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Submitted By: Roll No- 43 (Siddarth Mishra) Roll No-58 (Rohan Sonawane)
INTRODUCTION
The term 'Information Technology' (IT), as defined by the Information Technology Association of America (ITAA) is the "study, design, development, implementation, support or management of computer-based information systems, particularly software applications and computer hardware."
India IT Market
India IT industry is the only industry in the country that has outperformed all others in the battle against the global competition. In fact, Indian IT industry went through a dream run to grow from a meager US$ 150 million in 1991-92 to an astounding US$ 5.7 billion in 1999-2000. Taking its advancement further ahead, the Indian IT industry has taken itself to a new height to be at par with the global leaders in the current days. India IT market consists of all the companies that use computer and computer software to convert, store, protect process, transmit and retrieve information or data. India IT market emerges across four broad sectors:
1. 2. 3. 4.
Software exports in India have played a major role in the economic development of the country. The software and services revenue of the country also soared up from US$ 22 billons in 2004-05 to US$ 28.5 billion in 2005-06 with a growth rate of 32%.
Not only in the software exports, India IT market has also considerably grown in the domestic sector as well.
IT export of the country will account for about 35% of the total export. Software and Services will contribute 7.5% of the nation's overall GDP growth. This industry will draw around US$ 4-5 billion Foreign Direct Investment.
Networking Equipment
The term Networking Equipment refers to certain devices which are mainly used to bridge the gap between a server and a personal computer. The definition is not limited to bridging the gap, but it also provides cyber security, data encryption, data storage as well as transmission and reception of data. Network equipment includes Gateways, Routers, Hubs, Switches, Multiplexers, Proxy servers, Modems etc.
Routers, Switches, Hubs, LAN, WAN, Cyber Security, Data Encryption, Data Transmitters-Receivers, Servers, Data storage devices etc.
Data retrieval services Networking services Switching services Intranetworking services Optical fiber connectivity Wireless connectivity services etc.
Type of Organization
We are willing to start a Private Limited company, as we will be dealing in products as well as services. It will have Share Holders with limited liability and its shares will not be offered to general public. This type of system is termed as "Limited by shares" Limited by Shares means that the company has shareholders, and that the liability of the shareholders to creditors of the company is limited to the capital originally invested, i.e. the nominal value of the shares and any premium paid in return for the issue of the shares by the company. A shareholder's personal assets are thereby protected in the event of the company's insolvency, but money invested in the company will be lost. The reason why we chose a Pvt. Ltd. is basically due to its advantages in general respect.
Advantages
It need not file a prospectus with the Registrar of companies. It need not obtain the Certificate for Commencement of business. It need not hold the statutory general meeting nor need it file the statutory report. Restrictions placed on the directors of the public limited company do not apply to its directors. Continuity of existence. Limited liability. Less legal restrictions. Minimum number of shareholders need to start the business are only2. More capital can be raised as the maximum number of shareholders allowed is 50. Scope of expansion is higher because easy to raise capital from financial institutions and the advantage of limited liability.
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Rs.1,00,000/-. This Investment done by the directors of XYZ Pvt. Ltd. Is on 50-50 percentage basis for easy understanding. This investment is on the basis of value of shares. Consider a single share of Rs.10/- each, which is equating to a total of 10,000 shares of Rs.10/- each, to make a grand total of Rs.1,00,000/- as the amount invested at the time of startup. Thus each director will hold a total of 5000 shares of XYZ Pvt. Ltd. This information will also be stated in the MOA.
3.
PARTNERSHIP DECISION
Partnership in this case is MUTUAL. It interprets that the 2 directors have mutually agreed to a specific percentage of partnership, In this case it is 50-50 percentage of partnership. This information about the partnership will also be stated in the MOA.
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established should be clearly mentioned and stated at the ROC at the time of registration. This objective is mentioned in the MOA of XYZ Pvt. Ltd. These objectives are well stated and duly signed by the directors of the company in front of the registrar of companies so that in time of discrepancy, the objectives of the company shall be declared void and the company shall be ordered to stop its operations and the licenses will be taken back.
7.
COMPANY ACCOUNTS
A company's first accounts must start on the day of incorporation. The first financial year must end on the accounting reference date, or a date up to seven days either side of this date. Subsequent accounts start on the day following the year-end date of the previous accounts. They end on the next accounting reference date or a date up to seven days either side.
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COMMON WITNESS
There is a need of common witness between the 2 directors of XYZ Pvt. Ltd. This will act as source of authority when in the case of doubt and the ROC will catch hold of this witness.
9.
REGISTRAR OF COMPANIES
Registrars of Companies (ROC) appointed under Section 609 of the Companies Act covering the various States and Union Territories are vested with the primary duty of registering companies floated in the respective states and the Union Territories and ensuring that such companies comply with statutory requirements under the Act. These offices function as registry of records, relating to the companies registered with them, which are available for inspection by members of public on payment of the prescribed fee. The Central Government exercises administrative control over these offices through the respective Regional Directors. MINISTRY OF CORPORATE AFFAIRS (MCA) can also be used to register a company or to check the validity or authenticity of a company in India.
The contact detail for ROC in Pune is mentioned below: Mr. Vijay Kumar Khubchandani, (ROC Pune) Registrar of Companies, PMT Building, Pune Stock Exchange, 3rd Floor, Deccan Gymkhana, Pune.
Regulatory Requirements
The most important regulation is the Companies Act, 1956, which regulates all the affairs of a company. It contains provisions relating to the formation of a company, powers and responsibilities of the directors and managers, rising of capital, holding company meetings, maintenance and audit of company accounts, powers of inspection and investigation of company affairs, reconstruction and amalgamation of a company and even winding up of a company. The Ministry of Corporate Affairs, under Ministry of Finance, is primarily concerned with administration of this Act as well as other allied Acts and rules & regulations framed thereunder. The next important regulation relates to environment. The environmental regulatory requirements envisage a wide legislative framework covering every aspect of environment protection like air, water, noise, forest conservation, wildlife protection, etc. Also, separate set of laws and rules for emission of hazardous wastes have been enacted. The Ministry of Environment and Forests (MoEF), is the nodal agency for regulating all such environmental aspects. Every industry has to abide by all such guidelines and parameters for environmental protection because only this will ensure its sustainable progress and growth.
2. Apply to the concerned ROC to ascertain the availability of name in e-Form1 A of General Rules and Forms along with a fee of Rs. 500/-. If proposed name is not available apply for a fresh name on the same application the digital signature of the applicant proposing the company has to be attached in the form. 3. After the name approval the applicant can apply for registration of the new company by filing the required forms (e-Forms 1, 18, 32) within six months of name approval.
4. Arrange for the drafting of the Memorandum and Articles of Association by the solicitors, vetting of the same by ROC and printing of the same.
5. Arrange for stamping of the Memorandum and Articles with the appropriate stamp duty.
6. Get the Memorandum and Articles signed by at least two subscribers in his own hand, his father's name, occupation, address and the number of shares subscribed for and witnessed by at least one person.
7. Ensure that the Memorandum and Article is dated on a date after the date of stamping.
9. The following documents are required to be filed with the Registrar of Companies: a. Memorandum of Association (duly stamped) and a duplicate thereof. b. Articles of Association (duly stamped) and a duplicate thereof.
c. The agreement, if any, which the company proposes to enter into with any individual for appointment as its managing or whole time director or manager. d. A copy of the agreement, if any, referred to in the articles. e. A power of attorney, if any (with prescribed stamps). f. A copy of the letter of the Registrar of Companies intimating the availability of the proper name. g. E-Form No. 1 (with prescribed stamps) for incorporation of a Company. h. E-Form No. 18, if desired for change of situation of registered office. i. E-Form No. 32 and E-Form 32 Addendum, if desired for Particulars of appointment of managing director, directors, manager and secretary and the changes among them or consent of candidate to act as a managing director or director or manager or secretary of a company and / or undertaking to take and pay for qualification shares j. Document evidencing payment of prescribed registration and filing fee.
10. Obtain Certificate of Incorporation from ROC. If the registrar is satisfied that all the requirements have been complied with by the companies, it will register the company and issue a Certificate of Incorporation of the company. The date mentioned in the certificate is the date of incorporation of the company.
11. Under Section 149(7) of the Companies Act, a private company can commence business
Documentation Required
Documentation is generally considered as a lengthy and complex stage of verification. Indeed, Documentation is very crucial when it comes to claim something. Documentation is a process in which we give physical evidences approved by the governing bodies or by the government, so that the claims we make are justified and true. An individuals personal information is authorized only when he/she gives the necessary documents required to prove his/her identity. 1. Payment Slip: All payments made through cheque. 2. 2 Passport Size Photos of both Directors 3. Photo ID Proof of both directors (with visible sign) a) Pan Card. b) Indian Resident Card c) Identity Cards issued by Govt. Departments. (Current Address). 4. Current Address Proof a) Driving License. b) Ration Card. c) Voters/ Election Identity card. d) Electricity Bill on Own Name. e) Landline Telephone Bill. f) Valid Passport. g) Aadhar Card. h) Current dated nationalized & multi-national banks statements only. i) Canceled Cheque Required for NEFT/RTGS online commission transfer. 5. Witness Documents a) Passport Size Photos b) 1 Photo ID Proof Copy with Self Attested.
FEES INVOLVED
Generally, With a capital assumed to be Rs1,00,000/- , the registration fee will cost from Rs 13,000 to 20,000 depending on the licenses, quality of work and commissions. This kind of registration generally do not complete unless there is a bribe involved. Thus this whole process of registration and production of documents costs around Rs.20,000/- including everything i.e. CA fee, registration fee, form fee, notary fee, printing cost, typing cost, stamp paper cost etc.
TIME DURATION
The time duration involved in the process of registration of a private limited company varies from 2 to 10 months depending upon the stamps, clearances and licenses. Generally, a private limited company is registered and all set to start its business in around 3 months.