Want to register a software company in India?

What is the process to register a software company in India?

To advance the registration of a software company, the first thing to do is obtain the approval of your company name with the consent of ROC (Registrar Of Companies). Then you have to get CIN (company identification number).

After obtaining the CIN, you must send all your legal documents, as well as other legal forms. During this process, you must mention all the necessary information about the company.

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To start a software company, the company must undergo previous registration processes that are the following:

  • Direct identification numbers
  • Reservation of the name of the company
  • Electronic Signatures

When you incorporate a software company, you first have to identify your directors. The number of directors must be between 2 and 8 inclusive, but not to be less than or greater than that. Directors must have Director Identification Numbers (DIN). If they do not have DIN, they must request it.

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They have to present their proof of identity and proof of residence to request this. Proof of identity can be a PAN, Passport, DL or voter identification card and proof of address can be DL, Ration card, EB invoice, passport or telephone bill.

1. Obtain a digital signature certificate (DSC)

2. Create an account on the MCA portal: new user registration

Steps to follow when setting up a software company

  • First, one has to give a brief description of the business, such as the type of product, the field, the objective and the type of technology that will be used. You should mention everything related to that software, such as how it will be developed and supplied to the market, etc.
  • Then, select the company form either single or private property or partnership. The key factor that decides the form of the company is the size of the company, the risk range, the target market and the budget. Plan according to your objective if you go nationally or globally.
  • Select the region and update yourself on the commercial laws that are executed in that region of perspective.
    Register your software company under ROC. When registering, it is necessary to submit an application in the same office where the central office is located.
  • Choose the place where you want to set up your office. After obtaining the ROC certificate, you must start hiring employees.
  • It is best to register with the Employment Department of the state or region for legal hiring and job offers. Applying in a state can offer you to hire from anywhere in India. Without registration can cause problems in your hiring process.
  • Register under STPI (Software Technology Parks India). This can help you achieve full legal benefits and other benefits such as tax exemptions, etc.

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Abut Company Annual Filing

THE ANNUAL PRESENTATION OF A COMPANY

Companies in India must hold an annual general meeting at the end of each financial year and submit an annual statement to the Ministry of Corporate Affairs to maintain compliance. For the newly incorporated Companies, the Annual General Meeting must be held within 18 months after the date of incorporation or 9 months after the closing date of the financial year, whichever occurs first. The next Annual General Meeting must be held within 6 months after the end of that financial year. In India, the financial year normally starts on April 1 and ends on March 31. Then, the annual statement of the Company would be September 30.

COMPANY ANNUAL FILING

The annual statement consists of information and documents that include the Balance Sheet of the Company, the Profit and Loss Account, the Certificate of Compliance, the Registered Office Address, the Member Registry, the Details of Actions and Debts, the details of Debt and information about the Company’s Administration. The annual statement would also reveal the Company’s share structure, changes in the Management and the details of the transfer of securities. The business concert can help you present your company’s annual statement in India.

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ANNUAL COMPANY SUBMISSION PROCESS:

  • The annual presentation of the company
  • Preparation for the annual return
  • Annual return verification
  • Project Completion

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India GDP to Slow Down Marginally

India GDP to Slow Down Marginally, But Remain Strong at 7.5% in 2019 & 2020

India’s economic growth will slow somewhat, but it will remain strong, close to 7.50% in 2019 and 2020, the Organization for Economic Cooperation and Development (OECD) said. India’s gross domestic product (GDP) grew 6.7% in 2017-18. The OECD projects that GDP at market prices will grow 7.3% in 2019 and 7.4% in 2020 from 7.5% in 2018.

GDP to Slow Down

Economic growth will slow down a bit, but it will remain solid, close of 7.5% in 2019 and 2020.  for India in its economic outlook 2018. Stricter financial conditions, higher oil prices, adverse terms of trade, lower growth in partner countries and growing political uncertainties in India and abroad will tend to reduce growth, he said
The Reserve Bank of India expects AF19 growth of 7.4%.

The global credit rating agency Moody’s Investors Service projected that India’s economic growth will moderate to 7.3% in 2019 and 2020, as higher oil prices combined with the depreciation of the rupee and the monetary adjustment will curb domestic demand.

Although higher oil prices and the rupee depreciation put pressure on demand, inflation, the current account and public finances, and structural reforms will help business investment and exports.

These reforms include the new Insolvency and Bankruptcy Code, a more fluid implementation of the Goods and Services Tax (GST), better roads and electricity and bank recapitalization. The pressures on inflation are also increasing due to recent increases in salaries and housing subsidies for public employees. The Reserve Bank’s credibility to target inflation and its projected marginal increases in policy rates will help anchor inflation. Containing the relatively high ratio of public debt to GDP would require controlling contingent liabilities, such as those coming from public companies and banks, he said.

The organization also sought greater subsidy reform to help make social spending more effective and improve the governance of public banks. On the trade front, he noted that the increase in US tariffs on Chinese imports could benefit India’s exports, particularly in the textile sector.

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