When a business is started, the tax department can demand different types of processes and registrations that revolve around VAT. Although this was the traditional method of starting a business, going through different files and taking up certain fees was a tedious task. To have a centralized process and to take away the pain of multiple VAT registration processes, GST was introduced. GST stands for Goods and Services Tax. The [...]
According to the food regulations laid down by Food Safety and Standards Authority of India, it is compulsory to have labels on all pre-packaged foods. As per the rules specified by Food Safety and Standards (Packaging and Labeling) Regulations, 2011, not even a single food product without proper labeling can be sold. There are some restrictions made by FSSAI and some FSSAI restrictions are mentioned below: It is important to have [...]
Employees State Insurance “Any premises including the precincts thereof were of ten or more persons are employed or were employed on any day of the preceding twelve months, and in any part of which, a manufacturing process is being carried on or is ordinarily so carried on, but does not include a mine subject to the operation of Mines Act 1952 (35 of 1952), or a railway running shed.” -Definition [...]
Introduction To increase the safety of the imported food, Food Safety and Standards Authority of India with the Custom and Excise Department made 125 places all over India for imports and clearances. This was made as part of the government’s push to ensure safety for the food business holders. The special grade custom officers are appointed by FSSAI at these 125 places called “authorized officials.” The officers are in charge of [...]
Introduction Nidhi company is a kind of company recognised by the Companies Act, 2005. These companies can have all the transactions with their members only. They are allowed to borrow from or lend money to their members. The capital of a Nidhi company is only from its members Requirements of Nidhi Company The most significant requirement to incorporate a Nidhi company is the availability of a minimum of 3 directors and [...]
Introduction Incorporation of a limited company means declaring a corporate entity separate from its owners. It is a legal process and the second step towards the formation of a company. The first step to form a company is promotion which is followed by incorporation. It is the process of getting your company incorporated with the registrar of the company by filing various documents such as a memorandum of association, articles [...]
Introduction There are various kinds of business structures prevailing in India. Choosing a business structure is one of the most important decisions taken by entrepreneurs. A business can't be successful only with a great idea and investment. A successful business also depends on the type of structure they are using. There are several business structures prevailing in India, some of them are; sole proprietor, partnership firm, one person company, private [...]
Advantages of One Person Company Here are the 10 reasons why any entrepreneur or business entity should opt for One Person Company. The Advantages of One Person Company are as follows: A Separate legal entity OPC is a separate legal entity and capable of doing everything that an entrepreneur would do. Easy Funding It is a company is a private company, OPC can raise funds through venture capital, financial institutions, angel [...]
Introduction Entrepreneurs often face a dilemma regarding what to trademark so as to protect their product and service. Many brands have trademarked their color combination in packagings in the case of Cadbury's, Parle-G and some have even trademarked the positioning of their labels as in the case of Levis Jeans. Today, the companies have trademarked everything ranging from the packaging, color, name, logo, sign, diagram, picture, writing to even sound and smell. Although, less [...]
Introduction ISI mark or the Indian Standard Institute, that is known as BIS, is a standard body in India which checks the quality and the efficiency of different products in India and hence keep in check if the company is following the laid out standards given by the Institute. Now there is a very common misconception amongst the general public that ISI Certification and ISO Certification is one and the [...]
