If a Private Limited company wish to undertake any object (New Business Activity) which is not mentioned in its MOA, and the company wants to start up a new business which is not as per it’s MOA then, it should make a change in its main object by Following the procedure mentioned below
Step by Step Procedure for Change in Object Clause of MOA of Company
Time Requierd25 days
Hold Board Meeting and send Notice for Extra Ordinary General Meeting for change in Object Clause
The first step for change in object clause of the MOA of the company is to hold Board meeting of the Company, in the board meeting main agenda should be to hold an Extra-Ordinary General Meeting of the Company.
Hold Extra-Ordinary General Meeting on the specified date for the change in Object Clause
Now hold the extra Ordinary general meeting of the Company, in this regard do necessary legal and procedural requirement at venue of general meeting
Pass Resolution by taking approval of Shareholders for change in Object Clause
Now start the proceedings of general meeting and pass required resolution for change in main object of the company, resolution is required to be passed by requisite approval of shareholders of company
Get true certified copies of all the documents and resolutions in respect to change in Object Clause
Once all the approval of shareholders are received , any director of company or authorized person will prepare necessary documents , like certified copies of all the documents and resolution , Following documents certified copies is mandatory required to be arranged : 1. Altered MOA of the Company 2. Resolution passed at EGM of the Company
File MGT-14 with all the Resolutions and Altered MOA
Once the above requirements are complete in all respect, Company is required to file E Form MGT-14 to Registrar of Companies with payment of fee.
Approval of E form MGT-14 for Change in Object of the Company
Once e Form MGT-14 is filed with ROC , the ROC will check and verify the correctness of the Form and will if deems fit approve or send back the e form
Certificate of Registration for Change in Object Clause of the Company
Once the E form MGT-14 is approved by ROC , the Company will receive the email in this regard along with Certificate.
Once all the above is completed, complete all the required certificate and altered MOA in single set as new set of MOA of the Company.
Convertible notes are a form of short-term debt that converts into equity, typically associated with the financing of early-stage startups. In this deep dive, we will explore the nuances of this popular funding instrument, guiding you through its benefits, risks, and overall mechanics.
Understanding Convertible Notes
What Are Convertible Notes?
A convertible note is a type of financing instrument that startups often use in their seed rounds. It starts as a loan and then converts into shares of preferred stock during a future financing round, usually at a discount.
Why Use Convertible Notes?
Convertible notes are quick and easier to structure than equity rounds. They defer the valuation negotiation until a later stage when the company has grown and valuation is clearer.
How Do Convertible Notes Work?
Step 1: Issuance
The startup issues a convertible note to an investor in exchange for capital. The note outlines the terms of the agreement, including interest rate, maturity date, discount rate, and valuation cap.
Step 2: Accruing Interest
Unlike traditional loans, the interest on a convertible note typically doesn’t get paid out in cash. Instead, it accrues and converts into equity along with the principal amount at the next funding round.
Step 3: Conversion Triggers
Conversion triggers are predefined events that prompt the conversion of debt to equity. The most common trigger is a subsequent equity financing round.
Step 4: Conversion Mechanics
Upon a trigger event, the note will convert into equity. The discount rate applies to give the note holders a lower price per share than new investors.
Step 5: Conversion at Maturity
If the note reaches maturity without a conversion event, startups might repay the debt, renegotiate the note, or convert the debt into equity at a predefined ratio.
Key Terms of Convertible Notes
Valuation Cap: A maximum valuation at which the note can convert into equity to protect investors from dilution.
Discount Rate: A percentage reduction from the per-share price of the next investment round.
Interest Rate: The rate at which the loan accrues interest until conversion.
Maturity Date: The due date for the loan to be repaid or converted if no equity financing has occurred.
Can be costly for founders in the case of high valuation caps.
Could lead to ownership and control dilution.
Complexities and legal risks if not structured properly.
Best Practices for Startups
Establish favorable terms to both parties.
Set a reasonable valuation cap and interest rate.
Prepare for different scenarios at the maturity date.
Engage with knowledgeable legal advisors.
Conclusion
Convertible notes offer a vital lifeline for startups looking to finance their growth without immediate valuation. By understanding how convertible notes work and their associated terms and conditions, founders and investors can facilitate a smoother and more efficient investment process.
Remember, the key to navigating convertible notes is a clear understanding of the instrument, sound legal advice, and well-negotiated terms that are fair to all parties involved.
In this article we will discuss about procedure for Change in Name of Private Limited Company , A Private Limited company can change its Name with the Approval of Shareholders via Special Resolution and Central Government , for Change in Name of Company Following procedure is required to be followed :
Procedure for Change in Name of Private Limited Company :
Hold Board Meeting and Pass Resolution for Application to ROC for approval of new Name, Please note that resolution should clearly mention the New Name
Apply New Name in RUN form along with Resolution of Board for new Name , Certified True copy of Resolution should be attached. Get name Approval from CRC.
Hold Board Meeting and Send Notice for Holding Extra Ordinary General Meeting
Hold Extra Ordinary General Meeting of Members of the Company
Pass Special Resolution
Get the Certified true Copies of Resolution passed at Extra Ordinary General Meeting of all the documents signed along with Copy of Altered MOA and AOA of the company
File form MGT-14 with ROC
Once form MGT-14 is approved , File Form INC-24 for Change in the Name of the Company
Once INC-24 is approved , you will receive , new certificate after change in the name of Company
Apply for Changes in PAN Card of the Company
Apply for Change in GST Registration and any Other statutory Registrations
NOTE: The old name should be written along with the new name in all the documents of the company for two years. ( FORMERLY KNOWN AS ———-)
Do you need any help for Change in Name of your Company , Please email us at mail@fastlegal.in
Today we will discuss the recent Amendment made by MCA regarding fees payable by LLP, there was long-standing demand for the reduced filing fees for LLPs, In the ease of doing initiatives of the government of India, the new Reduced Late Fee for LLP will come out to be a game-changer for Small LLP.
Reduced Late Fee ( New Rules)
Completely Removed Rs. 100 Per Day Late Filing Fee and Introduced Rs. 10 ( for Small LLP’s ) Rs. 20 ( others) per day after a delay of 300 Days.
Per day Late only for Form 8 and Form 11
2, 4, 6, 10, 15, 25 Time’s of Normal Filing Fee Applicable based of Number of Days Dealy for Small LLP’s
Small LLP Concept Introduced
Up to 50 times of Normal Fee applicable to other than Small LLP’s based on Number of Days dealy
Higer Late Fee ( Old Rules)
Rs. 100 Per Day applicable to all types of LLP’s
No Upper Limit ( Dealy of 100 Days costs Rs. 100*100= 10000/- )
All LLP forms are included in Rs. 100-day system.
A delay of 100 days for Small LLP having a Capital of Rs.1 Lakh will cost Rs. 50*10 = 500 Plus Rs. 50 = Total Rs. 550, resulting in savings of Rs. 9450
The new amended rules will be applicable from the 01st day of April 2022.
Small LLP Incorporation
Enrich your business.
Name Approval
DIN
DSC
LLP Agreement *
PAN /TAN of LLP
Capital Contribution Up to Rs. 1 Lakh *
*Stamp duty up to Rs. 2000 included in this package
Singapore is Considered as one of the best Countries in the world, Singapore is among the top countries in the list of Ease of doing Business Rankings published by world bank. It takes around 2-3 days to fully incorporate a company in Singapore, In this article we will talk about the detailed procedure on how to register a company in Singapore
Foreign Nationals who wants to register or incorporate a Company in Singapore must engage a Corporate Service Providers who provides Company Registration and Incorporation services, Corporate Service providers are local consultant who are basically authorized by Singapore Company Registry to deal with incorporation procedure, further it is much better to have guiding person with us always who can let us understand and help in legal compliance requirements as mentioned in Company law and regulations of Singapore
Minimum Requirements for Registration a Company in Singapore
Name of Company
Directors of the Company
Shareholding of the Company
Share capital of the Company
Registered office address of the Company
Company Secretary of the Company
Name of the Company
Name approval is the first step for registration of Singapore Company , name approval application is required to be filed online to ACRA.
Please make ensure that before applying for new name of Singapore Company you must follow the following guidelines:
The name cannot be identical or similar to an existing business in Singapore
The name must not be trademark registered for
The name cannot be vulgar
The name must not be applied by another company and is approved
If the Name contains the word like “Legal” “Law” “Broker” or “School” , This is subject to approval from respective regulator and may take time in name approval process.
It takes around 1 hour to 1 Day for name approval
Name approved is valid for 120 Days from the date of approval
Directors of the Company
Directors of the Company plays the main role in the functioning of the company , following are requirements for Directorship in Singapore Company :
Both Foreign Nationals and Singapore Resident can be Director in Singapore Company
One Resident Director is mandatory for Singapore Company
Corporate cannot be Directors in Singapore Company
Shareholding of the Company
Company must have minimum 1 Shareholder
Maximum Shareholders can be up to 50
Natural Person or Corporate Entities both can be shareholders
Share Capital of the Company
Minimum Share Capital is S$1
If Company wants to increase its Share Capital it can do so by injecting additional funds to the capital of the Company
Registered office address of the Company
Every Company is required to have registered office address of the company within Singapore, Company is required to maintain and keep statutory documents at the registered office address of the company.
Company Secretary of the Company
Every Company is required to appoint Company Secretary within 6 months from the date of incorporation of Company
Company Registration is simple , quick and hassle free in Singapore, it will take around 1 to 3 days to incorporate a Company in Singapore, following are the steps required to followed for registration of Singapore Company
Choose Corporate Service Provider
Documents
Due Diligence form
Reserve Your Name
Signing of Company Registration Documents
Application for Incorporation
Choose Corporate Service Provider
First thing that you need to do is to choose Corporate Service Provider who is officially registered company service provider.
This will help your new company to comply with Singapore Accounting and corporate regulatory Authority (ACRA), an Agency for Company Registration of Singapore government.
The Corporate Service provider will guide you through the complete business incorporation procedure according to your needs.
Now you are required to file Singapore Company Registration On boarding form.
Documents required for Incorporation of Singapore Company
For Individual Shareholders
Following Documents are required for each Officer, Shareholder and Beneficial Owner of the proposed company:
Passport copy
NRIC or Residency card , if applicant is Singapore resident
Residential address proof (i.e. a driver’s license, a recent utility bill, rental agreement, etc.)
Brief professional background. Brief Professional Background can be provided in the form of a curriculum vitae (CV), resume or link to the person’s LinkedIn profile or other profile.
For Corporate Shareholders
If the shareholder is a corporate entity, the following documents will be required for the corporate entity:
Certificate of Registration issued by the Registrar of the jurisdiction where the company is registered
Company Extract from the Company Registrar of the jurisdiction where the company is registered that contains the following information:
Company’s name, Registration number, and Registered address
Paid-up Capital and particulars of all Shareholders and Directors
Business activities that the Company is engaged in
Authorized Person Resolution passed by the director(s) of the shareholding company that includes the following:
Authorization to hold shares in the proposed Singapore Company
Appointment of an Authorised Person to sign the Singapore Company formation documents on behalf of the shareholding company
An ownership structure chart that identifies the Ultimate Beneficial Owners (UBO) of the shareholding company. Identification documents for the key UBOs may be required for KYC due diligence.
Due Diligence Form
Due Diligence are carried out by Company Service Providers for foreign nationals that the proposed promoters of the Company are legitimate and their business activities are in according to laws of Singapore.
Due Diligence helps both Promoters and Corporate Service providers from problems arising out in futures and it will be in better interest of both promoters and corporate service providers
This helps protect both your interests and the interests of your company registration service provider. While Singapore is one of the most transparent places in the world to do business, it’s important that it’s a level playing field for everyone.
It is must that you must file the company on boarding form accurately with correct information so not to face any difficulties while incorporating a company.
Reserve Your Name
Once the above steps are complete you can now proceed for name reservation application , Please note that name reservation should be in accordance with the guidelines as mentioned above.
Signing of Company Registration Documents
Corporate Service provide will send you required documents for singing and you need to get the documents signed asap and sent it to your CSP
Application for Incorporation of Company
Once the Above documents are signed and sent , corporate service provider will file incorporation application
प्रत्येक व्यक्ति या संस्था राजस्थान में व्यवसाय की निजी सुरक्षा एजेंसियों (सिक्योरिटी गार्ड बिज़नेस) को चलाना चाहती है, होमगार्ड ऑफिस में होमगार्ड के महानिदेशक को एक आवेदन देकर व्यवसाय चलाने के लिए लाइसेंस लेना आवश्यक है।
निजी सुरक्षा एजेंसी व्यवसाय लाइसेंस के लिए कौन आवेदन कर सकता है:
प्रोप्राइटरशिप फर्म के तहत व्यक्तिगत
साझेदारी फर्म (Partnership Firm)
सीमित दायित्व भागीदारी ( LLP)
प्राइवेट लिमिटेड कंपनी
निजी सुरक्षा एजेंसी लाइसेंस के लिए आवेदन करने के लिए आवश्यक सूचना और दस्तावेज:
व्यक्तिगत / भागीदारों / निदेशकों का पैन कार्ड
व्यक्तिगत / भागीदारों / निदेशकों का आधार कार्ड
व्यक्तिगत / साझेदारों / निदेशकों की मतदाता पहचान पत्र / डीएल बिजली का बिल और
किराया समझौता, यदि कार्यालय के पते पर किराए पर लिया जाता है (प्रक्रिया के दौरान कार्यालय का पुलिस सत्यापन होगा)
प्राधिकृत हस्ताक्षरकर्ता की पाँच पासपोर्ट आकार की तस्वीर
बोर्ड संकल्प विधिवत पारित फर्म / कंपनी का
दुकान अधिनियम लाइसेंस (यदि आपको दुकान अधिनियम लाइसेंस प्राप्त करने के लिए किसी भी मदद की आवश्यकता है, तो कृपया 9782280098 पर संपर्क करें
लेटरहेड पर फर्म का प्रोफाइल
फर्म का लोगो ड्रेस के साथ गार्ड की पूरी फोटो
पिछले अनुभव निल आपराधिक रिकॉर्ड
प्रशिक्षण लाइसेंस (हम आपको वह पाने में मदद करेंगे)
आवेदन पत्र के साथ होमगार्ड कार्यालय को देय आवश्यक शुल्क: रुपये का डीडी। 25000 / – राजस्थान के लिए और रु। अधिकतम 3 शहर के साथ प्रति शहर के लिए 5000 प्रक्रिया के लिए
समय सीमा: आम तौर पर प्रक्रिया के दौरान लगभग 3-6 महीने लगते हैं।
Fastlegal राजस्थान में निजी सुरक्षा एजेंसी व्यवसाय के लिए पंजीकरण सेवाएं प्रदान करता है, यदि आप कोई सहायता चाहते हैं तो कृपया हमें मेल करें mail@fastlegal.in या 9782280098 पर कॉल करें
In this article we will cover LLP Filing due dates for Financial Year 2021-22, Every LLP Incorporated in India is required to file mandatory returns as per LLP Act , Income Tax Returns, and GST Returns , if applicable
Here we are covering the all the Filings that an LLP is required to file and there due dates :
LLP Annual Return in Form 11
Every LLP is required to file its annual Return to Registrar of Companies (MCA) within 60 days from the end of Financial Year of LLP in Form 11.
Capital Contribution by each designated partner /Partner of LLP
Turnover of LLP – If exceed 5 cr it LLP annual return is required to be certified and signed by Company Secretary in Practice
Name of Companies and LLP’s in which Partner /Designated partner are Directors or Partners
DIR-3 KYC of Designated Partners
Every Designated partner is required to file KYC form with MCA every year. This is mandatory requirement other the DIN of Designated partner got deactivated and Payment of Rs. 5000 is required to be paid to get activated after 30th Sept due date.
LLP Accounts and Solvency in form 8
Every LLP is required to file Form 8 to MCA within 30 days from the end of 6 months from the end of Financial year , Form 8 of LLP contains information regarding Annual Financial Statements of LLP , wherein LLP is required to file full amounts of Balance Sheet and profit and Loss Account.
Audit Requirement in LLP : LLP is required to get its accounts Audited if its contribution exceed Rs. 25 Lakhs or Turnover Exceeds 40 Lakhs from Chartered Accountant.
Income Tax Return of LLP
Income Tax Filing is mandatory for LLP in India, the taxability of LLP is same as partnership firm except few changes, Every llp is required to file its income Tax return by 31st of July and if accounts of LLP are required to get audited the last date for filing llp income Tax return will be 30th September.
TDS Return for Tax Deducted (Quarterly) of LLP
Every LLP is required to file TDS return every quarter, if there exists any Tax Deductions for payments of Salary in 24Q form , and payments for Services in Form 26Q, TDS returns are filed every Quarter
GST Return (Monthly/Quarterly) of LLP
If LLP has GST Registration than LLP is required to file monthly /Quarterly GSTR1 and GSTR3B Returns. If LLP is not having GST Registration than this return is not required to be filed.
To carry on a digital marketing business in India you need to register your business with any other business structures available to do business in IndiaFollowing options are available for registration of a business structure
Proprietorship firm registration
Partnership firm registration
LLP Registration
Company Registration
Digital Marketing Agency Business is service based business where revenue is dervied from providing service for generating sales and leads through online platforms.
Proprietorship firm business
If you are a single individual and wants to the start out the digital marketing business you need and you do not want to spend much more money.
Start out with proprietorship firm business it is the most easiest and significantly used platform for small businesses this type of a business you do not need to spend much money on registration and compliance part and all what you can do is can be done and this form also the proprietorship firm is no different in yourself in this case you need your own personal account number that is pan number to be used while registration of this firm.
While filing the tax return form to the proprietorship firm you are filing your own personal return under the business income head.Under the income tax provisions you will get the benefit for the slab rates prescribed and will be taxed accordingly
Partnership firm business
If you are carrying on business with one or more persons that is partners you may start the digital marketing business and the partnership firm business modelpartnership firm business model gets significant popularity in the Indian market. It provides very easy registration as well as managing compliances.Register of firms do not require any financial reporting from a partnership entity and only you need to file the tax returns the registrar of firms require reporting only when there is a change in a constitution of a firm.
LLP business form
LLP business structure is none other than a partnership firm business with the benefit of limited liability.Here the benefit of limited liability provides a significant benefit to the partners in case of insolvency and liquidation of an LLP has personal property of the partner will not get influenced or will be under the obligation unless the personal guarantee has been provided by the partner to the extent.The tax structure and the partnership firm and limited liability partnership is significantly same as there the same provisions that apply to both the entities except few.For registration of a limited liability partnership the name of LLP should be very unique and there should not be any company or Trademark registered under the category of digital marketing services.
Private limited company business form
Private limited company is most popular business structure in India with benefit of a company and limited liability.Private limited company business structure needs to be understand before forming it this business structure provides shareholders and directorsShareholder are the investors in the company who provides capital to run the business of the company directors are interested with duties and powers to run the business very effectively.Further Director and shareholders can be the same person.Directors takes salary from the company for the services provided also if the directors are non executive directors company may give sitting fees for attending the board meetings.Father and the only private limited company structure you can provide stock options facility to your employees, stock options facilities are very important scheme for any of the growing startups that require employees to retain with them.Under Stock options facility employees are provided with options to to buy shares of the company at a future date on a predetermined price (all these conditions are mention under the esop scheme)ESOP provide significant value creation for employees where they sense the ownership in the company and if the value company increases significantly due to successful business the wealth of employees grow significantly.
Registration of all the business structure the applicant needs to provide the KYC documents and KYC for the business address place
Following KYC documents are required from individuals
In this article, we will discuss the full procedure for renewal of the Private Security Agency Licence in Rajasthan, as the Licence Obtained for running the Private Security Agency is valid up to a period of 5 years from the date of issue and should be renewed after the following the procedure laid down under Private Security Agency Regulation Act and Rules.
Application for Renewal of Private Security Agency Licence in Rajasthan
The Application of Renewal of Application should be made before 45 days from the date of Expiration of Licence period.
The application for Renewal made should be made in Form VIII along with the Required mandatory documents.
Documents required for Renewal of Private Security Agency Licence in Rajasthan
Following documents are required for the Renewal of Private Security Agency Licence
Copy of Original Licence
PAN of Applicant
Aadhar of Applicant
Voter ID /Driving Licence or Passport Copy of Applicant
Photo of Guards in full dress
Logo of Firm
Intimation Letter proof for Starting of Work within 6 months
List of Guards employed during the period in Annexures A and B
List of Organisations where Guards employed in prescribed Form
Security Training Certificate copy of All Guards
Medical Certificate of all Guards Employed
Police Verification copy of All Guards
Copy of MOU with Traning Institute
Copy of Training Certificate of Applicant
Electricity Bill and Rent Agreement of Office Address
Fee for Renewal of Private Security Agency Licence
Rs. 25000 for all Rajasthan
Rs. 10000 for Five District
Rs. 5000 for One District
Fastlegal Provides Renewal of Private Security Agency Licence Services in Rajasthan, Please call us at 9782280098 for more information
