reporting of Foreign investment

Reporting Of Foreign Investment

Foreign Investment

Any company in India getting financial deposits in form of convertible shares, debentures or equity from a foreign country should inform with a copy of FIRC ( Foreign Inward Remittance Certificate ) to the Reserve Bank of India within 30 days

The form FC GPR has to be filed and it should be attached with a certificate of Compliance from a company secretary and also a certificate from the SEBI authorized chartered account informing about the current prices of shares.

Annual return on the foreign assets and liabilities has to be filed with RBI every year. Transfer of shares also has to be done within 60 days from the receipt of the amount.

For more information contact ENVIZI BUSINESS SOLUTIONS LLP at sales @envizigroup.com or 9011860897 and visit www.envizigroup.com. Best professional services and economical pricing all across India.

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gst registration process in india

GST Registration Requirement

In June 2016, the Finance Ministry, Government of India had made public the much-awaited Model GST law that happens to define a ‘taxable person’ and then further goes on to describe how GST and GST Registration will be put into force across India.

Who needs to register for GST then?

  • If you are a person or a group of persons carrying out business in any nook and corner of the Indian State and boast of a goods and services business with an aggregate turnover of over 9 lakhs in a financial year, then you need to register for GST. The limit has been kept such that the small suppliers are provided the much-needed relief.
  • If you are in the North Eastern States including Sikkim, you need to obtain a GST registration if the worth of taxable supply of your goods and services amounts to over Rs. 4 lakhs.

Here, ‘aggregate turnover’ means the sum total of all non-taxable and taxable supplies, exempt supplies and exports of goods and/or services of a person possessing a PAN, and is calculated on all India basis. It excludes taxes under the CGST Act, SGST Act, and the IGST act and does not explicitly include the worth of supplies on which tax is imposed on a reverse charge basis.

Who needs to register irrespective of anything?

In addition to the above classes, there are classes and categories who need to register regardless. For them, no turnover clauses apply. They are listed below.

  • Persons involved in inter-State supply which is taxable. There’s no threshold here.
  • Persons who are needed to disburse tax under reverse charge, irrespective of the threshold
  • Casual taxable persons. It refers to a person who intermittently undertakes transactions that involve supply of goods and/or services to further their business, done by himself/herself or through an agent, in a taxable area where he doesn’t have a fixed place to carry out his/her business.
  • Persons who are required to deduct tax
  • Taxable persons who don’t reside in India, irrespective of the threshold
  • Persons, who as agents or otherwise, supply goods and/or services on behalf of other taxable persons who are registered under the law of the land
  • Persons who supply goods and/or services, other than branded services, through electronic commerce operator, irrespective of the threshold
  • Input service distributor, i.e. an office of the supplier of goods and/or services which receives tax invoices u/s 23 towards receipt of input services and then issues tax invoices for the purposes of issuing the credit of CGST (SGST in State Acts) and/or IGST paid.
  • Aggregator who has his own brand name or his own trade name to prove services, irrespective of the threshold
    • Each and every e-commerce operator, regardless of the threshold
  • Other person or group of persons as may be notified from time to time by the Central Government or a State Government upon the recommendations of the Council.

If that makes for a complicated read, here’s a table to simplify it for you:

Nature of the supply Registration Required?
Taxable inter-state supply Yes
Exempted inter-state supply No
Intra-state supply (up to Rs. 9 lacs) No
Intra-state supply (exceeding Rs. 9 lacs) Yes
Intra-state supply (up to Rs. 9 lacs) exempted Inter-state supply of any value No
Casual Taxable person Yes
Reverse charge – for personal use up to prescribed limit No
Reverse charge – for personal use beyond prescribed limit Yes
Reverse charge – Other than personal use Yes
Non-resident persons Yes
Persons required to deduct TDS providing intrastate supply up to Rs. 9 lacs Yes
Input service distributor Yes
Agent or the like Yes
Intra-state supply up to Rs. 9 lacs as an agent Yes
Electronic commerce operator Yes
Supply through electronic commerce operator – Branded or otherwise Yes
Aggregator – supplying services Yes
Intra-state supply – Exempted Rs. 5 lacs Yes
Intra-state supply – Taxable Rs. 5 lacs If the aggregate turnover exceeds Rs. 10 lacs

 

So, the government clearly underlines who needs to register and who don’t. Hope this article has summed it up for you but to delve further, here are a few points to note:

  • If you are an agriculturist, you are exempted from GST registration.
  • You must apply and register for GST within 30 days of becoming liable to do so. Different procedures exist depending on whether you are a new customer or whether you are already registered under one of the States. In case of the latter, remember that you still need to register although there is a process that will simplify the hard yards.
  • PAN card is a must to register. No PAN card, no eligibility.
  • Special provisions exist if you are a casual taxable person or a non-resident taxable person
  • Registration certificate that is issued will be valid for 90 days from the date of registration and could even be extended further depending on the need but they are needed to deposit tax in advance on the basis of estimated tax liability.

If you want more details about GST registration visit www.envizigroup.com

 

 

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Partnership firm vs LLP

Comparison between Partnership Firm and (LLP ) Limited Liability Partnership

Partnership Firm Limited Liability Partnership (LLP)
Partnership Firms are registered under the Partnership Act 1992 LLP is registered under the Limited Liability Act 2008 Ministry of Corporate Affairs. (ROC)
Partnership Firms do not have Separate Legal Entity Status LLP  has Separate Legal Entity status
No Limited Liability feature Limited Liability feature available
Foreign Direct investment not allowed Foreign Direct Investment Allowed with approvals from RBI
No Perpetual Existence Perpetual Existence
Not Transferable Transferable by transferring shares
Annual  compliance  filing not required Annual ROC compliance required to be done.
No Corporate Identity Corporate Identity
Partnership Firm name can be used by any other entity in same business LLP name reserved by MCA, not given to any other entity in the same business again.
The name does not end with the format of registration. Name ends with LLP.   Example: XYZ  IT Solutions LLP, Raheja Developers LLP.
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LLP on hold in India - Envizi

LLPs on Hold In India.

LLPs on Hold In India.

Limited Liability Partnership ( LLP) is the most preferred and popular form of business registration in India. But with the MCA blocking the DIN forms for new LLPs since approx last 4 months aspiring new entrepreneurs in India wishing to form LLPs for their new startup are not able to do so. LLPs can be formed only with Partners already holding DIN nos, means may have been Directors in previous companies.
Surprisingly no one in the Ministry is able to provide clear and crisp information about the reason for the discontinuation neither any confirmation available on whether LLPs will exist in India as the simplest form of business registration. It’s being difficult for the consultants and Company Secretaries helping new startups to form their startups to update their clients about the LLP formation status. The MCA website to does not have any clear updates about the future of LLPs in India.
Now, in this case, New startups have 2 options before them :
Partnership Firm
Private Limited Company
Partnership Firm which provides the same format of business registration as LLPs, minus the MCA link. Partnership Firms do not have the Limited Liability Feature and are low on compliance.
OR
Private Limited company registration which is the eldest, accepted, popular, the professional format of business registration, including the Limited Liability feature. A bit high on annual compliance.
So make a wise choice or call ENVIZI BUSINESS SOLUTIONS LLP to help you choose the best for you after analyzing your business objects by our experts.

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Start Up Launch Business Ideas Plan Creativity Concept

STARTING A BUSINESS: HOW TO BECOME AN ENTREPRENEUR?

Being an entrepreneur is no easy task, yet there is a common perception that starting a business is very rewarding.
The most difficult part is overcoming the comfort of a job and taking the first step towards entrepreneurship. Many people have business ideas that remain only on paper. Still, others dream of becoming businessmen but have no idea how and where to start.

Here are some fundamental steps you need to take for starting a business:

1. Ask yourself what are you good at? Don’t think about what you would like to do but what are you good at now? Do people like selling skills? Are you a really great stock adviser? Do you have an out of the box ecommerce idea? Start thinking on what talents you possess. Your talents can turn into marketable skills that customers will pay for.

2. Do you have funds for your business? Some ideas start selling instantaneously while others will require you to approach professional investors. Don’t be stifled by having a small amount of funds or not having any investment at all. You can save money by managing funds well. Try to keep your funds focussed on your core function. Explore outsourcing non-core work like graphic design or social media so you don’t have to invest time & money in recruiting and training.

3. For those of you who have always dreamt of becoming an entrepreneur but don’t know whether you are good at anything; you can still achieve your ambition. Everyone has or can evolves an expert skill set, you just haven’t identified yours yet. Think about things that you like doing or have done in the past. Consider starting a home based business that offers these products or services. Network marketing is also an option. With a small investment, usually less than Rs. 25000, you can have a ready-made business and become profitable in days. Direct sales can be the best way to start a business until you discover more talents and new avenues open up.

Becoming an entrepreneur is not a journey for the faint hearted. It all starts with an idea, just like anything else. Figure out what you are good at and focus on converting it into a business. Starting a business requires some kind of investment, be it time or money. If you want to start from home, explore content writing or freelance social media marketing.

Once you start earning good money as a freelancer, complete the formal requirements of starting a business by legally registering a company.

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copyright-registration Pune

PROTECT YOUR WORK: APPLY FOR COPYRIGHT REGISTRATION NOW

The Need for Copyright Registration:

There are thousands of artists, writers, musicians and the like who create original art pieces that are genuine and reflect real talent. A true work of art is quickly appreciated. There is another crop of artists who do have a sense of appreciation and understanding but lack talent. They are good at imitation but they cannot create something of their own. When art is created in all parts of the world massively, and moves around, it is bound to fall into the hands of amateurs, budding artists and lesser artists. Quite often, they are tempted to copy or imitate the creations of others and claim that it is their own work. This tendency is on the increase in proportion with the growing materialism in the world, a commercial attitude and technology supported easy and quick means of communication. Old masters were self-motivated, honest, inspired and hard-working. The present life-style seems to have exhausted creativity in human kind; a kind of lethargy is observed in struggling artists and people avoid efforts and hard work. As a result, art works stand the greatest risk of being imitated. This is injustice to the original creators who deserve credit for intellectual property as it is referred to. This makes protection of intellectual property mandatory in current times. Surely, no one would be happy to see his work going around and highly praised as someone else’s creation!!

What is copyright registration?

Copyright is a right given by the law to creators of literary, dramatic, musical and artistic works and producers of cinematograph films and sound recordings. Copyright protects and rewards creativity. Copyright means legal registration of a work of art, stamping it as the original creation of a particular individual. Once it is registered as such, the individual can file a suit in the court against anybody else publishes or relays it in his/her name. In short, copyright is registration of a work of art with the government, as a record of someone’s original creation.

What is included in intellectual property?

  • Literary works
    • Books, newspapers journals
    • Music
    • Audio and video cassettes
    • Songs and lyrics
    • Designs created by artists
    • Architecture designs
    • Drama
    • Sound recordings
    • Cinematograph films
    • Computer software
    • Websites
    • Computer programmes
    • Tables and compilations

The entire above mentioned are artistic creations and copyright can be obtained to protect them from being stolen or imitated. Of course, there are slight variations in the composition of rights depending on the kind of work. For example, nobody can translate a work of fiction from one language to another without the author’s permission. There is no question of translation regarding an architectural design. An architectural design cannot be imitated unrightfully.

The basic rights

  1. Reproduction right – it allows the creator the right to copy, duplicate, transcribe or imitate the work of art.
    2. Modification right – A creator can modify or make changes in the original work created by him, perhaps transforming it into a new work of art.
    3. Distribution right – the creator can publish, sell, lend or rent out his work of art. He can distribute any number of copies to the public.
    4. Performance right – the creator has the exclusive right to give a performance of his play, a dance show, an audio-visual performance in public.

Why should you apply for copyright?

  • Creativity leads to progress. Society could not have made progress without creativity. If it is appreciated, recognized and encouraged, artists are motivated to create new things.
    • Not only cultural, but economic and social development of a country depends upon creativity.
    • The provision to protect creativity creates an atmosphere conducive to creativity.
    • Copyright includes a bundle of rights including rights of reproduction, communication to the public, adaptation and translation of work.
    • Copyright helps creators to yield income and receive pecuniary rewards.
    • Copyright rights are exclusive, that is the creator alone has the right to make public, adapt, translate the work of art.
    • A great deal of profit of a nation comes from intellectual property. The artist earns money and so does the government.
    • If the creator has copyrighted a work, then the creator can prosecute anyone who uses the material without permission. “A copyright owner can recover actual or, in some cases, statutory damages from an infringer. In addition, courts have the power to issue orders to prevent or restrain copyright infringement and to order the impoundment and destruction of infringing copies.

The process of getting copyright registration

The process of getting copyright is extremely simple. Copyright is acquired the moment a work of art is created; no formality is essential for acquiring copyright. However, a certificate of registration has to be acquired as evidence in a court of law, in case there is a dispute regarding its ownership.
1. Filling the application form
2. A separate application form has to be filled for each work of art
3. Payment of requisite fees along with the application form. The fee is to be paid the form of postal order or demand draft.
4. The application must be signed by the applicant. Any individual has the right to apply. Sometimes, an advocate is given the power of attorney in which case the advocate will sign the application. Documents assigning the power of attorney to the advocate and the acceptance of the latter must be attached to the application.
5. The copyright form can be filed and submitted at the copyright office or online.

Just as physical property has to be protected from thieves, intellectual property can also be stolen and has to be protected. It is difficult to steal physical property because it is tangible. It is easy to steal intellectual property which is intangible. Physical property can be guarded by installing security systems and alarms; this is not possible in case of intellectual property.

It is advisable to get copyright registration and protect your intellectual property. Safeguard your creations and earn name, fame and money. You deserve credit and appreciation for your talents.

Contact envizi solutions, based in Pune, India and get copyright registration NOW.

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Comparison between pvt ltd, OPC, LLP

COMPARISON BETWEEN PVT LTD, OPC AND LLP AT A GLANCE

COMPARISON For Quick Reference
Indicators Pvt Ltd OPC LLP
Requirement 2 Directors 1 Director and 1 Nominee 2 Designated Partners
Authorized Capital Not required Not required Not required
Department Registrar of Companies ( MCA) Registrar of Companies ( MCA) Registrar of Companies ( MCA)
Popularity Most Popular Less Popular Medium Popular
Tax Policy 30% 30% 30%
Investment Friendly Most Preferred Not Preferred Preferred
ROC Compliance High Low Low
Conversion Can be converted from PVT to LLP Can be converted after 2 years Cannot be converted from LLP to  Pvt Ltd
NRI or Foreign Investment Friendly YES NO NO
Process Time 15 to 20 days 15 to 20  days 20 to 25 days
Most Preferred among  Entrepreneurs High Low Medium
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