Chamber of Startups & MSME India Council

29/05/2021

Chamber of Startups & MSME India Council has been granted registration u/s 12A of Income Tax Act 1961.

19/12/2020

𝐁𝐞𝐧𝐞𝐟𝐢𝐭𝐬 𝐨𝐟 𝐚 𝐩𝐫𝐢𝐯𝐚𝐭𝐞 𝐥𝐢𝐦𝐢𝐭𝐞𝐝 𝐜𝐨𝐦𝐩𝐚𝐧𝐲 𝐫𝐞𝐠𝐢𝐬𝐭𝐫𝐚𝐭𝐢𝐨𝐧

Before starting a business, it is important to decide well the company’s objectives, the business structure and its operations based on which the type of entity has to be chosen. Private limited company, a type of privately held entity, is one of the most preferred forms by entrepreneurs. It can have 50 shareholders and limits the owner’s liability to their shares and restricts them from publicly trading their shares.

𝐀𝐥𝐭𝐡𝐨𝐮𝐠𝐡 𝐢𝐭 𝐢𝐬 𝐞𝐱𝐩𝐞𝐧𝐬𝐢𝐯𝐞, 𝐚 𝐩𝐫𝐢𝐯𝐚𝐭𝐞 𝐥𝐢𝐦𝐢𝐭𝐞𝐝 𝐜𝐨𝐦𝐩𝐚𝐧𝐲 𝐫𝐞𝐠𝐢𝐬𝐭𝐫𝐚𝐭𝐢𝐨𝐧 𝐡𝐚𝐬 𝐬𝐨𝐦𝐞 𝐚𝐝𝐯𝐚𝐧𝐭𝐚𝐠𝐞𝐬 𝐥𝐢𝐤𝐞:

𝐋𝐢𝐦𝐢𝐭𝐞𝐝 𝐥𝐢𝐚𝐛𝐢𝐥𝐢𝐭𝐲
When businesses face unforeseen financial crises and in the verge of closure, a private limited company’s shareholders do not face the risk of losing their personal assets. Only the amount invested starting the business would be lost and that the Director’s personal properties would be safe. In the case of general Partnership companies, parterns are personally liable for the debts and if the business cannot repay the amount, partners have to sell their personal possessions for repayment.

𝐀𝐜𝐜𝐞𝐬𝐬 𝐭𝐨 𝐟𝐮𝐧𝐝𝐢𝐧𝐠

Private limited companies easily accommodate equity funding as there is a clear distinction between shareholders and directors as well as limited liability. In fact, venture capitalists and private equity funds are unlikely to invest in any other structure. This is because LLPs would require them to become partners in the business, while an OPC can have only one shareholder. Also, companies who cannot afford to pay high can attract a talented workforce through shares, thereby limiting salaries.

𝐁𝐨𝐫𝐫𝐨𝐰𝐢𝐧𝐠 𝐜𝐚𝐩𝐚𝐜𝐢𝐭𝐲

A private limited company enjoys the privileges of borrowing more funds than LLPs as it has more options for taking on debt. Not only are bank loans easy to obtain (relative to OPCs and LLPs), the option of issuing debentures and convertible debentures are always available. Even banks and other financial institutions welcome private limited companies better than partnership entities.

𝐆𝐫𝐞𝐚𝐭𝐞𝐫 𝐜𝐫𝐞𝐝𝐢𝐛𝐢𝐥𝐢𝐭𝐲

A private limited company must make a lot of information about its structure, operations and financials available to the Registrar of Companies. This information ends up in the public domain. Therefore, vendors, lenders, employees can all find information relating to the company, such as authorised capital, names of directors, registered office, etc. This information makes a business more credible than entities that don’t have to furnish this information (such as partnerships and proprietorships).

𝐄𝐚𝐬𝐲 𝐞𝐱𝐢𝐭

Private limited companies can be sold or transferred, either partially or in full, to another individual or entity without any disruption to the current business.

𝐄𝐱𝐩𝐚𝐧𝐝𝐢𝐧𝐠 𝐢𝐧𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥𝐥𝐲
If a business is into developing products on a global scale and aiming to expand its operations across the world, then it is important to get investments and form collaborations with foreign establishments. One advantage of private limited companies here is that they allow for FDI up to 100% through the automatic route, which means there is no requirement of any government approval for foreign companies to make an investment in India. This is against Partnerships, LLPs which need acceptance from the government.

𝐒𝐜𝐨𝐩𝐞 𝐨𝐟 𝐦𝐮𝐥𝐭𝐢𝐩𝐥𝐞 𝐨𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬

Successful entrepreneurs are always on the lookout for opportunities wherever possible and in different industries or sectors. Often, they are eager to grab the chances and test waters. Private limited companies have the scope of utilising the chances as the business grows over time whereas sole proprietorships and partnerships cannot take up as they are tied to the promoter.

𝐁𝐞𝐭𝐭𝐞𝐫 𝐠𝐨𝐯𝐞𝐫𝐧𝐚𝐧𝐜𝐞

As private limted companies are regulated by the Companies Act 2013 and need to follow stringent procedures, disclose norms, comply with various legal requirements, they are more organized creating value for owners.
Thus, a private limited company offers much more advantages than other entities. It is always best to get the company registration done by legal experts.

19/12/2020

𝐒𝐭𝐚𝐫𝐭𝐮𝐩 𝐈𝐧𝐝𝐢𝐚 𝐒𝐜𝐡𝐞𝐦𝐞 – 𝐑𝐞𝐠𝐢𝐬𝐭𝐫𝐚𝐭𝐢𝐨𝐧 & 𝐁𝐞𝐧𝐞𝐟𝐢𝐭𝐬

A startup is a young entity founded by one or more entrepreneurs to offer a unique product or service. The entity either develops a new product/service or offers the current product/service in a different manner.

𝐖𝐡𝐚𝐭 𝐢𝐬 𝐬𝐭𝐚𝐫𝐭𝐮𝐩 ❓

A startup is a young entity founded by one or more entrepreneurs to offer a unique product or service. The entity either develops a new product/service or offers the current product/service in a different manner.

𝐖𝐡𝐚𝐭 𝐢𝐬 𝐒𝐭𝐚𝐫𝐭𝐮𝐩 𝐈𝐧𝐝𝐢𝐚❓

Startup India is a flagship initiative of the Government of India, intended to build a strong ecosystem that is conducive for the growth of startup businesses, to drive sustainable economic growth and generate large scale employment opportunities. The Government through this initiative aims to empower startups to grow through innovation and design.

𝐁𝐞𝐧𝐞𝐟𝐢𝐭𝐬 𝐮𝐧𝐝𝐞𝐫 𝐒𝐭𝐚𝐫𝐭𝐮𝐩 𝐈𝐧𝐝𝐢𝐚 𝐒𝐜𝐡𝐞𝐦𝐞

The first requirement is to incorporate the business in a legal form which can be a Private Limited Company, a Limited Liability Partnership or a Partnership Firm.

For availing various benefits under the Startup India scheme, an entity would be required to be recognized by Department for Promotion of Industry and Internal Trade (DPIIT) as a startup by applying at https://www.startupindia.gov.in/content/sih/en/startupgov/startup-recognition-page.html.

𝐓𝐡𝐞 𝐛𝐞𝐧𝐞𝐟𝐢𝐭𝐬 𝐩𝐫𝐨𝐯𝐢𝐝𝐞𝐝 𝐭𝐨 𝐫𝐞𝐜𝐨𝐠𝐧𝐢𝐳𝐞 𝐬𝐭𝐚𝐫𝐭𝐮𝐩𝐬 𝐮𝐧𝐝𝐞𝐫 𝐭𝐡𝐞 𝐒𝐭𝐚𝐫𝐭𝐮𝐩 𝐈𝐧𝐝𝐢𝐚 𝐢𝐧𝐢𝐭𝐢𝐚𝐭𝐢𝐯𝐞 𝐚𝐫𝐞:

1. 𝐒𝐞𝐥𝐟-𝐂𝐞𝐫𝐭𝐢𝐟𝐢𝐜𝐚𝐭𝐢𝐨𝐧: Self-certify and comply under 3 Environmental & 6 Labour Laws. In case of labour laws, no inspection will be conducted for a period of 3 years.

𝐚. 𝐋𝐚𝐛𝐨𝐮𝐫 𝐋𝐚𝐰𝐬

Other Constructions Workers’ (Regulation of Employment & Conditions of Service) Act, 1996
The Inter-State Migrant Workmen (Regulation of Employment & Conditions of Service) Act, 1979
The Payment of Gratuity Act, 1972
The Contract Labour (Regulation and Abolition) Act, 1970
The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952
The Employees’ State Insurance Act, 1948

𝐛. 𝐄𝐧𝐯𝐢𝐫𝐨𝐧𝐦𝐞𝐧𝐭𝐚𝐥 𝐋𝐚𝐰𝐬

The Water (Prevention & Control of Pollution) Act, 1974
The Water (Prevention & Control of Pollution) Cess (Amendment) Act, 2003
The Air (Prevention & Control of Pollution) Act, 1981
2. Tax Exemption: Income Tax exemption for a period of 3 consecutive years under section 80-IAC and exemption on capital and investments above Fair Market Value under section 56 of Income tax Act, 1961.

Eligibility Criteria for applying to Income Tax exemption (80-IAC):

√ The entity should be a recognized Startup

√ Only Private limited or a Limited Liability Partnership is eligible for Tax exemption under Section 80IAC

√ The Startup should have been incorporated after 1st April, 2016

Eligibility Criteria for Tax Exemption under Section 56 of the Income Tax Act:

√ The entity should be a DPIIT recognized Startup

√ Aggregate amount of paid up share capital and share premium of the Startup after the proposed issue of share, if any, does not exceed INR 25 Crore.

3. Easy Winding of Company: In 90 days under Insolvency & Bankruptcy Code, 2016.

4. Startup Patent Application & IPR Protection: Fast track patent application with up to 80% rebate in filling patents.

5. Easier Public Procurement Norms: Exemption from requirement of earnest money deposit, prior turnover and experience requirements in government tenders.

6. Small Industries Development Bank of India (SIDBI) Fund of Funds: Funds for investment into startups through Alternate Investment Funds.

What qualifies as a Startup under Startup India Scheme?
Registering on Startup India website

Registering a profile on the Startup India website is a fairly simple process.

1. Click on ‘Register’ and fill in the details as required in the registration form. An OTP will be sent to your registered email address, post submitting which your profile will get created.

2. You will have an option to select your profile type. For ‘Individuals’, the profile goes live immediately, whereas for ‘Startups’, the profile goes under moderation for 24-48 Hrs, post which you will be able to avail all benefits on www.startupindia.gov.in.

A Startup which has a profile on the Startup India website is considered a registered Startup on the portal. These Startups can apply for various acceleration, incubator/mentorship programmes and other challenges on the website along with getting an access to resources like Learning and Development Program, Government Schemes, State Polices for Startups, and pro-bono services.

13/06/2020

𝐆𝐒𝐓 𝐑𝐞𝐭𝐮𝐫𝐧 𝐟𝐢𝐥𝐢𝐧𝐠 𝐝𝐚𝐭𝐞 𝐞𝐱𝐭𝐞𝐧𝐝𝐞𝐝, 𝐫𝐞𝐥𝐢𝐞𝐟 𝐟𝐫𝐨𝐦 𝐥𝐚𝐭𝐞 𝐟𝐞𝐞, 𝐩𝐞𝐧𝐚𝐥𝐭𝐢𝐞𝐬

To provide relief to businesses grappling with the economic impact of Covid 19, the government on Tuesday said it is extending the filing of Return for the month of March, April and May 2020 and composition returns under GST June 30.

Addressing the press, Finance Minister Nirmala Sitharaman added that staggered filing will apply. “While I announce 30th June as the date, specific regions will have dates like 27, 29 or 30th.

Significantly, the Finance Minister also said companies which have less than Rs 5 crore turnover will not have to pay interest, late fee or penalty. For bigger companies late fee and penalty will not apply and only interest at a reduced rate of 9% will be charged. “This is only for bigger companies. Majority of companies will have no interest, late fee or penalty,” said Sitharaman.

The date for opting for composition scheme has also been extended to June 30, 2020.

“The extension of GST return filing timelines together with the deferment of e-invoicing and new returns announced earlier would allow businesses to focus on resumption of business processes once normalcy resumes in future," says MS Mani, Partner, Deloitte India.

He adds that the waiver of interest, late fees and penalties for SME’s would enable them to focus on reviving their businesses once things are back to normal.

There has been a clamour from taxpayers to provide relief from compliances and especially GST. Today’s announcement is likely to provide some relief. “Some key filing and payment relaxations that should bring rejoice to the industry. One hopes this is the first tranche and there are other tranches to follow, wherein benefits like GST rate reductions, exemption from import duties, reduced compliances etc. are announced.” said Harpreet Singh, Partner, KPMG India.

The Government has also decided that the due date for issue of notice, notification, approval order, sanction order, filing of appeal, furnishing of return, statements, applications, reports, any other documents, time limit for any compliance under the GST laws where the time limit is expiring between 20th March 2020 to 29th June 2020 will be extended to 30th June 2020.

According to Rajat Bose, Partner, Shardul Amarchand Mangaldas & Co, given the current state of disruption in business, the extension of deadline for filing of GST returns is a much needed relief for the industry.

“It is heartening to see that the government is looking after the interests of small businesses by waiving off interest, penalty and late fee. The government should also consider exempting essential commodities from GST as a temporary measure to ensure that basic necessities are available at reasonable prices during this time," says Bose.

16/05/2020

AATMA NIRBHAR BHARAT PART 3
आत्मनिर्भर भारत भाग 3 दिनांक 13/05/2020

Aatm nirbhar Bharat से संबंधित सभी जरूरी तथ्य एवं घोषणाएं माननीय वित्त मंत्री द्वारा कृपया क्लिक करके देखें |

15/05/2020

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14/05/2020

AATMA NIRBHAR BHARAT PART 2
आत्मनिर्भर भारत भाग 1 दिनांक 14/05/2020

Aatm nirbhar Bharat से संबंधित सभी जरूरी तथ्य एवं घोषणाएं माननीय वित्त मंत्री द्वारा कृपया क्लिक करके देखें |
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14/05/2020

AATMA NIRBHAR BHARAT PART 2
आत्मनिर्भर भारत भाग 1 दिनांक 14/05/2020

Aatm nirbhar Bharat से संबंधित सभी जरूरी तथ्य एवं घोषणाएं माननीय वित्त मंत्री द्वारा कृपया क्लिक करके देखें |

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13/05/2020

www.efilingindia.in/abbpart1/index.phpAATMA NIRBHAR BHARAT PART 1
आत्मनिर्भर भारत भाग 1 दिनांक 13/05/2020

Aatm nirbhar Bharat से संबंधित सभी जरूरी तथ्य एवं घोषणाएं माननीय वित्त मंत्री द्वारा कृपया क्लिक करके देखें |

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13/05/2020

02/05/2020

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