Tag: company incorporation

Services offered & to be offered by CCS


Thought there are bouquets of services offered by Cogzidel Consultancy Services (CCS) we have accomplished most of the listed services we have offered and it is my desire to complete the entire cycle of services soon.

Some of the services which have already been offered:

Company Incorporation: In fact I must say this has been the star product/service offered by CCS. From the date of inception we have incorporated 20+ Private Limited companies.

Trademark Registration: This is our second star product/service. Though this service was listed right from our inception. We got our first client only in the month of March 2009 only to get more and more every month. Till date we have applied for Trademarks for 20+ companies.

Statutory Compliance: This has been our third superstar service. We have registered for Service Tax, Professional Tax & Sales Tax for 15+ companies some are renewed banks. We have also calculated, worked & filed Service Tax, Sales Tax, Professional Tax and Income Tax returns for 40+ companies.

Accounting & HR Services: This service includes Accounts Punching, Tax Calculation, Payroll Processing & Statutory Compliance Management. We take care of all the Accounts & HR (Excluding Recruitment) operations of an organization leaving the promoters to concentrate on operations and marketing. This is one service which we want to promote as this gives us residual income. We have 7 clients for whom we work on this on a monthly contract basis.

Drafting Agreements: Though we do this to our clients for most of the services. We have serviced 4 clients to whom we have exclusively drafted agreements.

Individual IT returns filing: Thought this is not in our core business agenda we have added this in our services list as we have to file IT Returns for our own staff who number around 50 people and to our client’s staff who number to another 150+ people. We had a target to file 1000+ individual IT returns but we ended up by filing for 250 people only. We went to people at the last moment and we have our lessons using which we can achieve our target by next financial year.

Business Plan Writing: This is one service which is picking up off late. After serving a client in writing his Business Plan 6 months back to pitch in for investment. We are getting couple of enquires off late.

Fund Raising: This would have been our No.1 product provided if we are able to raise funds for all enquires. We are working on ways to be successful in raising funds for our clients though Venture Capitalist, Angel Investors, Private Equities, and Bank Loans etc. once we catch hold of a formula we will take this in a Big way.

Till now we have not offered services clients for only one listed service.

Franchise Consulting: Thought we have all necessary alliance and knowledge to help individuals to get a right franchisee or for a company to launch its own franchisee we have not reached to the targeted clients yet. Still we have not received any enquiry on this. I must sit and analyze where we are lacking and how to improve in this service.

Incorporating a LLP: Incorporating Limited Liability Partnership is a new option for individuals to run a registered company like LLC in US. This is a very new service and we have to tap this market.

If you want details about any of the above listed services kindly email Mr.Bala Murugan (bala@cogzidel.com).

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Creating Private Limited Company In India


Pre-requisites to incorporate a private limited Company in India by foreign citizens:

Step-1:
i) Obtaining Director Identification Number (DIN-1) for all the Directors of the proposed company.

Documents required – Passport of the applicant containing address of the applicant and passport size photograph.

If all the particulars are given, DIN-1 provisional number can be generated in half a day’s time.

DIN-1 application for foreign citizens require attestation by Notary of the country concerned.

Once the signed copy of physical form attested by notary of foreign country is sent to MCA Office, Noida, it will take a week’s time approx to get the number approved. Once approved by the MCA authority, provisional DIN-1 which has already been generated will be final.

ii) Obtaining Digital Signature for at least one Director of the proposed company.

It requires ID Proof, Address Proof and the applicant’s signature on the application form. It will take 2 to 3 days once the application is received duly filled in all respects.

Step-2:

Making online application to ROC for availability of Name in Form 1A.
The particulars required for making this application are:

-Name of the proposed company
-State in which the registered office of the proposed company will be situated
-Main Objects, in brief
-Names of Subscribers to the Memorandum of Association (it is nothing but, first shareholders of the company, who should sing MOA & AOA)
-Proposed Authorized Share Capital of the Company

This process will take 3 to 5 days approx.

Step-3:
Once the name is approved by ROC, then preparation of MOA, AOA, other forms & documents viz., Form 1, Form 18 & Form 32 along with other documents have to be done and filed with ROC.

Approximately it will take a week’s time to complete incorporation formalities.

Q : How many days we have to wait for this getting Name approval and registering ROC

Ans:- Name approval process will take 3 to 5 days. Entire Registration process will take Minimum 15 to 20 days provided all the information has been furnished promptly.

Q: If the director is registering for first Time can we apply without DIN? Or should we apply for DIN first?

Ans:- Applying for DIN is prerequisite before proceeding for registration of the Company

Q: What is “Subscribers to MOA”?

And:- It is nothing but, first shareholders (also known as promoters) of the Company, who should sign the Memorandum & Articles of Association.

Q: Can registration be done in any part of India?

And:- Place of registered office can be in any part of India. Depending upon place of registered office, registration has to be done in the respective State.

Q: Need details about all the forms

Ans:- These are Statutory forms which have to be filed for registration of the Company.
Form 1 – Contains details of promoters of the Company
Form 18 – About the place of registered office of the Company
Form 32 – About Directors of the Company

Q: Suppose 2 directors are non india citizens can they start the company?

Ans:- There is no objection for non Indian citizens to start a company in India and to act as Directors. But they have to appoint Alternate Directors representing them, to comply with the statutory requirement of convening quarterly Board Meetings and to take day to day decisions to run the company, signing other documents and forms for getting various registrations as applicable to the company. It is recommended to allot atleast 1 share each to 2 Indian citizens to comply with the statutory requirement of convening Annual General Meeting every year & EGM as and when required.

Q: Can we register the company without the directors coming to india?

Ans:-This is possible provided foreign citizens execute power of attorney in favor of Indian citizen attested by Notary/Magistrate in the Foreign Country. Then the authorized person can sign in the Memorandum & Articles of Association on behalf of foreign citizens.
More clarification on this point will be sent soon.

Q: Need more specific Breakup time frames like how long for name checkup, then the time for next process, also define total process involved like submitting forms to different departments etc?

Ans:- Entire incorporation process will take 15 to 20 days appox provided all the information has been provided immediately.

Subsequent to formation of the Company generally the following formalities have to be complied with:
a) Applying for PAN (Permanent Account Number) & TAN (Tax Deduction Account Number)
b) Opening of Bank Account
c) VAT & CST Registration, if applicable
d) Preparation of Common Seal & Share Certificates
e) Appointment of Auditors
f) PF Registration (applicable only if 20 or more employees are there)
g) Professional Tax Registration
h) Other Registrations & Licenses, such as Excise, Customs, STPI as applicable to the company