On
January 16, 2016, the Prime Minister of India, Shri Narendra Modi announced a
new initiative called “Start-UpIndia” initiative, fostering the
promotion of entrepreneurship by creating a system that is conducive for
start-ups.
This
initiative will provide budding entrepreneurs and experienced businessmen an easier access to funding and incubators by
offering them an easy-to-use platform that can be downloaded on to any smartphone device.
However, if you are an Indian citizen, then
you allowed to register about six to seven types of business entities in India,
specifically, Private Limited Company
(limited by shares), Public Limited Company (limited by shares), Public Company
(with unlimited liabilities), Company limited by guarantee, Partnership firm,
Sole Proprietorship firm and co-operatives as producer company. Non-Indians
(foreigners) are allowed to register on a Private
limited company (with 100% equities), Private
limited company (a joint venture with
Indians) and Public limited company (with a minimum
of one shareholder and director of Indian citizen). You have to decide which
business entity fulfills business expectations. The
private limited company is preferred by almost all foreigners
(individuals or entrepreneurs), because it has minimal agreement constraints,
and it is one of the best choices if you
do not have any intentions to raise public funds.
ROC staff will look for the the proposed names for availability or any
resemblance with other company names in India. If they find it difficult to
approve names that might create confusion in the minds of the public and harm
the interest of the promoters, then you will be given up to two opportunities
for re-submit the new panel of company names against the fee paid in the first
instance for name availability after the original application is filled. Just
in two days the name will be allotted for
a company. If the name is not adopted within
the given 60 days after it is allowed, you may apply for an extension for retention of such name for further period of 30 days on payment of 50% of
the fees prescribed for the application at the initial stage. The name allowed
shall lapse after the expiry of sixty or
ninety days, as the case may be, from the date it is allowed first. If you
agree to the allotted name, the “name allotment certificate” will be issued to
you. This is called pre-registration process.
Further, after the pre- registration
process or the “name allotment certificate” is obtained from the ROC, you have to prepare the Memorandum of
Association (MOA) and Articles of Association (AOA) for the proposed company. The format and description are
almost similar to other countries of the world. MOA mainly covers the primary, auxiliary
and other business activities of the proposed firm. Moreover,
AOA gives
the guidelines for the standard operations and conduct of the proposed company
along with the certified share capital, first directors or founding directors,
the names and addresses of first directors and so on.
CoinproBiz
Solutions has been established to provide exclusive services in the field of
Company Registration, Intellectual Property Rights, Trademarking, CopyrightRegistration and allied services, with the help of specialized and experienced
professionals from varied backgrounds such as Company Secretaries, Chartered
Accountants, Corporate Lawyers and Business Professionals. We are dedicated to provide the best recommendations and
execution for leading, middle market and emerging growth companies to promote
their business.
In
today’s fiercely competitive marketplace, Intellectual Property Law ensures
that your business’ artistic rights are registered with and granted by the
appropriate government agencies to protect investment in names, symbols and
other representations used to identify your products and services.
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