Our Services
Company Incorporation in India
In India, creating a company entity is not the easy cake. However a professional consulting is always advised for a seamless setup and operation. We are a reputable organization that supports business incorporation services. Our complete business start-up in India consists of services spanning from advice to choosing the kind of corporation.
The process of forming a business start up in India differs for partnership firms, companies, HUF, and proprietorship. Our services of incorporation, registration, and tax related formalities are all complemented with experts guidance. Our team of Company Secretaries and Chartered Accountants provides honest and practical assistance for establishing a business in and other allows for multiple cities. Services related to Business incorporation includes:
1. Registration of PRIVATE LIMITED COMPANY in India.
2. Registration of LLP (Limited Liability Partnership Firm) in India.
3. Registration of Public Limited Company in India.
4. Registration of Section 8 Company in India.
5. Registration of any other type of Company in India
We also handle the fundamental paperwork essential for a business to be established, such as bookkeeping, post-incorporation compliance, payroll etc.
1.PRIVATE LIMITED COMPANY REGISTRATION PROCESS:-
Requirements for Registering a Company in India:
The following requirements must be considered when you set out to register new company,
Directors and Members:
A minimum of two directors and 200 members are required for Private Limited Company Registration in India, as per the Companies Act of 2013.
Directors must have a Director Identification Number (DIN) issued by the Ministry of Corporate Affairs (MCA) for a company registration in India.
At least one director must be an Indian resident, having spent 182 days in India in the previous calendar year.
Company Name:
When selecting a name for a private limited company registration in India, two factors must be considered:
The name should reflect the principal activity of the business.
Address of the Registered Office:
After the company registration process, the company must provide the permanent address of its registered office to the company registrar. Business operations occur in this office, and all relevant company documentation is maintained.
Company Registration Process
To register a company in India involves a straightforward four-step company registration process:
Step 1: Acquire a Digital Signature Certificate (DSC)
Every director and shareholder must secure a Digital Signature Certificate (DSC) issued by the Controller of Certification Agencies (CCA). This involves providing essential details such as passport-sized photos, PAN, Aadhaar Card, phone number, and email address. Foreign nationals should also furnish notarized and apostilled documents if applicable.
Step 2: Director Identification Number (DIN)
Obtain a Director Identification Number (DIN) if you intend to be a director in the company. DIN is essential for directors and needs to be provided in the registration form.
Step 3: Name Reservation for the Company (SPICe+ Part A)
Begin by completing the SPICe+ Part A form to secure a unique company name. This entails selecting the company type, class, category, and sub-category, specifying the primary division of industrial activity and offering a comprehensive business description. You’ll need to propose two names for approval.
Step 4: Submission of Company Details (SPICe+ Part B)
Provide comprehensive information concerning capital, registered office address, subscriber and directors’ details, stamp duty, PAN and TAN application, and necessary attachments for company registration in india.
Step 5: Preparation and Submission of Incorporation Forms (SPICe+ MOA and AOA)
Draft the Memorandum of Association (MOA) and Articles of Association (AOA) containing crucial company details. Obtain digital signatures from subscribers and professionals before submitting these documents to the MCA for approval.
Additionally, file the AGILE-PRO-S form to register for GST, EPFO, ESIC, a bank account, and a shop and establishment license (which may be state-dependent).
Certificate of Incorporation
Upon successful document verification, the MCA will issue the Certificate of Incorporation (COI) with the Company Identification Number (CIN), PAN, and TAN.
These are the typical steps to be followed to register a company in India successfully.
Document Checklist:
Ensure you have the following documents to register new company,
For Indian Nationals: Self-attested PAN card copy, passport-sized photo, Aadhaar Card, proof of identity, and address proof.
For Foreign Nationals: Notarized documents, passport-sized photo, passport, and address proof.
Registered Office Documents: Proof of business address, copy of the rent agreement (if applicable), and owner’s no objection certificate.
2.LLP REGISTRATION PROCESS:-
In the evolving business environment of Maharashtra, Limited Liability Partnerships (LLPs) stand out as a modern business structure that combines the flexibility of partnerships with the security of limited liability. Ideal for entrepreneurs looking to collaborate and innovate.
Navigating the business landscape in Maharashtra becomes significantly smoother with IGSK & Associates by your side. We offer a streamlined process for LLP registration in Maharashtra, ensuring your business is set up for success.
What is LLP?
An LLP in Maharashtra is a unique business structure that combines the benefits of limited liability protection with the flexibility of a partnership. It shields partners from personal liability, safeguarding their assets against business debts and obligations. Unlike conventional partnerships, an LLP in Maharashtra is treated as a distinct legal entity, enabling it to engage in contracts, own assets, and conduct business activities independently.
Eligibility for LLP Registration in Maharashtra
To register an LLP in Maharashtra, you must meet specific criteria:
At least two partners are required, with no maximum limit.
At least two designated partners are individuals, one of whom must reside in India.
A minimum contribution agreed upon by the partners, with no minimum capital requirement.
Advantages of Registering an LLP in Maharashtra
Choosing an LLP structure in Maharashtra brings several benefits:
Limited Liability: Partners’ assets are protected from business liabilities.
Operational Flexibility: LLPs enjoy operational flexibility and fewer compliance requirements than corporations.
Tax Efficiency: LLPs often benefit from tax advantages, avoiding double taxation experienced by corporations.
No Capital Requirement: There’s no minimum capital requirement, making it accessible for startups and small businesses.
Key Features of LLPs:
Here are the key features of Limited Liability Partnerships:
Separate Legal Entity: LLPs have their own legal identity, distinct from their partners.
Minimum Two Partners: Requires at least two partners to form, with no upper limit on the number of partners.
Limited Liability Protection: Partners are liable only to the extent of their contributions.
Ease of Formation and Compliance: LLPs are relatively easy to form and maintain, with fewer regulatory compliances.
Procedure for LLP registration in Maharashtra
The procedure for LLP registration in Maharashtra entails several crucial steps, ensuring a smooth and legally compliant establishment of your business entity:
Step 1: Obtain Digital Signature Certificates (DSCs)
All partners involved in the LLP must acquire DSCs, which are essential for electronically signing documents submitted during the registration process.
Step 2: Obtain Director Identification Numbers (DINs)
At least two designated partners of the LLP must obtain DINs. The DIN is a unique identification number required for individuals intending to become partners or directors in LLPs.
Step 3: Name Reservation
Choose a unique name for your LLP and ensure it complies with the guidelines set by the Registrar. The selected name should not resemble existing businesses and must accurately reflect the nature of your venture.
Step 4: Incorporation Documentation
Prepare and submit all necessary incorporation documents, including the LLP agreement, to the Registrar of Companies (RoC). The LLP agreement outlines the rights, duties, and obligations of the partners and must be notarized before submission.
Step 5: Certificate of Incorporation
Upon successfully verifying the submitted documents, the RoC will issue a Certificate of Incorporation, officially recognizing the LLP’s existence as a legal entity.
Step 5: Post-Registration Compliance
After obtaining the Certificate of Incorporation, the LLP must complete additional post-registration compliance procedures. This includes applying for the Permanent Account Number (PAN), Tax Deduction and Collection Account Number (TAN), and any other necessary compliances per regulatory requirements.
Why Choose IGSK & Associates for LLP Registration in Maharashtra?
IGSK & Associates simplifies the LLP registration process in Maharashtra by offering:
- Expert Guidance: Our team provides professional advice and handles the registration process end-to-end.
- Efficient Service: We ensure a quick and efficient LLP registration process, saving you time and effort.
- Customized Solutions: Tailored documentation and compliance solutions to meet your specific business needs.
- Seamless Experience: From document preparation to final submission, we offer a hassle-free experience.
- Ongoing Support: Our support extends beyond registration and assists with legal and compliance requirements.
Audit of Companies
The firm has vast & varied experience in conducting all types of Audits for large & medium sized business entities including Audit of Public Sector Undertakings. We are Auditors of a cross – section of traders and industrialist of all size and nature. We execute audit work of our clients strictly in accordance with audit norms and extend our full co-operation while auditing the accounts of an organization. We study clients working systems, nature and volume of business and make valuable suggestions to promote efficiency and to achieve better results. For taxes, we simplify the task with our experience & expertise. We make it a point to complete the audit work in the least possible time with the least botheration to our patrons. It is our endeavor to see that our client is benefited from our services in the true sense.
The various types of audits conducted by the firm are :
- Statutory Corporate Audit prescribe under various law
- Internal Audit & Management Audit
- Concurrent Audit
- System Audit
- Tax Audit under Income Tax law
- Regular Audit
- Special Investigation Audit
- Bank Audit
In addition to these we conduct Audits for corporate, firms, trusts, banks, public sector organizations and other entities. Further other services which include statutory audits under the Income Tax Act, 1961 (Tax Audits) etc. and Statutory/non-statutory certification, attestations, investigation attestations, investigation services under various laws, etc.
International Taxation
With the ever-growing importance of India in international trade, infrastructure investments, technical collaborations, joint ventures, M&A, private equity investments and portfolio investments, the need for structured and researched international tax advice on transactions is very important.
We work closely with many Indian companies on their international joint ventures and agreements to determine the most tax efficient way to structure the agreements and the transactions bearing in mind the business needs of the clients. We also work extensively with foreign companies planning to setup operations in India or provide technical service to Indian companies.
We understand that various sectors such as infrastructure and other sectors that involve acquiring technical knowledge and collaboration from foreign experts need special care while drafting agreements and planning the business operation.
IGSK & Associates helps high net worth individuals, companies and professionals by offering comprehensive advice, consulting and compliance services in international tax planning together with administrative services, advising on entry strategies, compliance with Indian transfer pricing norms, certification work, etc.
Due to the differing nature of tax treaties between different countries, it is possible that acquiring know-how, rented equipment, etc. from one country may be more tax efficient than from another country. This analysis may help in negotiating with bidders and also possibly restructuring the mode of the transaction to be more tax efficient.
Retainership Services / Virtual CFO Services
RETAINERSHIP SERVICES:-
We provide biannual or annual Retainership services to our clients for various advisory or secretarial services. We hold expertise in offer Business Retainership services for maintaining secretarial records and statutory registers under the company act 2013. Apart from this, we offer services for preparation and filing of Income Tax Returns, Sales Tax, GST returns, Accounting, MIS reporting, TDS Management and more legal tasks that are done for reputed clients in the market.
VIRTUAL CFO SERVICES:–
1.Some Important Questions
Are you able to sufficiently track and analyze your company’s growth and profits?
Do you understand how to use this information to your advantage so that your business can be more profitable?
Are you completing and reporting accurate financial information in a timely manner?
Do you need assistance projecting your cash flow and profits that may have an impact on the future growth of your business?
2.What your Business Needs
A growing business needs a qualified chartered accountant with some experience to guide and supervise his finance team. Further, it needs an MIS which is a combination of monthly profit and loss account & balance sheet with ratios to understand how the business is progressing.
The business also needs a senior finance person who can help review the business and discuss MIS. Generally, mid or large organizations have a Chartered Accountant with multiple years of experience to handle above functions. However, not every business can afford a full time CFO.
3.Who is Virtual CFO ?
As a virtual CFO of your Company, in addition to above we ensure that all your accounting records and statutory compliances are up to date and in consonance with the accounting standards and applicable laws.
On behalf of the management, our team monitors the effective deployment of company funds & ensuring efficient use coupled with zero leakages.
We ensure financial effectiveness on a daily basis!
4.Key Deliverables under Virtual CFO Services
(a) Internal Processes
Setting up Standard Operating Process for Bookkeeping and documentation
Weekly visits for accounting
MIS
Business Plan and Budgeting
Payroll Services
(b) Statutory Compliances
- GST Compliances
- TDS Compliances
- Profession Tax Compliances
- Income Tax Compliances
- PF/ESIC Compliances
- Compliances under Companies Act
Finally, Our Team acknowledges that a good virtual CFO recognizes that he or she is, most likely, a temporary solution. A virtual CFO who does his job well will ultimately become redundant as the company grows into a position to hire an actual full-time CFO. A virtual CFO can help transition your company from an outsourced to an in-house chief financial officer position
Company Law Related Services
Company Law related statutory compliances like maintenance of Statutory Registers namely Fixed Assets Register, Shareholders’ Register, Minutes Books for Board Meetings and Annual General Meetings. Also Share Certificate Book and Common Seal of the Company, filing of Allotment Returns, Annual Returns and Audited Accounts with Registrar of Companies, as well as any other routine filings which may be required for compliance of Registrar of Companies formalities.
Company Law Matters
Company legal compliance is a complex area in itself. We help firms to interpret and comply with the rules and regulations. There are many sections of the Companies Act, where we can provide guidance and/or assistance. Services offered by us include:
Company Formation (viz, Private Limited, Public Limited, wholly owned subsidiary company, One Person Company (OPC), Limited Liability Partnership (LLP), etc.)
- Seeking Licenses and Approvals for start-up entities
- Statutory provisions relating to various meetings like Board Meetings, Statutory Meetings
- Company Secretarial matters such as filing necessary returns with MCA
- Petitions to Company Law Board
Goods & Service Tax
Goods and Services Tax (GST) is a revolutionary tax reform in India that has completely transformed the way businesses operate. With its implementation, businesses have had to change their accounting practices to comply with the new tax regime. As a result, many businesses are looking for reliable and efficient GST services to ensure compliance and save costs. That’s where IGSK & Associates comes in.
Recognized as a leading GST Consultant in Mumbai, we specialize in GST compliance and advisory. IGSK & Associates is a leading provider of GST services. Our team of experts provides tailored solutions to ensure compliance with GST regulations while optimizing costs. We work closely with our clients to understand their business needs and provide customized solutions that are efficient, cost-effective, and practical.
At IGSK & Associates, we understand the significance of GST in the current business landscape. Our seasoned professionals bring a wealth of knowledge and expertise to the table, making us a reliable choice for GST consulting services in Mumbai. We cater to businesses across various sectors, offering tailored solutions to meet their unique needs.
Our Services
GST Registration Services
Navigating the GST registration process can be intricate, but with IGSK & Associates by your side, it becomes seamless. We assist businesses in Mumbai with the GST registration procedure, ensuring compliance with all regulatory requirements. Our team ensures that your registration is processed efficiently, allowing you to focus on your core business activities.
GST Filing Services
Accurate and timely GST filing is crucial for maintaining compliance and avoiding penalties. IGSK & Associates provides comprehensive GST filing services in Mumbai, handling the entire process with precision. Our experts stay updated on the latest GST norms, making certain that your returns are filed accurately and promptly.
GST Compliance Audits
Regular GST compliance audits are essential to identify and rectify any discrepancies in your tax filings. Our CA firm conducts thorough GST compliance audits in Mumbai to assess your business’s adherence to GST regulations. This proactive approach helps in preventing potential issues and ensures a smooth relationship with tax authorities.
Why Choose IGSK & Associates?
Expertise and Experience
With years of experience in the field, our team of Chartered Accountants possesses in-depth knowledge of GST laws and regulations. We leverage our expertise to provide reliable and effective solutions to our clients.
Personalized Approach
We understand that each business is unique, and a one-size-fits-all approach doesn’t work for GST consulting. Our team takes the time to understand your specific requirements and tailors our services accordingly, ensuring maximum value for your investment.
Technology-driven Solutions
IGSK & Associates embraces technology to streamline our GST consulting services. Our use of advanced tools and software enhances efficiency, accuracy, and transparency in all our dealings.
Client-Centric Focus
Client satisfaction is at the core of our values. We prioritize open communication, responsiveness, and a client-centric approach to build lasting relationships with businesses in Mumbai.
Direct Tax Consultancy
The Tax Consultancy Division comprises of Partners, Directors, Senior Managers, Associates and other qualified and experienced personnel. The services offered in Tax Consultancy include –
- Corporate Taxation Advisory Services: Advising large Companies / Corporations on their income tax matters, including foreign taxation matters to Indian corporations.
- Tax Management Services: Attending to the matters of tax laws compliance.
- Tax Planning: Advising clients on structuring tax-efficient business planning, including restructuring of business e.g. amalgamations/ merger etc.
- Services relating to Foreign Collaboration Agreements, NRIs taxation, Double Tax Avoidance Agreements Reliefs etc.
ROC Compliances
Companies and LLPs should take care and adhere to the compliances within the specified due dates. If the companies or LLPs fail to fulfil the compliance requirements, then a heavy penalty will be imposed on them. Thus, the companies and LLPs should keep in mind the ROC compliances to be followed annually. IGSK & Associates becomes helping hand for the ROC Compliances.
The ROC Compliances of MCA include –
- Business formation services like Private Limited company, LLP, One person company, sec 8 companies (NGO).
- Compliances and corporate governance.
- Corporate secretarial services.
- ROC Annual return filing for Private Limited , Sec 8 Companies.
- Annual Statement of Account & Annual Return of LLP , One Person company.
- Change of Registered Address of companies.
- Appointment and Resignations of directors.
- Appointment of auditors, Commencement of business, Directors KYC
- Other all ROC Compliances under MCA
The Department for Promotion of Industry and Internal Trade (DPIIT)
The Department for Promotion of Industry and Internal Trade (DPIIT) is a government body in India responsible for promoting industrial development, entrepreneurship, and innovation in the country. One of the key initiatives of DPIIT is the Startup India program, which aims to support and nurture startups in India through various schemes and incentives.
DPIIT recognition for startups is a crucial aspect of this program, as it provides eligible startups with benefits such as tax exemptions, funding opportunities, and fast-track patent examination. In this article, we will explore the DPIIT registration process, eligibility criteria, benefits, and how it can help startups to grow and succeed in India’s dynamic and competitive startup ecosystem.
What is DPIIT Full Form?
In order to understand what DPIIT is, you first need to know what DPIIT stands for? DPIIT full form stands for the Department for Promotion of Industry and Internal Trade. It falls under the Union Ministry of Corporate Affairs and is responsible for formulating policies for the promotion of industrial development, foreign direct investment, and internal trade in India.
DPIIT comes under the Ministry of Commerce and Industry. This government body was formed in January 2019 after the merger of the Department of Industrial Policy and Promotion (DIPP) and the Department of Commerce.
What is the purpose of DPIIT?
The primary purpose of DPIIT is to create a conducive environment for the growth and development of industries and businesses in India. The department is responsible for formulating and implementing policies that facilitate investment, innovation, and entrepreneurship. DPIIT works closely with various stakeholders such as businesses, industry associations, state governments, and other central government departments to achieve its objectives.
One of how DPIIT promotes the growth of businesses is by providing recognition to eligible entities under various schemes. DPIIT recognition is a coveted status that offers several benefits to businesses. To be eligible for DPIIT registration/recognition, a business must meet specific criteria and follow a set of procedures.
How to get DPIIT Recognition?
DPIIT registration or recognition for startups is a program initiated by the Department for Promotion of Industry and Internal Trade to provide recognition, benefits, and incentives to eligible startups, to promote their growth, development, and expansion in India. To receive DPIIT registration/recognition for startups, eligible businesses must submit an online application that includes details about their business, team, product or service, and funding.
The application is further evaluated by a panel of experts, and successful applicants receive a certificate of recognition and access to various benefits and incentives. We have elaborated on each step of the process in the further segment of the blog.
Determine the Eligibility Criteria
Eligibility is the one of the most vital factors while filing for any sort of government application. This is the reason, before applying for DPIIT recognition, a business must determine its eligibility. DPIIT offers recognition under various schemes such as the Startup India Scheme, Industrial Entrepreneurship Memorandum (IEM), and the National Industrial Classification (NIC) code. Each scheme has specific eligibility criteria, and businesses must meet them to be considered for recognition.
For instance, to be eligible for recognition under the Startup India Scheme, a business must be incorporated as a private limited company, partnership firm, or limited liability partnership (LLP). It must be less than ten years old from the date on which it was incorporated and must have an annual turnover of less than INR 100 crores.
Additionally, the business must be working towards developing new and innovative products, processes, or services driven by technology, with the primary objectives of wealth creation and employment generation. An additional condition applicable is that it should be an original structure and not a product of the splitting or reconstruction of an existing business.
Register & Create a profile on the DPIIT Portal
Once a business has determined its eligibility, it must undergo DPIIT registration on its portal. The DPIIT portal is an online platform that enables businesses to apply for recognition under various schemes. To register, a business must provide basic details such as its name, address, and contact information. The contact information would be verified using OTP. With this, your DPIIT registration process will be completed and you will receive your login credentials on your registered e-mail ID.
Using these credentials, you can log in to the portal, and create your complete profile by entering details like the current stage of your startup, the details of directors/partners, the details of the authorised representative, business plan, details of funding, details of intellectual property and the proposed business activities. You must also upload supporting documents such as the Certificate of Incorporation, PAN card, and GST registration.
Apply for Recognition
After registering and creating your complete profile on the DPIIT portal, a business can apply for recognition under the Startup India scheme. The application form will require the business to provide details such as its business model, financial projections, and the problem it intends to solve. The business must also provide information on its team, including the founders, directors, and key management personnel.
Await Approval
Once the application is submitted, DPIIT will review it and communicate its decision of approval or rejection to the business. If the application is approved, the business will be granted recognition under the Startup India scheme. The recognition certificate is valid for a specified period and can be renewed before expiry.
What are the benefits of DPIIT?
DPIIT recognition offers several benefits to eligible startups, including access to various schemes and programs, such as tax exemptions, fast-track patent examination, and funding opportunities. It also provides startups with visibility, credibility, and networking opportunities with industry leaders, investors, and mentors.
Additionally, DPIIT recognition can help startups to overcome bureaucratic hurdles, improve the ease of doing business, and promote a culture of innovation and entrepreneurship in India. We have explained some of the prominent benefits of DPIIT Recognition below.
1. Tax Benefits
Businesses recognized by DPIIT are eligible for various tax benefits. For example, startups recognized under the Startup India Scheme are exempt from paying income tax for the first three years. Additionally, they are eligible for a 100% deduction of profits for five consecutive years out of seven years from the date of incorporation.
2. Faster Access to Funding
DPIIT recognition can help businesses attract funding from investors and financial institutions. Investors are more likely to invest in recognized businesses as they are perceived to have a higher potential for growth and profitability.
3. Brand Recognition
DPIIT recognition can help build a startup’s brand in several ways. Firstly, receiving DPIIT recognition provides instant credibility and validates the startup’s potential for growth and innovation. This recognition can be used in the startup’s branding efforts, such as website, social media, and marketing materials, to showcase its achievements and differentiation. Secondly, DPIIT recognition can provide startups access to various networking opportunities, such as events, conferences, and mentorship programs, which can help them connect with industry leaders, investors, and potential customers.
Get your business registered under DPIIT to reap such benefits eventually helping in its expansion and overall growth.
Conclusion
In conclusion, DPIIT registration or recognition for startups plays a vital role in promoting entrepreneurship and innovation in India by providing startups with the resources and support they need to grow and succeed. By offering benefits such as tax exemptions, funding opportunities, and fast-track patent examination, DPIIT registration/recognition helps eliminate barriers to entry and foster a culture of innovation in India. Hopefully, now you have a better understanding of DPIIT Registration.