Food is the source of life, and it is the provider's duty to ensure that it is of high quality. Meat, like every other commodity, requires a stamp from a reputable agency. That is the FSSAI in India (Food Safety and Standards Authority). The FSSAI is an independent body that reports to India's Ministry of Health and Family Welfare. It is in charge of issuing licences and enforcing food safety and hygiene standards for food service providers throughout the world. It also offers FSSAI registration to supermarkets, ecommerce, grocery stores, restaurants, and other businesses. According to the Food Safety and Standards Act of 2006 (FSS Act), all food suppliers (retailers, restaurants, etc.) must register with the FSSAI. Customers are more mindful of the food they eat these days, so any company participating with the food industry must register with the FSSAI. Let's take a look at the different facets of FSSAI registration for supermarkets, ecommerce, grocery stores, restaurants, and more, as well as the various complexities that surround it. What Is the FSSAI Registration?The company is assigned a 14-digit number when it is registered with the FSSAI. The FSSAI logo and this number should be written on the food packets. Furthermore, these steps are expected by all food business operators to ensure that the commodity supplied is of the highest quality. Types of FSSAI registrationsThe Food Safety and Standards Authority of India (FSSAI) issues three separate categories of food licence. These are the ones:
Steps for FSSAI Registration
ConclusionVia its organisational structure, food safety standards, research laboratories, and other initiatives, the FSSAI contributes significantly to the security of public health in India. It is crucial for a company wishing to reach the booming food market to contact Corpbiz to obtain FSSAI registration.
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1/19/2021 4 Comments How to Register the company under Employees’ Provident Fund Organisation (EPFO)Employee Provident Fund (EPF) is a specialised fund which is set up to provide some form of retirement and other benefits to salaried individuals. All organisations require to EPF registration if specific prerequisites are met. Under provisions of the Employees Provident Funds and Miscellaneous Provisions Act, 1952, the word employee will include any form of a worker who is receiving a fixed salary.In order to register under Employee Provident Fund, the employer has to meet specific requirements of the above mentioned act. Under section 2(3), this act is applicable to all organizations in India. Benefits of EPF RegistrationFollowing are the list of benefits of EPF Registration in India:
Eligibility criteria for EPF RegistrationFollowing are the categories of Employees and Employers required for obtaining EPF registration:
What is UAN?UAN stands for Universal Account Number, a 12-digit number allotted to employees at the time of registering an employee under the EPFO portal. The Universal Account Number is assigned by providing the required details like name, father's name, PAN card, Aadhar number, Date of birth, etc. It is assigned to each EPF member by the EPFO (Employee Provident Fund Organization, which controls his EPF account and minimizes the employers' role. The following are the steps to activate UAN online:
Documents required for EPF RegistrationThe following are all the necessary documents required for EPF Registration:
Procedure for EPF RegistrationFollowing is the online step by step process for EPF Registration: Step 1: Register, the organization in the EPFO Portal. Step 2: Then, read all instruction manually provided for a user before the registration process. Step 3: Obtain a Digital Signature Certificate (DSC) for the registration. After getting DSC, a new application has to be filed for the EPF registration. Step 4: After applying A Universal Account Number (UAN) is generated. Step 5: After getting UAN, then fill the employer details. Step 6: Fill the employer's first name, user name, Employer's PAN number, and activate the email link for EPF registration online. Mandatory Compliances for EPF RegistrationOnce the registration is completed, it shall comply with specific mandatory provisions monthly or annually as described under the act:
The contribution rate of EPF
ConclusionAbove shows that EPF is an excellent saving scheme for retirement corpus for salaried employees. EPF registration is governed and regulated by Employee’s Provident Fund Organization (EPFO) Employee Provident Fund is a good investment plan as it comes with tax benefits. PF ensures higher earnings and improves savings in the long-term.
Real Estate Regulation Act (RERA) registration is mandatory for all the real estate business in India the main purpose of RERA is to regulate all the real estate business at state level. RERA Registration makes sure that there is transparency and greater accountability by reducing the chances of frauds and delay in delivering the project on time which occurs time and again in real estate indenture. The process of registration under RERA is governed by the state governments. Overview of RERA Registration RERA was enacted in 2016; under the provisions of Real Estate Regulation Act, registration is mandatory for all real estate projects in India. Real Estate Regulation Act (RERA), 2016 regulates and governs the real estate business on the state level. Under Real Estate Regulation Act, regulating authorities are recognized at the state level, and governing bodies are in charge for the following:
Advantages of RERA Registration in IndiaThe following are the benefits of registration under RERA in India:
Documents required for RERA Registration in IndiaRERA registration is entirely an online procedure, and it can be completed on the official RERA portal; the documents required for registration under RERA vary from state to state. The following are some essential details and documents necessary for RERA registration: Details required for Real Estate Agent Registration:
What is the procedure for RERA Registration in India?Every agent and promoter has to get themselves register with the RERA authority of their state as per the provisions stated under the RERA Act. The registration under RERA can be done for commercial projects and residential projects and all the necessary fees and required documents must be submitted with the RERA authority. Below-mentioned are the promoter's process to register a project under RERA and the procedure for Real Estate Registration. RERA registration of projects:
Conclusion Real Estate Regulation Act (RERA) registration is mandatory for all the real estate business in India the main purpose of RERA is to regulate all the real estate business at state level. RERA Registration makes sure that there is transparency and greater accountability by reducing the chances of frauds and delay in delivering the project on time which occurs time and again in real estate indenture.
In legal provisos, Liquor License can be delineated as legal acquiescence given by the State Excise Department to any individual or entity who wants to expand their business boundaries by selling alcoholic drinks or beverages at a particular place. Overview of Liquor LicenseIndulging in liquor businesses for the purpose of making profit or livelihood can be a well-thought-out profitable business for the hotel and restaurant industry. Because of obvious reasons, the profits margin are rapidly increased. For acquiring liquor licenses in India, a dealer has to go through a lot of legal requirements and compliances. Moreover, in India, every state has its prerequisites and framework through which they keep a check on the consumption and sale of liquor in a particular state. Every state in India has its own rule of laws to govern liquor sales and consumption. In legal provisos, Liquor License can be delineated as legal acquiescence given by the State Excise Department to any individual or entity who wants to expand their business boundaries by selling alcoholic drinks or beverages at a particular place. It is compulsory for a business owner who is involved in liquor distribution business to obtain a liquor license and follow the guidelines and rules & regulations framed by the authorities governing the liquor distribution and sale in the state. The Ambit of Liquor License Covers:
Need for Liquor LicenseAcquiring a liquor license means that an individual or entity has legal permission to sell alcoholic beverages and alcohol. It is crucial to acquire a liquor license before starting the business of manufacturing or selling alcoholic drinks or alcohol. Manufacturing or selling alcohol or alcoholic beverages without acquiring a liquor license is counted as a legal offense. Following is the list of businesses who can apply for Liquor License: Types of Liquor License
Guidelines Issued by the Excise DepartmentState Excise Department issues evident guidelines to uphold the liquor quality, which is served to the consumer. The list of guidelines is as follows:
Benefits of Liquor License
A liquor permit allows an establishment to take advantage of offline as well as online marketing opportunities. These smooth but successful marketing promotions generate repeat business, allowing the business to attract an excellent and diverse crowd. Conclusion A liquor business in India is considered one of the most profitable businesses, but to establish a liquor shop or serve alcoholic beverages or drinks at restaurants, bars, hotels, eateries, pubs, clubs, etc. liquor license is mandatory. In legal provisos, Liquor License can be delineated as legal acquiescence given by the State Excise Department to any individual or entity who wants to expand their business boundaries by selling alcoholic drinks or beverages at a particular place.
Non-Government Organizations (NGOs) are self-governing organizations whose primary function is towards bettering society by helping the underprivileged sector and providing them opportunities of growth, for this NGO Registration is mandatory that avails several benefits for the Non-Government Organization (NGO) and the donors who help the NGOs. Overview of NGO Registration Non-Government Organization (NGO) is formed with a charitable objective for the betterment of the underprivileged sectors or needy persons. A Non-Government Organization can be registered as a Society, Trust, or Nonprofit section 8 companies, depending on the activity the NGO will be involved in. NGO registration is mandatory for establishing a Non-Profit Organization. NGO Registration is obtained by drafting a Memorandum of Understanding (MoU). An MoU is an agreement between two or more entities outlined in a legal document. Memorandum of Understanding contains all the necessary details, such as objectives and aims of the Non-government Organization. Non-Government Organization registration plays an essential role as it offers more credibility and makes sure that there is more exposure to the organization. Different Laws that Govern NGO Registration in IndiaThe following Laws govern NGO Registration Purpose of NGO RegistrationIf anyone wants to serve the society by giving opportunities to the underprivileged sectors of the society, the best possible way to that is NGO registration. Various purposes for NGO Registration in India are:
Types of NGO Registration There are three types of NGO Registration in India. Following are the Types of NGO registration Society RegistrationSociety registration is a way a person can get NGO registration. To form a society, a group of people comes together for encouraging charitable purpose, scientific purpose, and various other purposes, as per the provisions of Section 30 of the Society Registration Act, 1860. Benefits of Society Registration
Trust Registration Another way of NGO registration is to get registered as a trust under the provisions of the Society registration Act, 1882. Trusts are basically public charitable trust and formed in the case where property and land are involved. Certainly, the trust works for the relief of medical aid, poverty, education, etc. For establishing a trust, the essential document is the Trust Deed. The minimum requirement of trustees is two at the time of trust registration. A Trust can operate in the whole of India as there is no geographical boundary restriction. The registering authority of a trust is the Deputy Registrar of the area where the individual wants to form a trust. Benefits of Trust Registration
Section 8 Company RegistrationThe third way to get the NGO registration is by registering a section 8 company as per the provisions of the Indian Companies Act, 2013. Section 8 companies are formed to promote charity, trade, religion, etc. The shareholders of section 8 company cannot use the company; the company's earning is used by the company itself for the purpose of promotion work. A section 8 company can be registered as a public limited company or a private limited company as per the provisions of the concerned Act. Section 8 companies require a minimum of three directors at the time of the registration, and for the private limited company, the minimum requirement of directors is two. Benefits of Section 8 Company Registration
ConclusionNon-Government Organization (NGO) is formed with a charitable objective for the betterment of the underprivileged sectors or needy persons. A Non-Government Organization can be registered as a Society, Trust, or Nonprofit section 8 companies, depending on the activity the NGO will be involved in.
Financial institutions that provide small-scale services in the form of credit, savings, or loans are known as Microfinance companies. The banks in India have a complex process of providing loans to small businesses, so microfinance companies ease the credit process for small scale businesses. Microfinance companies are also known as Micro-credit companies or organizations. The main aim of microfinance company registration is to provide loans to small businesses and households that are not eligible for loans or do not have access to formal business channels. Overview of Microfinance Company RegistrationMicrofinance companies provide financial services like insurance, savings, and loans to deprived individuals or entities of society and other small-scale contractors that are not qualified for a standard bank loan. They provide loans for rural areas up to INR 50,000 and INR 1,25,000 for urban areas. Microfinance company registration can be easily done by registering as Section-8 company by the Ministry of Corporate Affairs (MCA) after microfinance company registration companies can provide loans at reasonable rates prescribed by the Reserve Bank of India and Central government. They provide widespread support to all agriculture and rural development, including job creation and income. There are two types of microfinance institutions that are permitted in India:
Key Features of Microfinance Company Registration
Obligatory Compliances for Microfinance Company Registration
Benefits of Microfinance Company Registration Required Documents for Microfinance Company Registration
Microfinance Company Registration ProcessMicrofinance company registration can be done with form SPICe+
Part B:
Application to RBI for Microfinance Company Registration For carrying out the business operations applicant has to obtain certified copies and submit them with the Reserve Bank of India. Following certified copies are required to be submitted:
Filling Online Form The applicant has to file an online application with the RBI for microfinance company registration. After the application is submitted, the company will receive a 'Company Application Reference Number.' Hard Copy Complianc After the online application is filed by the applicant, a hard copy of the certificate with the necessary documents must be submitted to the RBI's regional office. After verification of the application and documents, the Reserve Bank of India will issue a certificate of commencement of business. ConclusionMicrofinance companies provide financial services like insurance, savings, and loans to deprived individuals or entities of society and other small-scale contractors that are not qualified for a standard bank loan.The banks in India have a complex process of providing loans to small businesses, so microfinance companies ease the credit process for small scale businesses. They provide widespread support to all agriculture and rural development, including job creation and income.
A public limited company is one of those entities that can be formed voluntarily by seven or more members. The best part is that such companies are open to the outsider for trading shares. Unlike a private limited company, these companies are eligible to accumulate funds from outsiders without obtaining approval from their members. If you are willing to obtain such companies' registration, there are some mandatory requirements you need to fulfill. This blog will explain everything regarding Online Public Limited Company Registration Requirements in detail.Before discussing the registration process, let's understand what type of documentation is required to fulfill such requirements. Documentation required for Public Limited Company Registration ● Identity proof of all the directors and members such as voter ID, PAN card, DL, or Aadhaar card. ● Address proof related to the company’s core members, such as directors and shareholders. ● Residential proof of a registered office in the form of utility bills such as phone, gas, electricity, & water. Make sure you are having the latest copy of the bill for the verification process. ● A No-Objection Certificate (NOC) furnished by the actual owner of the registered office. ● Directors Identification Number (DIN) along with Digital Signature Certificate (DSC). ● Memorandum of Association (MOA). ● Article of Association (AOA). Prerequisites regarding Online Public Limited Company RegistrationMinistry of corporate affairs has laid down some provisions for the registration of the public limited company. Those are as follows:- ● Minimum of 7 shareholders and 3 directors are required for the Incorporation of a Public Company ● The applicant must furnish a Digital Signature Certificate (DSC) for one director to verifying & approving documents via digital signature. ● The company’s director must obtain DIN (Director Identification Number) ● The applicant must furnish an application that reflects the company's object clause. It must contain all the necessary information, like mission, vision, and role of the company's director. ● An application shall be furnished to ROC (Registrar of Companies) attached with the required documents like MOA, AOA. Note on Filing Form SPICe+: You can now file the SPICe+ form to avail the company incorporation certificate once the company’s name has been approved. Along with it, you have to file all the necessary documents such as MOA (Memorandum of Association) and AOA (Article of Association) which contains the details of the objectives, mission,aims, business activities, and visions, responsibilities of all the directors and shareholders and definition of the proposed Public Limited Company. Procedure for Obtaining Registration of Public Limited CompanyHere is the incorporation steps for Public Limited Company in detailed. Obtain DSC & DINThe registration process initiates with the obtainment of DSC (Digital Signature Certificate) for the company’s director. The same is required for the authorization of the document via digital signature. DSC is an extremely important document furnished by the certified authority. Moreover, entities appointed to manage the company’s operation are required to obtain Director Identification Number without exception. Thanks to MCA for simplifying this process by furnishing the SPICe+ form. Finding and Registering the Company’s NameIn the second step, the applicant needs to visit the Ministry of Corporate Affairs' official website to check name availability. To do so, simply open the MCA portal, select MCA service, and then check the name availability. Make sure that name should be unique to avoid the conflicts with the given provisions. Filing Form SPICe+In this step, you will require to avail Certificate of Incorporation by filling the SPICe+ form available on the MCA’s website. The filling process seeks some important documentation, including MOA and AOA. The MOM & AOL usually contain different info such as the objective, vision of the company, mission, roles of core members, etc. Obtaining Certificate of IncorporationOnce the relevant authority completes the verification process of all the documents and applications, the Certificate of Incorporation awarded to the company consolidates the details like CIN, aka Corporate Identification Number & Date of Incorporation. Availing PAN & TAN As soon as the company receives the Certificate of Incorporation, its core members, including directors, can avail PAN and TAX. For that, the applicant needs to hover to the MCA’s official website where a form needs to be filled and submitted to serve this purpose. Opening of a Bank Account The last step in this process is to open a legit bank account for the company's financial transactions. Opening of a bank account seeks some mandatory documents, including PAN cards and Certificate of Incorporation (COI). Mandatory inclusions ● 3 Digital Signature Certificate (DSC) ● 3 Director Identification Number (DIN) ● Reservation of Company Name ● AOA and MOA ● Corporate Identification Number (CIN) ● PAN and TAN of the company ● Company Agreement Conclusion Documentation plays a vital role in the Public limited company registration process. The registration process mentioned above seeks accurate information and legit evidence to ensure hassle-free approval from the relevant authority. Make sure to adopt a clear approach while fulfilling such requirements, or else you will land yourself on the zone of complexity and never-ending loop of tedious paperwork. To ease out such difficultly, we would recommend to you opt for professional help. Kindly drop us your feedback just in case if you need some assistance regarding Online Public Limited Company Registration Requirements. We would be obliged to help you out.
FSSAI stands for the Food Safety and Standards Authority of India, which is a legal authority that provides a food license and regulates all the food businesses in India. FSSAI is a government body established by the Ministry of Health and Family Welfare; it is responsible for the standards set for selling, packaging and storing of food items in India. Under the Food Safety and Standards Act, 2006 FSSAI was established to regulate all the food businesses in India as it is mandatory for food business owners, manufacturers, traders to obtain FSSAI license. Under the Food Safety and Standard Act, 2006, there are two types of food licenses, depending on the size of the food business.
Various types of Food Safety License For all food businesses, it is mandatory to apply for a food licence. There are different kinds of food safety licence required for food businesses depending upon their turnover and scale of business and what type of activity they are conducting through their business.
What is the need for Food License? FSSAI has prescribed specific quality standards for food business operators to maintain the quality of food items packed, traded or sold to the consumer. The main objective of the Food Safety and Standards Authority of India is maintaining the standards of the food product in the country and keeping a regular check on the food businesses to improve the liability of the manufacturers and traders by issuing them food licence. Documents Required for FSSAI Registration List of documents required for obtaining a food license:
List of Documents Required for Central FSSAI License
Required Documents for FSSAI State License
List of additional documents for manufacturers
What are the fees for FSSAI License? For getting a food license, there are two kinds of fees that have to be paid by the business owner, government fees and professional fees.
Penalty for Not Obtaining a Food License Under section 32 (2) of the Food Safety and Standards Act, all food businesses are require to have a food license according to their eligibility criteria to continue food business. The food businesses who do not have a food license are liable to pay the penalty as specified:
Renewal of FSSAI License All food business owner has to follow the rules and regulations describe under FSSAI Act 2006. Acquiring FSSAI license is mandatory for every food business owner. Getting FSSAI License renewal is equally important as getting one but most of the owner does not comply with this. It is mandatory to get FSSAI license renewal done within the prescribed period. Obtaining FSSAI license is necessary for processing, manufacturing or for food packaging unit and renewing it in every 1-5 years. What is 14 Digit FSSAI License Number? A 14-digit number issued to registered Food Business Owner by FSSAI, which known as digital FSSAI License number; it contains five segments, each of them providing detailed information about the food business owner. Conclusion FSSAI stands for the Food Safety and Standards Authority of India, which regulates all the food businesses in India irrespective of the scale of a business. By maintaining and regulating the businesses FSSAI makes sure that the citizens get good quality of food. It keeps a check on packaging, manufacturing and distribution process by the food companies and it has the authority to grant or cancel the license of the businesses.
Nidhi company is a category of NBFC(Non-Banking Financial Company), that is formed to lend and borrow money from its members. It works on the belief of mutual benefit. Nidhi company is easy to assemble as it does not require to receive a license from Reserve Bank of India. Nidhi company registration is a lengthy process and requires specific eligibility criteria. What is Nidhi Company?The incorporation of a Nidhi Company is done based on the rules of the Companies Act 2013. Nidhi company requires a minimum of three directors and seven shareholders. The objectives, as well as functions of a Nidhi Company, are to encourage the habit of saving among its members. It receives deposits from the members and lends the money only to its members. All these have to be mentioned in the Memorandum of Association at the time of incorporation. What are the features of Nidhi Company Registration?The features of Nidhi company are-
What are the advantages of Nidhi company registration?The advantages of Nidhi company registration are-
What are the minimum requirements for Nidhi Company Registration?The minimum requirement for registration of Nidhi Company is- What are the documents required for Nidhi Company Registration?
What is the procedure for registration of Nidhi Company?
Describe the Compliances of a Nidhi Company?Nidhi Company compliances are divided into three parts: • Pre-Incorporation Compliances, • Post-Incorporation Compliances, • Event-based Compliances. What are the Pre-Incorporation compliances for Nidhi Company?Nidhi Company has to follow some compulsory compliance to get Nidhi Company Registration. The essential agreements are mentioned below:-
What are the post-registration compliances?The post-registration compliances you need to follow are-
What are the Event-Based Compliances of a Nidhi Company?Usually, event-based compliances are essential to file only once through the company registration process. Also, the agreements must be followed when there is any change in the Company's structure, which is non-periodical. Below is the list of event-based compliances:
Which activities are prohibited by Nidhi Company?The activities that are not permitted by the Nidhi Company are-
What are the kinds of Deposits for Nidhi Company Registration?According to Rule 13, there are three types of deposits under Nidhi Company- What is the Maximum Deposit Limit in Nidhi Company Registration?Nidhi Company will not accept deposits that are beyond 20 times its NET OWNED FUNDS (NOF) as per the last audited financial statement of the Company. What is the Duration of Deposit in Nidhi Company Registration?The deposits shall be accepted for a minimum period of 6 months and a maximum period of 5 years. The Company can accept deposits like Banks/NBFCs, of which the maximum period of deposit is five years. Still, a company can renew the same for the next five years based on the choice of the investor. Recurring Deposits will be accepted for a minimum period of 12 months and a maximum period of5 years. Recurring deposit is a perfect tool that is mostly used by the Nidhi Companies to increase the deposit amount and funds, and hence the same as fixed deposits, and its maturity time is five years. When the Recurring deposit is mature or closed, the money of that deposit is automatically moved to the regular savings account. The Company can again offer the recurring account facility to the same member, and the amount collected of recurring deposits will be capitalized in fixed deposit as bulk money on the customers choice. Therefore, it is a sales promotion idea for the Nidhi company. What is the Rate of Interest on Fixed Deposits and Recurring Deposit?The Rate of Interest that can be offered on Fixed and Recurring Deposit should not surpass the maximum rate of interest arranged by RBI, which the NBFC offer on the deposits. The Maximum interest rate offered on Fixed Deposits and the Recurring deposit will continuously be fluctuating, and it is at all times essential to look at the RBI policies for the Interest rate. Whatsoever RBI decides for NBFC about the rate of interest. The same will be applied directly to the Nidhi companies. ConclusionNidhi Company works on the concept of mutual benefit. It is easy to form Nidhi Company as it does not require to receive a license from the Reserve Bank of India. It accepts deposits from the members and lends the money only to its members. For any assistance regarding Nidhi Company Registration, feel free to reach us at Corpbiz.
An association of numerous individuals joined using a mutual accord to deliberate, govern and act cooperatively for some common purpose. Society are usually registered for the development of charitable events like sports, music, culture, religion, art, education, and many more. The Society Registration Act lays down specific procedures for the sake of society registration & operation. This act was implemented to augment the legal requisites of registration for the progression of literature, fine arts, science or distribution of awareness for generous purpose. The Society Registration Act, 1860 has been accredited by several state governments. What is the purpose of Society Registration?A society registration is done for the growth of fine arts, science, or literature or else for diffusion of purposeful knowledge or charitable purposes of political education. According to section 20 of Society Act, 1860, a society registration can be done for following purposes:
What are the step by step Process for Society Registration in India?A Society has to be created by a minimum of 7 persons and it can be more than 7. Similar to Partnership firms, society can also be either unregistered or registered. But, only the registered societies will be able to withstand consigned properties and/or have an ensemble filed against or by the society. For Society registration, the establishing members must agree with the name of society first and then prepare for the Memorandum, followed by Rules & Regulations of the society.
What are the documents required forSociety Registration In India?List of required documents are as follows-
The mentioned documents hasto be submitted to the Registrar of Society with the necessary fees in two copies. Once the application is received, the registrar will sign the first copy and keep the second copy for prior agreement. On proper inspection of the documents, the registrar will issue a Registration Certificate by allocating a registration number for it. The signed Rules & Regulations, as well as Memorandum, has to be filed with concerned society or registrar of state with a mentioned fee. If the registrar is fulfilled with society registration application, then they will certify that the society is registered. What are the mandatory things for selecting a name for the society registration?As per the SocietyRegistration Act, 1860, the things that should be kept in mind are-
What are the various rights obtained by the members of society?The various rights are as follows: What are the questions compulsory for rules and regulations of society registration?The rules & regulations of Society Registration should consists the following- ConclusionThe Society Registration Act lays down specific procedures for the sake of society registration & operation. This act was implemented to augment the legal requisites of registration for the progression of literature, fine arts, science or distribution of awareness for generous purpose. The Society Registration Act, 1860 has been accredited by several state governments. In case of any query, contact Corpbiz.
Nidhi company is a type of Non-Banking Financial Company, that can be formed to lend as well as borrow money from its own members. Nidhi Company works on the belief of mutual advantage. Nidhi company is easy to bring together as it does not involve obtaining a license from RBI. Nidhi Company Compliances is a prolonged process, and it entails specified eligibility measures. What is Nidhi Company? As per the rules of the Companies Act 2013, Nidhi Company is incorporated. It necessitates the requirement of a minimum of three directors as well as seven shareholders. The objective of a Nidhi Company incorporation is to inspire the habit of interchange of money between the members of the company. It accepts deposits from the member of the company and lend the money to the member of the company. All the objectives and functions should be mentioned in the Memorandum of Association at the time of registration. What are the features of Nidhi Company Compliances?
What are the welfare of Nidhi Company Compliances?The benefits of Nidhi Company Compliances are-
What are the various types of Nidhi Company Compliances?The compliances are divided into three parts- What are the Pre-Incorporation of Nidhi Company compliances?Nidhi Company has to follow some compliances before getting Nidhi Company Compliances. The important contracts are given below:-
What do you mean by Post-Incorporation of Nidhi Company Compliances?Post Incorporation compliance is bifurcated into two ways- Describe the General Compliances of a Nidhi Company?The general compliances are-
What are the Annual Compliances of the Nidhi Company Compliances?The Annual Compliances are as follows- What the penalty for Non-Compliance of Nidhi Company?The punishment for Non-Compliances of Nidhi Company are as follows-
What are the Event-Based Compliances of a Nidhi Company?Below is the list of event-based compliances of Nidhi Company Compliances:
Which activities are prohibited by Nidhi Company?The activities that are not permitted by the Nidhi Company Compliances are-
What are the kinds of Deposits for Nidhi Company Compliances?Three types of deposits under Nidhi Company Compliances under Rule 13- ConclusionNidhi company is a type of Non-Banking Financial Company, that can be formed to lend as well as borrow money from its own members. Nidhi Company works on the belief of mutual advantage. Nidhi company is easy to bring together as it does not involve obtaining a license from RBI. Nidhi Company Compliances is a prolonged process, and it entails specified eligibility measures.
In case of any query, contact Corpbiz. The business entity which carries out foreign exchange business should have a Full Fledged Money Changer license. Many people who travel abroad for different purpose needs to convert their domestic currency into the currency of the country which they are visiting.FFMC license is mandatory for all the currency exchange business entities in India. What is the FFMC license in India?Full-fledged money changer license is the type of license acquired by the company that is willing to carry out business related to foreign exchange of currency or any money-related changing activity in India. As per Section 10(1) of the Foreign Exchange Management Act,1999, AMCs (Authorised Money Changer) are the one who is authorized by RBI. No one can carry out the business of money exchange unless they have an FFMC license approved by RBI. What are the types of FFMC license in India?Any business to operate, the following licenses can be obtained:
What are the benefits of an FFMC License in India?The benefits of FFMC license are-
What are the different activities carried out by FFMCs?
What are the eligibility criteria for getting FFMC Registration in India?As per RBI guidelines, the applicant must attain the following requirements-
What are the documents required for getting FFMC?
What is the process for acquiring FFMC registration in India? Step-1 Apply for an FFMC license Submit the detailed application to the concerned regional office of the RBI with the required documents. Step-2 'Fit And Proper'criteria Applicant must fulfill fit and proper criteria, which means there should not be any pending proceedings against the entity. Step-3 Review of application by RBI RBI will examine the application for fit and proper criteria for the director. If the RBI finds the form up to mark, the application will be considered. Step-4 Certification for Registration If RBI is satisfied and everything is fine with the application, the RBI will allow the grant of license within two or three months. Step-5 Clearance by the Empowered Committee The applicant requires prior approval from the authorized, empowered committee that is set up for the purpose. What are the Annual Compliance Requirements for FFMC?The annual compliance requirements for FFMC license are-
What is the process for the renewal of the FFMC License in India?The company should make an application for the Full Fledged Money Changers License Renewal one month before the License expiry date. After the expiry of the License, Application for renewal of a Money Changers License is of no use as no restoration can take place. Maintenance of Documents and Records by FFMC's In connection with its money-changing transactions, FFMC must maintain the following registers of activities Balance Book And Details Of
How can the Reserve Bank of India use its Rights to revoke the license given to any FFMC?As RBI has the power and right to revoke FFMC License in India, RBI can go for canceling if it is convinced that-
ConclusionIt is mandatory to obtain an FFMC license to anyone who wishes to carry the money exchange business in India. The FFMC entity registered by the Reserve Bank of India can deal with foreign exchange for a distinct purpose like the purchase of foreign exchange from the residents as well as non-residents visiting India. And the business entity also needs to follow the requirements as well as compliances after obtaining the FFMC license online in India. For any query, contact Corpbiz.
Real Estate Regulatory Act (RERA) was introduced in the year 2016. It protects home buyers and helps development in the investment made in the real estate industry. The purpose of RERA is to provide relief to buyers from unfair practices of builders. To safeguard the welfare of home buyers and to make sure that they are not exploited by the builders, the government introduced RERA. It also acts as a dispute settlement body for dispute related to the real estate industry. Authorities are established at the state level. The governing bodies are responsible for-
What is the need for RERA Registration?RERA committee has been set up to promote uniformity and transparency in the real estate sector. It was founded to regulate the real estate industry. Real Estate Regulatory Authority in effect, every Builder or developer has to notify buyers, the development of construction, offer the keys to the property by the mentioned date and stand with every rule stated by RERA, to ensure accountability. What are the key benefits of RERA?Many optimistic changes have been brought in the real estate industry after the establishment of RERA-
What are the objectives of RERA Registration?The main objectives of the establishment of RERA are-
What is the applicability of RERA registration?The applicability of RERA registration is- What are the merits of registration of real estate projects under RERA?Advantages of getting projects registered under RERA are- What are documents compulsory for registration of RERA?Common documents for RERA registration in any state are as follows:
How can you register your projects under RERA?If you want to register a project under RERA Arunachal Pradesh, RERA Sikkim, RERA Haryana, RERA Kerala or any other state follow these steps-
Conclusion Before the establishment of the Real Estate Regulatory Authority, there was no such authority that was responsible for regulating or providing guidelines related to the real estate sector. On the other hand, with the origination of the Real Estate (Regulation and Development) Act, 2016, new rules were set up. RERA Registration is appropriate for promoters, builders or anyone involved in the purchasing or selling off residential properties
Technology over the years has taken over daily lives on an unprecedented scale. With the growth of internet use, the online phase came into existence that includes music industries as well. Earlier music creator records their music, gets it copyright, followed by promotion and advertisement that got customers to buy the music physically at stores. The third-party agreement was entered into between music creators and distributors to deliver the music created to customers. However, the music industry is also influenced by the era of the online world. Music industries became part of the online market through initiating online music stores. Now a day's music composers grant selective or absolute rights to the third party such as Saavn, Gaana.com, You-Tube, etc. Phonographic Performance Limited (PPL) has established a Performance License of usage of Sound Recording commonly known as PLUS to regulate and grant an Online Music License in India. In this article, we will discuss what the Music License is and how it can be obtained in India. Let us understand the Online Music License in India in detail henceforth. How Online Music License in India work?Music License is taking permission from the original music composer to use his music composition. The license agreement is entered into between licensor and licensee. License agreement contains the details such as terms & conditions for its use, the period for which music can be used, the royalty paid to the licensor, conditions under which license can be revoked, etc. The online music licensing process and its agreement is regulated through the PLUS and Copyright Act 1967. All those who use the already composed music to re-play whether, through CDs, radio, TV, cable network, etc. must compulsorily obtain Music License and shall pay the royalty for using the same. It is very easy to obtain Online Music License in India through two leading organizations named Phonographic Performance Limited (PPL) and The Indian Performing Right Societies Limited (IPRS). Benefits of Online Music License in India We have discussed a few benefits of getting Online Music License in India:
The process to get Online Music License in IndiaStep by step of applying online for music license are as follows:
Categories of Music LicenseFollowing are the types of music license given in India:
Final ThoughtWithout obtaining an online music license in India, no one is allowed to re-use copyrighted music for their benefits. Before applying for the online music license, be sure of the category of license. It is advisable for hiring professionals would be appreciable since the music license is not straightforward. Contact With Corpbiz to get complete service.
In India, tax is levied in two ways - Direct Tax & Indirect Tax. Direct Tax is paid directly by an individual based on his/her income. On the other hand, Indirect tax is paid to the government on an individual’s behalf by another entity. Goods and Service Tax is the primary example of indirect tax. For instance, restaurants, movie theatres or e-commerce websites collect tax during when individuals make purchases and pay this amount collected as tax to the government. Direct taxes are broadly classified into two categories:
Let us understand in detail about income tax return and income tax return filing deadlines. Eligibility to file Income Tax ReturnIf following stated conditions apply to you, it is mandatory to file income tax in India:
Income Tax Returns Filing DeadlineFiling income tax returns on or before the due dates is a must for every taxpayer. However, income tax return filing deadlines vary as per the category of taxpayers which is enumerated henceforth:
What are the consequences if you miss the income tax returns filing deadline?In case the income tax return is filed post-deadline, a heavy penalty is imposed upon taxpayers. Penalty for non-filing ITR was announced in budget 2017 effective from the financial year 2018-19. Before the budget, the penalty depends upon the total discretion of tax authorities either to impose the same or not. The penalty follows as per the following:
The process to file Income Tax Return onlineThe steps for filing income tax return are as follows:
Expert’s OpinionEven though filing of income tax return is quite simple and can be done by the assessee himself, it is always recommended to do the same under the scrutiny of experts to avoid the occurrence of any error.
Confused about ITR filing? Reach us to provide you with complete assistance for ITR filing, starting with income tax return’s filing deadline to the complete process of claiming refunds. Corpbiz |
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June 2020
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