentage of digital currency users (credits to Pantera capital). This article will help entrepreneurs who dream to start a Bitcoin Startup in India. Here are the rules and regulations that a Bitcoin Startup must follow:
  1. Business Registration: You can set up such business as a PVT. LTD. Or LLP or OPC company.
  1. KYC Norms: KYC Norms are the norms set by the RBI that require banks to continuously monitor their customers’ transactions.
  1. Abide by the principal laws concerning Bitcoin:
    1. The Constitution of India, 1950
    2. The Foreign Exchange Management Act, 1999 (FEMA)
    3. The Reserve Bank of India Act, 1934 (RBI Act)
    4. The Coinage Act, 1906 (Coinage Act)
    5. The Securities Contracts (Regulation) Act, 1956 (SCRA)
    6. The Sale of Goods Act, 1930 (Sale of Goods Act)
    7. The Payment and Settlement Systems Act, 2007 (Payment Act)
    8. Indian Contract Act, 1872 (Contract Act)
  1. Cross border transfer of Bitcoin: FEMA regulates all inbound and outbound foreign exchange related transactions, in effect regulating the capital flows coming into and moving out of the country. 
  1. Taxation of Bitcoin: In India, taxes are levied either by the central and the state governments. Taxes may be on income or expenditure. When taxation is on income, it may be on Bitcoin representing such income. On expenditure meaning cost of acquiring Bitcoin, such as Central Sales Tax, Value-Added Tax or Service Tax.
  1. Income Tax Taxation of income: In India income is governed by the provisions of the Income Tax Act, 1961 (ITA). Under the ITA, residents are subject to tax in India on their worldwide income, whereas non-residents are taxed only on income sourced in India.
  1. Central Sales Tax / Value Added Tax: For a Bitcoin transaction to be taxed under the CST Act, there should be a sale.
  1. Service Tax: Service tax is levied by the central government at 12.36% on all services provided in India except certain specified services. Service providers can take credit for service tax paid on input services utilized and for excise duty paid on inputs and capital goods (barring certain specified inputs). Services provided outside India are not subject to service tax in India. Typically, services are provided in India if the service recipient is in India. The 2015 Budget proposes to increase the rate of service tax to from 12.36% (inclusive of cesses) to 14%.
  1. Trademark: Trademark protection for the word marks that include the term Bitcoin, and various Bitcoin logos is essential for financial institutions dealing in Bitcoin transactions and online payment systems. Bitcoin platforms / Bitcoin exchanges represent marks with various visually or phonetically similar Bitcoin marks, by doing so you can trademark.
  1. Patent: Under Indian patent law, a mathematical or business method or a computer program per se or algorithms are not inventions and are hence not patentable in India.
  1. Copyright: Bitcoin is protocol and software that are published openly and any developer around the world can review the code or make their own modified version of the Bitcoin software. No exclusivity is generally claimed in open source software. Hence, it cannot be copyrighted.
  1. Privacy Policy: Abide by The IT Act, that protects items of sensitive personal data or information (SPDI).
  1. Terms of service: You are required to have the Terms of services document in place, that has all the required information about services like Age verification and other rules.
  1. FDI Regulations: Companies which only provide online services i.e.., Bitcoin may be categorized either under the automatic category or under the category of a non-banking financial services company.
  1. International criminal law: Due to financial security issues and to avoid cyber attacks, it is important that companies pay due considerations while doing business on international soil.
  For any Legal and Accounting support, Happy to help you, let us talk
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Uncategorized

What is Trademark?

 

Trademark protects a business or brand and distinguishes it from others. It also gives right to the mark and allows the holder to file lawsuit against infringers. It has an unlimited term but must be renewed after every 10 years. The TM Act allows for the registration of service marks and three-dimensional marks as well. In India, trademarks are protected both under statutory law and common law. Mark is defined to include a device, brand, heading, label, ticket, name, signature, word, letter, numeral, shape of goods, packaging or, combination of colors, or any combination thereof.

 

 

Other Situations:

  • Sound Tacks: Trademark protection to a sound mark. Which can be represented as graphical representation? sound marks can be represented on paper either in descriptive form or as traditional musical notations
  • Other Graphical Representations: oscillogram; spectrum, spectrogram, and sonogram are now being accepted in other jurisdictions.

 

Can I trademark an Idea?

No. You cannot do that, but if you could represent it in graphical representation maybe you can.

 

 

Who can Apply?

Any person claiming to be the owner of a trademark used or proposed to be used by that person can file an application for registration. The application may be made in the name of the individual, partner of a firm, a company, any government department, a trust, or even in name of joint applicants. Domestic and international applicants are treated at par.

 

 

Does the Trademark need to be in prior use?

Prior use of the trademark is not a prerequisite for filing application or its registration. However, in the case of descriptive marks, it may be required to be in use.

 

 

Do I need to do Trademark research?

Prior search for a trademark is not a prerequisite for filing an application, it is advisable to carry out a search and maintain the search results.

 

 

Can I assign Trademark to someone else or to some other company?

Registered trademark can be assigned or transmitted with or without the goodwill of the business concerned.

 

 

Can I License the Trademark?

Yes, with a written agreement and if such user satisfies the prescribed conditions. Also, Owners of Indian registered trademarks, which are located abroad, having no presence in India, can use their trademarks in India by granting licenses to the Indian parties.

 

 

What are the rights Conferred by Registration?

The registration of a trademark gives the registered owner the exclusive right to use the trademark and to obtain relief if infringed. Registration acts as a public notice to others, informing them that they should not use the trademarks which are registered or pending for registration.

 

 

How far is the Trademark Recognized by the Foreign countries?

The courts in India have recognized the trans-border reputation of foreign trademarks and trade names and the importance of their protection. But, as such you will have to register the trademark again in that foreign country to avoid litigation.

 

 

Alrighty, What?s the process of registration?

Before you start registration of your trademark, you need to conduct a trademark search in which you need to search the trademark database to check whether there is any other similar or identical trademark. After the completion of trademark search, Trademark registration can be filed with the fees in the Trademark Registrar. Then the registration application is allotted to a Trademark officer, who decides whether the application is accepted or rejected. If the trademark registration application is rejected, the applicant can appear before the officer to address the problem occurred at a given date and time. – See more at: https://www.wazzeer.com/blog/why-and-how-to-register-trademark-in-india/

 

 

 What are the documents that are required?

  • Date of using the Logo/Tagline (Any supporting document for the same)
  • Power of Attorney signed by the applicant
  • Soft copy of the Logo/Tagline

 

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, let’s talk!

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TAXATION
Did you know? Before March, 2017 you have all the chances to do arrangements to reduce tax liability. Startups and other businesses have already started to work on this. And, It is mandatory for all corporate assesses and partnership firms who are liable for audit u/s 44AB of the Income Tax Act to submit the Income tax returns electronically by July, 2017.


Documents to be assessed: Documents like TDS certificates/tax paid challans/ profits and loss account/balance sheet etc. shall be produced before the Assessing Officer whenever he calls for the same. Tax Audit Report, is to be obtained before the due date of filing of the return. The same is not required to be attached with the return of income. As provided in section 184 of the Act, In case of first return of a partnership firm or in case of change in the constitution of the partnership firm, certified copy of the partnership Deed is required to furnished along with the return of income so to get assessed as a partnership firm. Since no enclosures are to be furnished with the return, certified copy of the Deed should be furnished separately with the Assessing officer.


Forms to be used by different types of assesses: ITR-1: For Individuals having Income from Business or Profession. Also, If you have a profit of more than 8% of investment no Audit by CA. If profit is less than 8% or suffered loss than Audit must be made ITR-2: For Individuals and HUFs not having Income from Business or Profession ITR-3: For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship ITR-4: For individuals & HUFs having income from a proprietary business or profession ITR-5: For firms, AOPs and BOIs ITR-6: For Companies other than companies claiming exemption under section 11 ITR-7: For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)


There are three ways to file returns electronically: Option 1: Use digital signature in which case no paper return is required to be submitted Option 2: File without digital signature in which case ITR ? V form is to filed with the department. This is a single page receipt cum verification form. Option 3: File through an e-return intermediary who would do e-filing and also assist the assessee to file the ITR Form


Procedure to be followed before filling up the form: It is advisable to keep a checklist with you along with your audit program while on audit. It is important to have the signed audit report & financial statements while filing up the forms. Following details, in case of Individual:
  • Full and Correct Name of the assessee
  • Correct PAN
  • Full address with city, state and pin-code
  • Date of formation / Birth
  • Residential status
  • Nature of business
  • Bank A/c. No. & MICR code
Following details in respect of all the partners:
  • Name,
  • Address (with city, state & pin-code),
  • Percentage of share and
  • PAN
Few ways to reduce Tax Liability:
  1. Savings account:
  • if you have more than one credit card, total payment for both more than Rs.2 Lakh but each card less than Rs.2 Lakh, then information not required to be furnished.
  • payment to each mutual fund less than Rs.2 Lakh
  • Payment more than Rs.5 Lakh for purchase of bonds or debentures issued by a company or institution or RBI Limit of Rs.5 Lakh is qua company/institution
  • Payment for acquiring shares issued by a Company.
  1. Details of brought forward losses i.e. head of loss, year of loss, are to be furnished in the return.
  2. Nature and amount of exempt income earned
  3. Saving under section 80 C (Annuity plan for LIC, PF etc.)
  4. Saving under Section 80 D (Medical insurance)
  5. Property Loan
  6. Donations
  7. Long term capital gains from sale of equity shares
  8. Rent paid for office premises
  9. Travel, hotel expenses in name of the company,
  10. Expenses incurred on phone, vehicles, parking, driver, toll charges, etc
  11. Premium paid on medical insurance for self, spouse, children, parents;
  12. Salary paid to staff, even if they are family members,
  13. Expense that occurs prior to the commencement of business can be deducted from the taxable income under Section 35D as Pre-Registration Expenses
  14. Medical insurance
  15. Utility Expenses
  16. Medical insurance
  17. Investment in National Pension Scheme up to Rs 50 Thousand
  18. Rent Allowance 80GG up to Rs 2.5 Lakhs or 60 thousand
  19. Relief under Section 87A
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. 



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
We have been receiving requests from our ever-loving fans to write an article on starting a liquor venture in India online, so here it is. Note: To carry out liquor business online, You need to have at least one brick and mortar shop.

Regulatory Barriers:

In India, the laws, rules & regulations relating to liquor licensing are a subject of each state government in India. The government makes rules and regulations relating to the selling time for the sale of liquor, the age limit above which liquor can be sold to persons and the place of sale of liquor. Online sale of liquor across states will be subject to multiple inter-state taxes.
  • Food Safety and Standards (Packaging and Labeling) Regulation established by FSSA
  • Labeling rules
  • Alcohol Laws of India
  • State to state laws and regulations

License:
  • Trade License
  • Liquor License
  • License from the Excise Department
  • No Objection Certificate needs to be procured from the authorities (like Police department)

Business Registration:

You can set up such business as a PVT. LTD. company. You can apply for a provisional registration certificate for any item that does not require an industrial license. A provisional registration certificate will be given to you. Note provisional registration certificate is valid only for short term. Once you get all the clearance, you can apply for permanent registration.


Customs Duties: 

Customs duties and Taxes Cost on the production and distribution side can be hard to track given that the IMFL industry is largely controlled by the state with interventions.


Shops and Establishment:

 
Once you fix up on the location to have the shop, Shops, and Establishments Act, is enacted by every state in India to regulate conditions of work, and to provide for regulation of the employers and rights of the employees in the unorganized sector of employment and other establishments. By doing this registration, you will be legally allowed to have the gym operations from the selected location.


Contracts and Agreements between key players:
  • Primarily farmers: who grow ingredients such as barley, hops, apples, grapes, and sugar
  • Producers: Companies that manufacture alcohol, managing processes such as brewing, distillation, and bottling
  • Distributors & Wholesalers: Intermediaries who connect producers and vendors, typically storing and transporting the product
  • Vendors: Sellers of alcohol both on-licence (where drinks are bought and consumed on the premises e.g. pubs, club, and restaurants) and off-licence (where the drinks are bought and then taken away to be consumed e.g. supermarkets)
  • Dealers: As a liquor dealership, there are other contracts that must be notarized.
  • Input Suppliers/Contractors: Companies that supply products and services to any of the above e.g. providing farm machinery, distillation equipment, freight services, marketing, consultancy, lobbying etc.

Terms of service:

You are required to have the Terms of services document in place, that has all the required information about services like Age verification and other rules. Taxes:
  • GST
  • Taxes differ from state to state, it is constantly used as a moral and legal foundation for restrictive policies.
  • Imported Foreign Liquor (IFL) shall be heavily taxed and regulated by federal government.
  • Today average customs duties on IFL remain as high as 150 per cent
  • Liquor trade between states is also difficult and costly. Taxation levels and accounting methods vary significantly from state to state.

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
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Authorized Share Capital

Curtain-raising,  what should the authorized capital of a company during incorporation should be?


Authorized Capital of a company during incorporation is the maximum amount of share capital that a company can issue to shareholders and this is the money Founders or Co-founders during the registration of the startup must authorize.

When you look at the minimum amount of authorized capital for private limited companies and OPCs is INR 1 lakh. And for anything above that you will be paying a stamp duty of INR 400/- and as per the amendment in Companies Act 2015, there is no minimum requirement of paid-up capital to start a Private Limited Company. Also, did you know MCA has laid down certain guidelines when it comes to minimum authorized capital? Certain words can lead to change in the authorized capital of a company.

Happy Fundraising days:


When the company grows, you tend to increase the authorized share capital to allocate your external investments. procedure to increase authorized share capital in India


To increase the authorized capital, you will have to pay a fee to MCA:

  1. For Each Lakh of additional share Capital, INR 1 Lakh to INR 5 Lakhs; Charges per lakh of Authorized Capital is INR 4000/-

  2. For each lakh of additional share Capital, INR 5 Lakhs to INR 50 Lakhs; Charges per lakh of?authorized Capital is INR 3000/-.

  3. For each lakh of additional share Capital, INR 50 Lakhs to INR 1 Crore; Charges per lakh of Authorized Capital is INR 1000/-.

  4. For each lakh of additional share Capital, Above INR 1 Crore; Charges per lakh of?authorized Capital is INR 750/-.



Now, coming to the Climax (or the holy crime):


Having said that there is nothing called minimum paid up capital, still 95% of the entrepreneurs register an authorized capital of only INR 1 lakh thinking to save INR 400/- When the days of happy fundraising happens, entrepreneurs, to issue shares to the investors, you end up increasing the authorized share capital by spending in the range of INR 6,000/- to 8,000/- (inclusive of professional fee) Wouldn’t it be much simpler, that during incorporation, you just register your authorized share capital as INR 10 Lakhs, and paid up capital as INR 1 Lakh (as is the general practice) by paying a small additional stamp duty of INR 400/- Then on, while raising fund (in common stocks), no increase in share capital will be needed ending into a saving of INR 6,000/- to INR 8,000/-. Come on Cash is always the king!


We at Wazzeer believe in providing the right information to our clients is the key to building a stronger relationship. ‘Get Started!‘ to incorporate your startup.

9

Agreements, Legal, Uncategorized
When entrepreneurs decide on the key things to be taken care of while starting up a venture, he or she would find varied notions around the globe, but certainly, one thing that the founding members should figure out is to know how you can draw the salary?


Pvt Ltd Company


For a Co-founder to withdraw salary from his Private Limited Company, there are basically 3 situations:
1. you decide to act as the employee of the company, then the way you can be paid is a salary. Here you would, like any other employee, need to enter an employment contract with the company and receive remuneration. In addition to this remuneration, based on this Employment Contract, and a specific clause for bonuses, you may be paid a bonus at either regular intervals or on the achievement of certain goals.
2. You act as a consultant; Consultancy fees are paid for your expertise in management and your time.
3. Shares are a good way of driving remuneration in the form of dividends.


Partnership firm 

The partners (co-owners) share the profit or loss. Based on each partner’s individual share of the results, a standard deduction is made to calculate the surplus. The Partners can share the surplus as their salary, Rather, the partners do pay income tax on the money withdrawn. Profits and liabilities are split evenly between partners or, if partners have differing investment percentages, per what was agreed in the initial legal partnership agreement.


LLP

Options are similar to that of Pvt Ltd Company. Dependent upon their percentage of investment, partners will receive a salary.


Sole Proprietorship

As a sole proprietor, how much money you take out of your business is entirely up to you. You are still liable for taxes and, because the government does not distinguish between you and your business, you are also liable for all business losses, liabilities and debts. You can draw everything that you are making out he company, but you will be liable for taxations on the whole amount.


One Person Company

One Person Company is a separate Legal Entity and OPC will have a separate PAN. Hence the Director of OPC can get the salary from the company. This salary is taxed under Income Tax rules for a salaried individual.


We at Wazzeer have helped quite a number of startups in Contracts and Agreement drafting for the same purpose, why not we jump on a call to discuss the details?

Let’s connect!

5

Subsidiary Company, Uncategorized
Every business continues to explore various geographical segments to experiment with the strongly believed products, if we are talking about the fast growing economy, India is the land of opportunities, which is phenomenally pine. This article is crafted for all you NRI planning to start a business in India, have a clear and quick checklist of all the Legal and Accounting Compliance one may start planning for.
  1. Entity Types: You have two options, LLP and Pvt Lt company.
  2. Directors and Shareholders: it is not legally required that directors be residents of India, many service providers will recommend that the subsidiary initially have at least one local director and one local shareholders to efficiently complete the incorporation process. This structure avoids administrative time-delays, such as requirements that non-India residents have incorporation documents notarized in an Indian consulate in the United States(say), and enables the U.S. company to establish the subsidiary more quickly. Drafting a shareholder?s agreement for the same will not take more than 5 days.
  3. Incorporation: Having all the documents ready. Checking of name availability and name reservation. Prepare and file charter documents (Memorandum of Association and Articles of Association), with registration fee and stamp duty, Appointment of initial directors, Issuance of shares to initial shareholders, print share certificates, register company and pay registration and filing fees. Time consumed to incorporate the same will not exceed 30 days.
  4. FCGPR Compliance: Since Company will be one of the major shareholders and hence the initial capital comes from the Foreign Company, as per FEMA Act, FCGPR Compliance must be followed by the Subsidiary. RBI should be kept informed about the filing of FCGPR.
  5. Open bank account: Having a Current account for the subsidiary in India would be mandatory. This will not take more than 10 days.entity-types-1
  6. Operations related Compliance: Subsidiary company operational relationship must be carefully documented and monitored to maintain the separate legal status of each company. There must be intercompany and other agreements between the companies to have the intended effect for tax, isolation of liability and other business purposes. Drafting agreements covering the same would take a maximum of 7 days.
  7. Post Incorporation Registrations: Application for permanent account number and TAN. This will not take more than 20 days.
  8. Tax Registration: Registrations under the professional tax, sales tax and Shops and Establishment laws for your operations in India. This will not take more than 30 days. GST Registration depending on the busienss model.
  9. Currency Exchange Regulations: The government of India regulates the movement of funds out of India and approval may be required before cash may be transferred out of India. There is an exemption from the Indian currency restrictions for the exercise of stock options for employees based in India.
  10. Exporting- Importing Business: Approval of Customs Dept. for bond and facility license, and import/export codes. Ideally, the time consumed for this is 45 days. SIP Registration is optional.
  11. Intellectual Property Ownership: Intellectual property protection is implemented in India both by statutory compliance and by written agreement. Copyright and patent protection are the primary types of statutory protection. Trademark and service mark statutory protections also exist. Trade secret protection is implemented by agreement
  12. Employee Contracts: Agreements with employees (and contractors) need to be completely covering moral rights and other matters.
  13. R&D Agreement: There should be a research and development agreement between the U.S. company and the subsidiary.

Wazzeer is vouched by Entrepreneurs as the most reliable Legal and Accounting Partner. We would be super excited to see your startup kick starts seamlessly. Let’s Connect!
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