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FAQs
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What are the benefits of electronic signature?
What is Digital Signature? And Benefits of Digital Signature CertificatesA digital signature is basically a way to ensure that an electronic document (e-mail, spreadsheet, text file, etc.) is authentic. Authentic means that you know who created the document and you know that it has not been altered in any way since that person created it.Digital signatures rely on certain types of encryption to ensure authentication. Encryption is the process of taking all the data that one computer is sending to another and encoding it into a form that only the other computer will be able to decode. Authen...
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Which is the best electronic signature for small startup company?
What is Digital Signature? And Benefits of Digital Signature CertificatesA digital signature is basically a way to ensure that an electronic document (e-mail, spreadsheet, text file, etc.) is authentic. Authentic means that you know who created the document and you know that it has not been altered in any way since that person created it.Digital signatures rely on certain types of encryption to ensure authentication. Encryption is the process of taking all the data that one computer is sending to another and encoding it into a form that only the other computer will be able to decode. Authentication is the process of verifying that information is coming from a trusted source. These two processes work hand in hand for digital signatures.How do I get a Digital Signature?Digital Signature Certificate (DSC) is a secure digital key that certifies the identity of the holder, issued by a signNowing Authority (CA). There are many companies provide Digital Signature , i.e.SIFYeMudhra(n)codeThese companies gives LRA to several companies that are basically known as LRA. You may directly apply online and purchase from your local authority.signNow - offers a 14 day free trial and 3 types of pricing plans starting from $9.99 when paid monthly. All plans include sending unlimited amount of documents for signature. Available for Mac, iOS, Windows, Android and Web-browser.signNow - offers a 14 day free trial and 2 types of pricing plans starting from $29 when paid monthly. All plans include sending unlimited amount of documents for signature. Available for web-browser, iOS and Android.signNow - offers a 30 day free trial and 3 types of pricing plans starting from $15 when paid monthly. The number of document sends included each month differs by plan type. Available for Web-browser, iOS and Android.signNow - offers a 14-day free trial and 3 types of pricing plans starting from $15 per month when paid monthly. All plans include fair user restrictions to sign documents and send them for signature. Available for web-browser, iOS and Android.signNow - offers a 14-day free trial and 3 types of pricing plans starting from $15 per month when paid monthly. Unlimited document sending is subject to fair use thresholds. Available for Web-browser, iOS and Android.signNow - offers a free trial and 2 pricing plans starting from $16 per month when paid annually. All plans include sending unlimited amount of documents for signature. Available for web-browser, iOS and Android.Digital Signature for E-tenderingThere are three types of digital signature certificates depending on the validation of identity and type of use. They are:Class I DSC – Individuals get it for validating the email identification of the users and in situations where risk is minimal and here the signature is stored in software.Class II DSC – Business organizations or individuals use this digital signature certificate to validate the information given by the subscriber in the application against the information available in a trusted consumer database and in other such situations where security risk is moderate. In this case a hardware cryptographic device is used for storing the signature.Class III DSC – This digital certificate is directly issued by the signNowing authority and it is required that the person applying for DSC must be present at the signNowing authority’s premises and prove his/her identity in front of the authority and the security risk involved in this case is very high. In this case also a hardware cryptographic device is used for storing the signature.The Necessity of Digital Signature CertificatesFor e-filing of the income tax returns by any individual, the Government of India has made it mandatory to affix digital signatures to the income tax returns documents. For affixing the digital signature one must have digital signature certificates issued by licensed certification authority.In addition, Ministry of Corporate Affairs has set the mandatory guidelines for the companies directing them to file all reports, applications and forms using a digital signature only and this again requires a digital signature certificate.For GST also a company must verify its GST application by affixing a digital signature using digital signature certificate in order to get registered for GST.These days many Government procedures, filling different applications, amendments and forms require digital signatures made by using digital signature certificates.Benefits of Digital Signature CertificatesSaves Money & Time: As there is no need of physical presence you can digitally sign your PDF files and other documents using DSC anywhere & anytime. You need not sign your paper documents and then scan them to send them across through internet if you follow the above given option. You can save the money which would otherwise be spent on printing and scanning the document. You can also go green by saving paper.Secured Data: The digitally signed documents are tamper proof as the digital signatures are secured with a private key and public key and they cannot be edited after digitally signing the document.Authentic: Digitally signed documents are authentic and the receiver can be completely sure about the sender’s identity and integrity. The receiver can easily execute the information in the document without worrying about the document being forged.Certificate (DSC) is essential for companies and organizations that take part or intend to take part in eTendering processes on various Government sites. If a organisation going to apply for any Government eTender needs to have a Class 3 Digital Signature Certificate registered in the name of a representative who is authorized to submit online offers for e-Tendering applications.How to apply digital signature ?We enable compliance with legal and regulatory requirements for end-to-end electronic transactions for any kind of E-Business.What Documents required for Class 3 Digital Signature ?Documents required for Class 3 Digital SignatureApplication Form (Duly Signed)Recent Passport Size Photograph (Pasted on the Application form and Signed across the Photo)Identity ProofPAN CARD * (Income Tax F Filing Portal requires PAN Encrypted DSC)PassportDriving LicensePhoto ID Issued by Central Or State GovernmentVoter IDAadhar CardApply for Digital SignatureAddress ProofPassportDriving LicenseLatest Utility Bills - Not Older than 3 Months (Telephone, Electricity, Water, Tax, LIC)Ration CardVoter IDBank Account Statement ( Not Older than 2 Months)Service Tax/ VAT registration CertificateProperty tax/ Municipal tax ReceiptProof of Right to do Business (Any one of the Following)Certificate of IncorporationMemorandum of Association & Articles of associationRegistered Partnership deedValid Business licenses like VAT , Service Tax RegistrationLicense under shop and Establishment Act (For Proprietorship Concerns)PAN Card of the Company/FirmProof of Right to do Business (Any one of the Following)Latest annual Report / BalancesheetLatest Income Tax ReturnsOrganization Bank Details on Banks Letter Head/ Latest Bank statement attested by BankAuthorization Letter in Favor of the applicationAll Documents to be Self Attested by the applicant & Attested by the Authorised Signatory of the Business with Stamp & Seal. For More information about Best Digital Signature company in kanpurDifferent software solutions exist for different platforms, hence I am going to give one (the most common one) for each one of them:Windows: Open the PDF in signNow and click the “Fill & Sign” button in the right pane.Mac: Open the PDF in Preview, click the Toolbox button, then click SigniPhone and iPad: Open the PDF attachment in Mail, then click “Markup and Reply” to sign.iPhone and Android: Download signNow Fill & Sign, open the PDF, and tap the Signature button.Chrome: Install the signNow extension, upload your PDF, and click the Signature button.n short, “best” varies by your specific need - and there are dozens of comparison vectors. The 2 most important, IMHO, are do you needA “standing order” doc that can be easily signed anytime by anyone, such as an injury waiver at a karate school / trampoline park / etc- that sort of thing. The signor is not pre-defined. For that, we (SwiftCloud) may well be best, but there are dozens to compare, and important to consider is volume, HIPAA medical compliance, integration to marketing, etc.Specific doc / signor - such as a real estate sales contract. The parties are pre-defined, and automation can be added to flow from group 1 (say, “the seller(s)”) to group 2 (seller’s agent, for example) to group 3 (the buyer(s) consecutively or concurrently.The #1 reason to use e-signature is to save time + integration on the data i.e. so marketing is 100% automated for example, and reducing time-to-close which results in higher sales pull-through rates. Don’t get me wrong, saving money on paper, printer, ink, printer jams, etc. is important - but that’s a money saver, not a money maker. Marketing and sales will actually create new revenue for you, so to not use electronic signature is for most businesses, downright neglectful. Granted, I’m a bit biased, but happy to do a formal study to prove it with real numbers, should anyone be so inclined.And you are good to go!!
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How do I register a Pvt. Ltd. company?
Steps to Register Private Limited Company:-Step 1. Digital Signature Certificate(DSC) RequiredThe first and foremost step to start the registration process is to have directors & shareholders Digital Signature Certificate. Digital Signature are nothing but a USB drive(DSC token) which contains the encrypted digital signature of a person.It is same as a person is signing with a pen on a paper and with digital signature, a person can sign a document on Computer.Step 2. Directors Identification Number(DIN)Directors Identification Number(DIN) are mandatory for every person, who wishes to become a director in any company. PAN card is mandatory to have a DIN number. Director Identification Number is a unique code which has lifetime validity.Documents required for DIN ApplicationPAN CardAdhar CardElectricity BillPhone billMobile BillBank StatementNote: There can be Maximum 15 Directors in a Private Limited Company which can be received by giving Notice to ROCStep 3. Name ReservationAfter having DIN number. Name Reservation Application can be filed through Form INC-1 and Name will be reserved by the DIN numbers of the Directors. Following points should be considered while making the application for Name Reservation.The name should not be similar to any existing company or LLP name.The name should not be similar to any Registered Intellectual Property.In the event of winding-up of a company, the name of such entity will not be available for use for the next 2 years. However, if company winds up by the court order, then the name of such entity will not be available for use for the next 20 years.Step 4. Drafting of Memorandum of Association(MOA) and Article of Association(AOA)Memorandum of Association: It is the constitution of a company. It is a document, which among other things, defines the areas within which the company can act. It states the objects for which the company has been formed. Articles of Association: It contains the rules and regulations relating to the internal management of a company. It serves as a binding contract between the company and its members. Once the company name is approved by the ROC, the subsequent step is to draft the MoA and AoA. The subscribers need to determine their name, address, and occupation in their own particular handwriting and sign the subscription pages of MoA and AoA.Step 5. Certificate of IncorporationAfter the submission and completion of all the necessary documents, the registrar of the company shall retain and register the memorandum and articles. After the registration of the Memorandum of a company, the registrar shall signNow that the company is incorporated. The digitally signed "certificate of incorporation" then will be emailed to the directors.
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What is the "best" electronic / digital signature solution?
What is Digital Signature? And Benefits of Digital Signature Certificates [ http://www.idltechnologies.com/ ] A digital signature is basically a way to ensure that an electronic document (e-mail, spreadsheet, text file, etc.) is authentic. Authentic means that you know who created the document and you know that it has not been altered in any way since that person created it. Digital signatures rely on certain types of encryption to ensure authentication. Encryption is the process of taking all the data that one computer is sending to another and encoding it into a form that only the other computer will be able to decode. Authentication is the process of verifying that information is coming from a trusted source. These two processes work hand in hand for digital signatures. How do I get a Digital Signature? Digital Signature Certificate (DSC) is a secure digital key that certifies the identity of the holder, issued by a signNowing Authority (CA). There are many companies provide Digital Signature , i.e. SIFY eMudhra (n)code These companies gives LRA to several companies that are basically known as LRA. You may directly apply online and purchase from your local authority. 1. signNow [ https://sign.keepsolid.com/ ] - offers a 14 day free trial and 3 types of pricing plans starting from $9.99 when paid monthly. All plans include sending unlimited amount of documents for signature. Available for Mac, iOS, Windows, Android and Web-browser. 2. signNow [ https://www.signNow.com/ ] - offers a 14 day free trial and 2 types of pricing plans starting from $29 when paid monthly. All plans include sending unlimited amount of documents for signature. Available for web-browser, iOS and Android. 3. signNow [ https://www.signNow.com/ ] - offers a 30 day free trial and 3 types of pricing plans starting from $15 when paid monthly. The number of document sends included each month differs by plan type. Available for Web-browser, iOS and Android. 4. signNow [ https://www.getsignNow.com/ ] - offers a 14-day free trial and 3 types of pricing plans starting from $15 per month when paid monthly. All plans include fair user restrictions to sign documents and send them for signature. Available for web-browser, iOS and Android. 5. signNow [ https://signNow.com/ ] - offers a 14-day free trial and 3 types of pricing plans starting from $15 per month when paid monthly. Unlimited document sending is subject to fair use thresholds. Available for Web-browser, iOS and Android. 6. signNow [ https://www.signNow.com/ ] - offers a free trial and 2 pricing plans starting from $16 per month when paid annually. All plans include sending unlimited amount of documents for signature. Available for web-browser, iOS and Android. Digital Signature for E-tendering There are three types of digital signature certificates depending on the validation of identity and type of use. They are: Class I DSC – Individuals get it for validating the email identification of the users and in situations where risk is minimal and here the signature is stored in software. Class II DSC – Business organizations or individuals use this digital signature certificate to validate the information given by the subscriber in the application against the information available in a trusted consumer database and in other such situations where security risk is moderate. In this case a hardware cryptographic device is used for storing the signature. Class III DSC – This digital certificate is directly issued by the signNowing authority and it is required that the person applying for DSC must be present at the signNowing authority’s premises and prove his/her identity in front of the authority and the security risk involved in this case is very high. In this case also a hardware cryptographic device is used for storing the signature. The Necessity of Digital Signature Certificates For e-filing of the income tax returns by any individual, the Government of India has made it mandatory to affix digital signatures to the income tax returns documents. For affixing the digital signature one must have digital signature certificates issued by licensed certification authority. In addition, Ministry of Corporate Affairs has set the mandatory guidelines for the companies directing them to file all reports, applications and forms using a digital signature only and this again requires a digital signature certificate. For GST also a company must verify its GST application by affixing a digital signature using digital signature certificate in order to get registered for GST. These days many Government procedures, filling different applications, amendments and forms require digital signatures made by using digital signature certificates. Benefits of Digital Signature Certificates Saves Money & Time: As there is no need of physical presence you can digitally sign your PDF files and other documents using DSC anywhere & anytime. You need not sign your paper documents and then scan them to send them across through internet if you follow the above given option. You can save the money which would otherwise be spent on printing and scanning the document. You can also go green by saving paper. Secured Data: The digitally signed documents are tamper proof as the digital signatures are secured with a private key and public key and they cannot be edited after digitally signing the document. Authentic: Digitally signed documents are authentic and the receiver can be completely sure about the sender’s identity and integrity. The receiver can easily execute the information in the document without worrying about the document being forged. Certificate (DSC) is essential for companies and organizations that take part or intend to take part in eTendering processes on various Government sites. If a organisation going to apply for any Government eTender needs to have a Class 3 Digital Signature Certificate registered in the name of a representative who is authorized to submit online offers for e-Tendering applications. How to apply digital signature ? We enable compliance with legal and regulatory requirements for end-to-end electronic transactions for any kind of E-Business. What Documents required for Class 3 Digital Signature ? 1. Documents required for Class 3 Digital Signature 2. Application Form (Duly Signed) 3. Recent Passport Size Photograph (Pasted on the Application form and Signed across the Photo) 4. Identity Proof 5. PAN CARD * (Income Tax F Filing Portal requires PAN Encrypted DSC) 6. Passport 7. Driving License 8. Photo ID Issued by Central Or State Government 9. Voter ID 10. Aadhar Card 11. Apply for Digital Signature 12. Address Proof 13. Passport 14. Driving License 15. Latest Utility Bills - Not Older than 3 Months (Telephone, Electricity, Water, Tax, LIC) 16. Ration Card 17. Voter ID 18. Bank Account Statement ( Not Older than 2 Months) 19. Service Tax/ VAT registration Certificate 20. Property tax/ Municipal tax Receipt 21. Proof of Right to do Business (Any one of the Following) 22. Certificate of Incorporation 23. Memorandum of Association & Articles of association 24. Registered Partnership deed 25. Valid Business licenses like VAT , Service Tax Registration 26. License under shop and Establishment Act (For Proprietorship Concerns) 27. PAN Card of the Company/Firm 28. Proof of Right to do Business (Any one of the Following) 29. Latest annual Report / Balancesheet 30. Latest Income Tax Returns 31. Organization Bank Details on Banks Letter Head/ Latest Bank statement attested by Bank Authorization Letter in Favor of the application All Documents to be Self Attested by the applicant & Attested by the Authorised Signatory of the Business with Stamp & Seal. For More information about Best Digital Signature company in kanpur [ http://idltechnologies.com/ ] Different software solutions exist for different platforms, hence I am going to give one (the most common one) for each one of them: 1. Windows: Open the PDF in signNow and click the “Fill & Sign” button in the right pane. 2. Mac: Open the PDF in Preview, click the Toolbox button, then click Sign 3. iPhone and iPad: Open the PDF attachment in Mail, then click “Markup and Reply” to sign. 4. iPhone and Android: Download signNow Fill & Sign, open the PDF, and tap the Signature button. 5. Chrome: Install the signNow extension, upload your PDF, and click the Signature button. n short, “best” varies by your specific need - and there are dozens of comparison vectors. The 2 most important, IMHO, are do you need 1. A “standing order” doc that can be easily signed anytime by anyone, such as an injury waiver at a karate school / trampoline park / etc- that sort of thing. The signor is not pre-defined. For that, we (SwiftCloud [ https://swiftcloud.ai/ ]) may well be best, but there are dozens to compare, and important to consider is volume, HIPAA medical compliance, integration to marketing, etc. 2. Specific doc / signor - such as a real estate sales contract. The parties are pre-defined, and automation can be added to flow from group 1 (say, “the seller(s)”) to group 2 (seller’s agent, for example) to group 3 (the buyer(s) consecutively or concurrently. The #1 reason to use e-signature is to save time + integration on the data i.e. so marketing is 100% automated for example, and reducing time-to-close which results in higher sales pull-through rates. Don’t get me wrong, saving money on paper, printer, ink, printer jams, etc. is important - but that’s a money saver, not a money maker. Marketing and sales will actually create new revenue for you, so to not use electronic signature [ https://swiftcloud.ai/products/electronic-signature ] is for most businesses, downright neglectful. Granted, I’m a bit biased, but happy to do a formal study to prove it with real numbers, should anyone be so inclined. And you are good to go!!
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What is the best form for a subsidiary of a foreign company in India?
The term subsidiary means a there should be either a private limited company or a public limited and at least 51% of its entire equity capital should be held by some other Indian or foreign company. To incorporate a subsidiary of a foreign company, the following article will help:How to incorporate a wholly owned subsidiary in India?Any foreign company can incorporate a wholly owned subsidiary company in India. In India, private limited companies are most popular form of business structure and therefore most obvious choice of foreign companies. In an Indian private limited company, there can two shareholders and two directors and at least one Director should be resident in India. 100% shareholding of an Indian private limited company can be owned by its foreign holding company and the requirement of having at least two shareholders can be fulfilled by giving one share to the nominee of foreign company. Wholly owned subsidiary company incorporation process is fast and hassle free and can be completed online. That means the promoters or their nominee doesn’t have to necessarily fly to India to incorporate a wholly owned subsidiary company. The step by step incorporation process is discussed below:Obtaining Digital Signature CertificateSince all incorporation papers are submitted to the Central Registration Centre, Ministry of Corporate Affairs (registering authority to register all types of Companies in India) online, so all the Individual promoters are required to have a class II type of digital signature certificate issued by any private agency such as SIFY and/or E-Mudhra. These agencies holds a license from the signNowing Authority (Under the provisions of Indian Information Technology Act, 2004) to issue digital signature certificates to individual and organisations.Digital signature certificates are generally valid for one or two years and can be used after incorporation as electronic signature of the individual promoter for submitting any document with the MCA or the Income Tax Department.To obtain digital signature certificate, the applicant has to fill, affix his/her passport size recent colour photograph and sign an application form of issuing organisation (SIFY and/or E-Mudhra). This application form is submitted to the issuing authority along with a self-attested and notarised/apostilled proof of identity and proof of address of the applicant. In case the proof of identity and address is not in English language, then a certified translated copy of the same shall be submitted along with the filled in and signed application form.1. Filing name application and obtaining name approval from the Central Registration Centre, Ministry of Corporate AffairsAfter the introduction of SPICe (A single form for submitting incorporation application), name of proposed company can be submitted in SPICe. However, it is general practice to file name application in RUN (Reserve Unique Name) and obtain name approval certificate from the Central Registration Centre, Ministry of Corporate Affairs before preparing the Memorandum and Articles of Association and SPICe. RUN is filed online after logging in on Ministry Of Corporate Affairs. Two options for the proposed name, in order of preferences, can be submitted. At this stage, a certified true copy of the Board resolution of parent company, giving no objection for the incorporation of a subsidiary company in India and authority to any Individual to sign the papers on its behalf will be necessary. The copy of Board resolution should be notarised/apostilled, in the home country of parent company. In case the parent company has any registered trademark in India, or elsewhere, and the same is being used in the name of proposed Indian company, a no objection of the parent company in the form of Board resolution along with trademark registration certificate shall also be necessary to get name approved.The Central Registration Centre shall provide two opportunity to the applicant, in case the name applied is not available for registration, thereafter a fresh name application in Form RUN shall be filed. MCA fee for filing Form RUN is INR. 1,000/- which is non-refundable.Once approved, the name shall be available for registration for 20 days and after expiry of 20 days, the approved name shall automatically be withdrawn and a fresh name application shall be filed to get the same name again. In short - incorporation papers must be submitted within 20 days of name approval.2. Memorandum of Association (MOA) and Articles of Association (AOA)The main constitutional documents of an Indian company is its Memorandum of Association and Articles of Association. The Memorandum of Association contains the objectives of the company and details of Company's promoters and their ownership in the company and also their liability in case of liquidation. The Articles of Association is also very crucial piece of document and it contains the rights, duties, obligations of promoters and directors. It defines working relationship of company with its promoters and directors. The company's Memorandum of Association and Articles of Association has be very carefully drafted as a company cannot go beyond the provisions of its Memorandum and Articles of Association.The Memorandum and Articles of Association contains subscriber page, which needs to filled in and signed by the promoters of the proposed company. In case promoter is a body corporate, the subscriber page of the Memorandum and Articles of Association shall be signed by the person authorised by the parent company through a Board resolution. In case subscription pages are being signed outside India, the same needs to be properly notarised/apostilled in order to be a legally recognised document in India. In case promoters are traveling to India to get the company incorporated and sign subscription page or other incorporation papers, they must travel to India on a valid Business Visa. However, it is not necessary for the promoters to travel to India for simply incorporating a company and an Indian company can be incorporated without requiring the promoters to fly from their home country.3. Preparation and submission of SPICe (Incorporation Papers)Once company's Memorandum and Articles of Association is finalised and executed, an incorporation application shall be prepared in SPICe and submitted online with the Central Registration Centre, Ministry of Corporate Affairs. In order to prepare SPICe, the following information and papers shall be necessary:à Service Request Number of RUN (Name application Form), in case name is reserved earlier. In case the applicant has not reserved the name earlier, name application can be filed in SPICe as well. However, it is advisable to get the name reserved through RUN to be double sure about name and avoid procedural hurdles in case the proposed name faces rejection from the Central Registration Centre;à Main business activity code of the proposed company;à Particulars of registered office address: In India, every company must have a Indian address to be used as registered office of the company within fifteen days of incorporation. Particulars of registered office address can be submitted in SPICe at the time of incorporation. In case registered office address is not finalised, then particulars of a local communication address has to be provided in SPICe and company can submit the particulars of its registered office in Form INC – 22 within 15 days of incorporation;à Particulars of Authorised and Paid-up share capital of the company: There is no requirement to have minimum paid-up share capital and therefore, paid-up share capital can be as low as INR. 1/-. The authorised share capital or nominal capital is maximum limit of share capital, a company can issue shares. Presently there is no incorporation fee for keeping the authorised share capital upto INR. 1 Million and only stamp duty has to be paid on authorised share capital. It is advisable to keep the authorised capital INR. 1 Million at the beginning. The company's authorised capital may be increased at later stage after incorporation as per the requirements of capital;à Particulars of Directors/Shareholders: After introduction of SPICe, the application for allotment of DIN (Director Identification Number) is submitted at the time of incorporation itself through SPICe. DIN is a eight digit unique number allotted to all the Directors by the Central Government and is valid for lifetime. To obtain, the Directors/Promoters has to their passport and any document establishing proof of address. The copy of passport and proof of address must be self-attested, duly notarised and/or apostilled. In case these documents are not in English language, then a certified translated copy shall also be necessary. In SPICe, the names, father's name, residential address, nationality, residential status, occupation, education qualifications, the number of shares to be held by them in the company and amount paid-up etc. shall be mentioned. Particulars for allotment of PAN and TAN shall also be filled in the SPICe. After filling the necessary details in the SPICe, necessary attachments such as affidavits, consent letters, Memorandum of Association, Articles of Association, Proof of Identity and address of promoters, Board resolution of parent company, no objection of parent company for letting the proposed Indian company use its name etc. shall be attached. The SPICe has be be digitally signed by the applicant and the same shall be duly certified by a practicing professional such as a practicing Company Secretary, Chartered Accountant or a practicing Cost Accountant.4. Clarifications | Additional information requested by the Central Registration CentreAfter submitting SPICe online, all the papers are reviewed and scrutinised by the officials at the Central Registration Centre and they may require some additional information and/or clarifications by sending back the form for its re-submission. These clarifications are requested through e-mail though re-submission request. Upon receipt of re-submission request, the applicant has to again prepare SPICe and address the queries raised by Central Registration Centre and re-file the application.5. Certificate of Incorporation & Allotment of PAN & TANOnce all clarifications are provided and officials of Central Registration Centre are satisfied, they approve SPICe and send the same to the Income Tax Department for the allotment of PAN and TAN to the proposed company. PAN and TAN are generally allotted within few hours and after allotment of PAN and TAN by the Income tax department, an electronic Certificate of Incorporation is generated. The electronic Certificate of Incorporation contains company name, an unique CIN, date of incorporation, Company's registered office address, Company's PAN and TAN. After incorporation, first Board meeting of the company is to be necessarily held within one month of incorporation, wherein a Board resolution to appoint the first auditors of the company and opening of corporate bank account shall be passed. After issuance of Certificate of Incorporation, the promoters can initiate the process of bank account opening and remittance of share application money in Company's bank account. To open a corporate bank account in India, the Directors of the Company will have to be physically present to sign the bank account opening documents as this is general practice adopted by banks.Since the Narendra Modi government came into power in 2014, many initiatives to promote the business climate of the country has been taken by the Government. India's incorporation process is effectively fast and simple and a company can be incorporated in 2-3 business days only.We at Pratham Legal can help you incorporate your wholly owned subsidiary in India. To get in touch with me, please write me at prashant@prathamlegal.comor call me at +91 9821008011. To know more about Pratham Legal, our India entry practices, please visit https://prathamlegal.com/our-pra...
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Which kinds of business requires e-signatures?
What is Digital Signature? And Benefits of Digital Signature CertificatesA digital signature is basically a way to ensure that an electronic document (e-mail, spreadsheet, text file, etc.) is authentic. Authentic means that you know who created the document and you know that it has not been altered in any way since that person created it.Digital signatures rely on certain types of encryption to ensure authentication. Encryption is the process of taking all the data that one computer is sending to another and encoding it into a form that only the other computer will be able to decode. Authentication is the process of verifying that information is coming from a trusted source. These two processes work hand in hand for digital signatures.How do I get a Digital Signature?Digital Signature Certificate (DSC) is a secure digital key that certifies the identity of the holder, issued by a signNowing Authority (CA). There are many companies provide Digital Signature , i.e.SIFYeMudhra(n)codeThese companies gives LRA to several companies that are basically known as LRA. You may directly apply online and purchase from your local authority.signNow - offers a 14 day free trial and 3 types of pricing plans starting from $9.99 when paid monthly. All plans include sending unlimited amount of documents for signature. Available for Mac, iOS, Windows, Android and Web-browser.signNow - offers a 14 day free trial and 2 types of pricing plans starting from $29 when paid monthly. All plans include sending unlimited amount of documents for signature. Available for web-browser, iOS and Android.signNow - offers a 30 day free trial and 3 types of pricing plans starting from $15 when paid monthly. The number of document sends included each month differs by plan type. Available for Web-browser, iOS and Android.signNow - offers a 14-day free trial and 3 types of pricing plans starting from $15 per month when paid monthly. All plans include fair user restrictions to sign documents and send them for signature. Available for web-browser, iOS and Android.signNow - offers a 14-day free trial and 3 types of pricing plans starting from $15 per month when paid monthly. Unlimited document sending is subject to fair use thresholds. Available for Web-browser, iOS and Android.signNow - offers a free trial and 2 pricing plans starting from $16 per month when paid annually. All plans include sending unlimited amount of documents for signature. Available for web-browser, iOS and Android.Digital Signature for E-tenderingThere are three types of digital signature certificates depending on the validation of identity and type of use. They are:Class I DSC – Individuals get it for validating the email identification of the users and in situations where risk is minimal and here the signature is stored in software.Class II DSC – Business organizations or individuals use this digital signature certificate to validate the information given by the subscriber in the application against the information available in a trusted consumer database and in other such situations where security risk is moderate. In this case a hardware cryptographic device is used for storing the signature.Class III DSC – This digital certificate is directly issued by the signNowing authority and it is required that the person applying for DSC must be present at the signNowing authority’s premises and prove his/her identity in front of the authority and the security risk involved in this case is very high. In this case also a hardware cryptographic device is used for storing the signature.The Necessity of Digital Signature CertificatesFor e-filing of the income tax returns by any individual, the Government of India has made it mandatory to affix digital signatures to the income tax returns documents. For affixing the digital signature one must have digital signature certificates issued by licensed certification authority.In addition, Ministry of Corporate Affairs has set the mandatory guidelines for the companies directing them to file all reports, applications and forms using a digital signature only and this again requires a digital signature certificate.For GST also a company must verify its GST application by affixing a digital signature using digital signature certificate in order to get registered for GST.These days many Government procedures, filling different applications, amendments and forms require digital signatures made by using digital signature certificates.Benefits of Digital Signature CertificatesSaves Money & Time: As there is no need of physical presence you can digitally sign your PDF files and other documents using DSC anywhere & anytime. You need not sign your paper documents and then scan them to send them across through internet if you follow the above given option. You can save the money which would otherwise be spent on printing and scanning the document. You can also go green by saving paper.Secured Data: The digitally signed documents are tamper proof as the digital signatures are secured with a private key and public key and they cannot be edited after digitally signing the document.Authentic: Digitally signed documents are authentic and the receiver can be completely sure about the sender’s identity and integrity. The receiver can easily execute the information in the document without worrying about the document being forged.Certificate (DSC) is essential for companies and organizations that take part or intend to take part in eTendering processes on various Government sites. If a organisation going to apply for any Government eTender needs to have a Class 3 Digital Signature Certificate registered in the name of a representative who is authorized to submit online offers for e-Tendering applications.How to apply digital signature ?We enable compliance with legal and regulatory requirements for end-to-end electronic transactions for any kind of E-Business.What Documents required for Class 3 Digital Signature ?Documents required for Class 3 Digital SignatureApplication Form (Duly Signed)Recent Passport Size Photograph (Pasted on the Application form and Signed across the Photo)Identity ProofPAN CARD * (Income Tax F Filing Portal requires PAN Encrypted DSC)PassportDriving LicensePhoto ID Issued by Central Or State GovernmentVoter IDAadhar CardApply for Digital SignatureAddress ProofPassportDriving LicenseLatest Utility Bills - Not Older than 3 Months (Telephone, Electricity, Water, Tax, LIC)Ration CardVoter IDBank Account Statement ( Not Older than 2 Months)Service Tax/ VAT registration CertificateProperty tax/ Municipal tax ReceiptProof of Right to do Business (Any one of the Following)Certificate of IncorporationMemorandum of Association & Articles of associationRegistered Partnership deedValid Business licenses like VAT , Service Tax RegistrationLicense under shop and Establishment Act (For Proprietorship Concerns)PAN Card of the Company/FirmProof of Right to do Business (Any one of the Following)Latest annual Report / BalancesheetLatest Income Tax ReturnsOrganization Bank Details on Banks Letter Head/ Latest Bank statement attested by BankAuthorization Letter in Favor of the applicationAll Documents to be Self Attested by the applicant & Attested by the Authorised Signatory of the Business with Stamp & Seal. For More information about Best Digital Signature company in kanpurDifferent software solutions exist for different platforms, hence I am going to give one (the most common one) for each one of them:Windows: Open the PDF in signNow and click the “Fill & Sign” button in the right pane.Mac: Open the PDF in Preview, click the Toolbox button, then click SigniPhone and iPad: Open the PDF attachment in Mail, then click “Markup and Reply” to sign.iPhone and Android: Download signNow Fill & Sign, open the PDF, and tap the Signature button.Chrome: Install the signNow extension, upload your PDF, and click the Signature button.n short, “best” varies by your specific need - and there are dozens of comparison vectors. The 2 most important, IMHO, are do you needA “standing order” doc that can be easily signed anytime by anyone, such as an injury waiver at a karate school / trampoline park / etc- that sort of thing. The signor is not pre-defined. For that, we (SwiftCloud) may well be best, but there are dozens to compare, and important to consider is volume, HIPAA medical compliance, integration to marketing, etc.Specific doc / signor - such as a real estate sales contract. The parties are pre-defined, and automation can be added to flow from group 1 (say, “the seller(s)”) to group 2 (seller’s agent, for example) to group 3 (the buyer(s) consecutively or concurrently.The #1 reason to use e-signature is to save time + integration on the data i.e. so marketing is 100% automated for example, and reducing time-to-close which results in higher sales pull-through rates. Don’t get me wrong, saving money on paper, printer, ink, printer jams, etc. is important - but that’s a money saver, not a money maker. Marketing and sales will actually create new revenue for you, so to not use electronic signature is for most businesses, downright neglectful. Granted, I’m a bit biased, but happy to do a formal study to prove it with real numbers, should anyone be so inclined.And you are good to go!!
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What are the laws - Data Protection, Data Transmission and Export and Data Encryption in India to operate a technology platform
The Information Technology Act, 2000 came into force on 17.10.2000 vide G.S.R No. 788(E) dated 17.10.2000 and for the first time, a legal definition of “Computer”, “Data”, “electronic record”, “Information” et al were provided. The said Act gave a legal recognition to the electronic records and digital signatures and in Chapter IX thereof provided for penalty and adjudication. Section 43 of the Act interalia provided that in case of unauthorised access, download or copying or damage to data etc, the person responsible shall be liable to pay damages by way of compensation not exceeding one crore rupees to the person affected.Apart from civil liability provided under Section 43, Chapter XI (Sections 63 to 78) of the Act of 2000 provided for criminal liability in cases of Tampering, Hacking, publishing or transmitting obscene material, misrepresentation etc. Apart from the same, Section 72 of the Act provided for penalty in case of bsignNow of confidentiality and privacy and laid that in case any person who has secured access to any electronic record, Data or information, discloses the same to any other person without obtaining the consent of the person concerned, he shall be punished with imprisonment upto two years or with fine upto Rupees one lakh or with both.However, the provisions of the Information Technology Act, 2000 were not adequate and the need for more stringent data protection measures were felt, the Information Technology (Amendment) Act, 2008 was enacted which came into force on 27.10.2009. The said Amendment Act brought in the concepts like cyber security in the statute book and widened the scope of digital signatures by replacing the words “electronic signature”. The amendment act also provided for secure electronic signatures and enjoined the central government to prescribe security procedures and practices for securing electronic records and signatures (Sections 15-16) The amendment Act also removed the cap of Rupees One Crore as earlier provided under Section 43 for damage to computer and computer systems and for unauthorised downloading/ copying of data. The said Amendment Act also introduced Section 43A which provides for compensation to be paid in case a body corporate fails to protect the data. Section 46 of the Act prescribes that the person affected has to approach the adjudicating officer appointed under Section 46 of the Act in case the claim for injury or damage does not exceed Rupees Five crores and the civil court in case, the claim exceeds Rupees Five crores. The amendment act also brought/ introduced several new provisions which provide for offenses such as identity theft, receiving stolen computer resource/ device, cheating, violation of privacy, cyber terrorism, pornography (Section 66A-F & 67A-C). The amendment act also brought in provisions directing intermediaries to protect the data/information and penalty has been prescribed for disclosure of information of information in bsignNow of lawful contract (Section 72A)With the enactment of the Amendment Act of 2008, India for the first time got statutory provisions dealing with data protection. However, as the ingredients of “sensitive personal data and information” as well as the “reasonable security practices and procedures” were yet to be prescribed by the Central Government, the Ministry of Communications and Information Technology vide Notification No. GSR 313 (E) dated 11th April 2011 made the Information Technology (Reasonable Security Practices and Procedures and Sensitive Personal Data or Information ) Rules, 2011 (the said rules). Rule 3 of the said rules defines personal sensitive data or information and provides that the same may include information relating to password, financial information such as bank account or credit card details, health condition, medical records etc. Rule 4 enjoins every body corporate which receives or deals with information to provide a privacy policy. Rule 5 prescribes that every body corporate shall obtain consent in writing from the provider of the sensitive information regarding purpose of usage before collection of such information and such body corporate will not collect such information unless it is collected for a lawful purpose connected with the function or activity of such body corporate and collection of such information or data is necessary and once such data is collected, it shall not be retained for a period longer than what is required. Rule 6 provides that disclosure of the information to any third party shall require prior permission from the provider unless such disclosure has been agreed to in the contract between the body corporate and the provider or where the disclosure is necessary for compliance of a legal obligation. The Body corporate has been barred to publish sensitive information and the third parties receiving such information have been barred to disclose it further. Rule 7 lays down that the body corporate may transfer such information to any other body corporate or person in India or outside, that ensure the same level of data protection and such transfer will be allowed only if it is necessary for performance of lawful contract between the body corporate and provider of information or where the provider has consented for data transfer. Rule 8 of the said rules further provide reasonable security practises and procedures and lays down that international standard IS/ISO/IEC 27001 on “Information Technology- Security Techniques- Information Security Management System- requirements “ would be one such standard.The Ministry of Communication and Information Technology further issued a press note dated 24th August 2011 and clarified that the said rules are applicable to the body corporate or any person located within India. The press note further provides that any body corporate providing services relating to collection or handling of sensitive personal data or information under contractual obligation with any other legal entity located within India or outside is not subject to requirements of Rules 5 &6 as mentioned hereinabove. A body corporate providing services to the provider of information under a contractual obligation directly with them however has to comply with Rules 5 &6. The said press note also clarifies that privacy policy mentioned in Rule 4 relates to the body corporate and is not with respect to any particular obligation under the contract. The press note at the end provides that the consent mentioned in Rule 5 includes consent given by any mode of electronic communication.Data Protection relates to issues relating to the collection, storage, accuracy and use of data provided by net users in the use of the World Wide Web. Visitors to any website want their privacy rights to be respected when they engage in e-Commerce. It is part of the confidence-creating role that successful e-Commerce businesses have to convey to the consumer. If industry doesn't make sure it's guarding the privacy of the data it collects, it will be the responsibility of the government and it's their obligation to enact legislation.Any transaction between two or more parties involves an exchange of essential information between the parties. Technological developments have enabled transactions by electronic means. Any such information/data collected by the parties should be used only for the specific purposes for which they were collected. The need arose, to create rights for those who have their data stored and create responsibilities for those who collect, store and process such data. The law relating to the creation of such rights and responsibilities may be referred to as ‘data protection’ law.The world’s first computer specific statute was enacted in the form of a Data Protection Act, in the German state of Hesse, in 1970.The misuse of records under the Nazi regime had raised concerns among the public about the use of computers to store and process large amounts of personal data.The Data Protection Act sought to heal such memories of misuse of information. A different rationale for the introduction of data protection legislation can be seen in the case of Sweden which introduced the first national statute in 1973.Here, data protection was seen as fitting naturally into a two hundred year old system of freedom of information with the concept of subject access (such a right allows an individual to find out what information is held about him) being identified as one of the most important aspects of the legislation.In 1995, the European Union adopted its Directive (95/46/EC) of the European Parliament and of the Council of 24 October 1995 on the protection of individuals with regard to the processing of personal data and on the free movement of such data (hereinafter, the Directive), establishing a detailed privacy regulatory structure. The Directive is specific on the requirements for the transfer of data. It sets down the principles regarding the transfer of data to third countries and states that personal data of EU nationals cannot be sent to countries that do not meet the EU “adequacy” standards with respect to privacy.In order to meet the EU “adequacy” standards, US developed a ‘Safe Harbour’ framework, according to which the US Department of Commerce would maintain a list of US companies that have self-certified to the safe harbor framework. An EU organization can ensure that it is sending information to a U.S. organization participating in the safe harbor by viewing the public list of safe harbor organizations posted on the official website.Data protection has emerged as an important reaction to the development of information technology. In India data protection is covered under the Information Technology Act, 2000 (hereinafter, the Act). The Act defines ‘data’ as, “‘data’ means a representation of information, knowledge, facts, concepts or instructions which are being prepared or have been prepared in a formalized manner, and is intended to be processed, is being processed or has been processed in a computer system or computer network, and may be in any form (including computer printouts magnetic or optical storage media, punched cards, punched tapes) or stored internally in the memory of the computer”. Protection of such data and privacy are covered under specific provisions in the Act. In the recent past, the need for data protection laws has been felt to cater to various needs. The following analyses the position of data protection law with respect to some of the needs.Data Protection Law In Respect of Information Technology Enabled Services (ITES)India started liberalizing its economy in the 1990’s and since then a huge upsurge in the IT business process outsourcing may be witnessed. Financial, educational, legal, marketing, healthcare, telecommunication, banking etc are only some of the services being outsourced into India. This upsurge of outsourcing of ITES into India in the recent past may be attributed to the large English-speaking unemployed populace, cheap labour, enterprising and hardworking nature of the people etc. Statistics have shown that the outsourcing industry is one of the biggest sources of employment. In a span of four years, the number of people working in call centers in the country supporting international industries has risen from 42,000 to 3,50,000. Exports were worth $5.2 billion in 2004-2005 and are expected to grow over 40% this fiscal year. US is currently the biggest investor in Indian ITES, taking advantage of cheap labour costs. Statistics indicate that software engineers with two-years experience in India are being paid about 1/5th of an equivalent US employee.Concerns about adequacy of lawBPO FraudsWith globalization and increasing BPO industry in India, protection of data warrants legislation. There are reasons for this. Every individual consumer of the BPO Industry would expect different levels of privacy from the employees who handle personal data. But there have been situations in the recent past where employees or systems have given away the personal information of customers to third parties without prior consent. So other countries providing BPO business to India expect the Indian government and BPO organizations to take measures for data protection. Countries with data protection law have guidelines that call for data protection law in the country with whom they are transacting.For instance, in, the European Union countries according to the latest guidelines, they will cease to part with data, which are considered the subject matter of protection to any third country unless such other country has a similar law on data protection. One of the essential features of any data protection law would be to prevent the flow of data to non-complying countries and such a provision when implemented may result in a loss of "Data Processing" business to some of the Indian companies.In the recent past, concerns have been raised both within the country as well as by customers abroad regarding the adequacy of data protection and privacy laws in the country. A few incidents have questioned the Indian data protection and privacy standards and have left the outsourcing industry embarrassed. In June 2005, ‘The Sun’ newspaper claimed that one of its journalists bought personal details including passwords, addresses and passport data from a Delhi IT worker for £4.25 each. Earlier BPO frauds in India include New York-based Citibank accounts being looted from a BPO in Pune and a call-center employee in Bangalore peddling credit card information to fraudsters who stole US$398,000 from British bank accounts.UK's Channel 4 TV station ran broadcast footage of a sting operation exposing middlemen hawking the financial data of 200,000 UK citizens. The documentary has prompted Britain's Information Commissioner's Office to examine the security of personal financial data at Indian call centers.In the absence of data protection laws, the kind of work that would be outsourced to India in the future would be limited. The effect of this can be very well seen in the health-care BPO business, which is estimated to be worth close to $45 billion. Lack of data protection laws have left Indian BPO outfits still stagnating in the lower end of the value chain, doing work like billing, insurance claims processing and of course transcription. Besides healthcare, players in the retail financial sector are also affected. Financial offshoring from banks is limited because of statutory compliance requirements and data privacy laws protecting sensitive financial information in accounts. In the Human Resource (HR) domain, there are many restrictions on sharing of personal information. In the medical domain, patient history needs to be protected. In credit card transactions, identity theft could be an issue and needs to be protected. Companies in the banking, financial services and insurance (BFSI) sector and healthcare have excluded applications/processes which use sensitive information from their portfolio for offshoring till they are comfortable about the data protection laws prevalent in the supplier country.Since there is lack of data protection laws in India, Indian BPO outfits are trying to deal with the issue by attempting to adhere to major US and European regulations. MNCs have to comply with foreign Regulations so that they don’t lose on their international partners. There are problems involved in this. Efforts by individual companies may not count for much if companies rule out India as a BPO destination in the first place in the absence of data protection law.Today, the largest portion of BPO work coming to India is low-end call centre and data processing work. If India has to exploit the full potential of the outsourcing opportunity, then we have to move up the value chain. Outsourced work in Intellectual Property Rights (IPR)-intensive areas such as clinical research, engineering design and legal research is the way ahead for Indian BPO companies. The move up the value chain cannot happen without stringent laws. Further, weak laws would act as deterrents for FDI, global business and the establishment of research and development parks in the pharmaceutical industry.Looking to the above scenario, we can say that for India to achieve heights in BPO industry stringent laws for data protection and intellectual property rights have to be made. . Thus, a law on data protection on India must address the following Constitutional issues on a "priority basis" before any statutory enactment procedure is set into motion:(1) Privacy rights of interested persons in real space and cyber space.(2) Mandates of freedom of information U/A 19 (1) (a).(3) Mandates of right to know of people at large U/A 21.Once the data protection rules are enforced in India, companies outsourcing to India are unlikely to dismantle the systems they have in place straightaway, and move data more freely to India. Hence ,the need for data protection laws would win over the confidence of international business partners; protect abuse of information; protection of privacy and personal rights of individuals would be ensured; there would be more FDI inflows, global business and the establishment of research and development parks in the pharmaceutical industry & impetus to the sector of e-Commerce at national and international levels would be provided.Data protection law in India (Present status):-Data Protection law in India is included in the Act under specific provisions. Both civil and criminal liabilities are imposed for violation of data protection.(1) Section 43 deals with penalties for damage to computer, computer system etc.(2) Section 65 deals with tampering with computer source documents.(3) Section 66 deals with hacking with computer system.(4) Section 72 deals with penalty for bsignNow of confidentiality and privacy. Call centers can be included in the definition of ‘intermediary’and a ‘network service provider’ and can be penalized under this section.These developments have put the Indian government under pressure to enact more stringent data protection laws in the country in order to protect the lucrative Indian outsourcing industry. In order to use IT as a tool for socio-economic development, employment generation and to consolidate India’s position as a major player in the IT sector,amendments to the IT Act, 2000 have been approved by the cabinet and are due to be tabled in the winter session of the Parliament.Proposed amendments:-The amendments relate to the following[22]:(i) Proposal at Sec. 43 (2) related to handling of sensitive personal data or information with reasonable security practices and procedures.(ii) Gradation of severity of computer related offences under Section 66, committed dishonestly or fraudulently and punishment thereof.(iii) Proposed additional Section 72 (2) for bsignNow of confidentiality with intent to cause injury to a subscriber.It is hoped that these amendments will strengthen the law to suffice the need.Data Protection Laws In Order To Invite ‘Data Controllers’.There has been a strong opinion that if India strengthens its data protection law, it can attract multi-national corporations to India. India can be home to such corporations than a mere supplier of services.In fact, there is an argument that the EU’s data protection law is sufficient to protect the privacy of its people and thus lack of strong protection under Indian law is not a hindrance to the outsourcing industry. To enumerate, consider a company established in EU (called the ‘data controller’) and the supplier of call center services (‘data processor’) in India. If the data processor makes any mistake in the processing of personal data or there are instances of data theft, then the data controller in the EU can be made liable for the consequences. The Indian data processor is not in control of personal data and can only process data under the instructions of the data controller. Thus if a person in EU wants to exercise rights of access and retrieve personal data, the data controller has to retrieve it from the data processor, irrespective of where the data processor is located. Thus a strong data protection law is needed not only to reinforce the image of the Indian outsourcing industry but also to invite multi-national corporations to establish their corporate offices here.Data Protection And TelemarketingIndia is faced with a new phenomenon-telemarketing. This is facilitated, to a large extent, by the widespread use of mobile telephones. Telemarketing executives, now said to be available for as low as US $70 per month, process information about individuals for direct marketing. This interrupts the peace of an individual and conduct of work. There is a violation of privacy caused by such calls who, on behalf of banks, mobile phone companies, financial institutions etc. offer various schemes. The right to privacy has been read into Article 21, Constitution of India, but this has not afforded enough protection. A PIL against several banks and mobile phone service providers is pending before the Supreme Court alleging inter alia that the right to privacy has been infringed.The EC Directive confers certain rights on the people and this includes the right to prevent processing for direct marketing. Thus, a data controller is required not to process information about individuals for direct marketing if an individual asks them not to. So individuals have the right to stop unwanted marketing offers. It would be highly beneficial that data protection law in India also includes such a right to prevent unsolicited marketing offers and protect the privacy of the people.Data Protection With Regard To Governance And PeopleThe Preamble to the Act specifies that, the IT Act 2000, inter alia, will facilitate electronic filing of documents with the Government agencies. It seeks to promote efficient delivery of Government services by means of reliable electronic records. Stringent data protection laws will thus help the Government to protect the interests of its people.Data protection law is necessary to provide protection to the privacy rights of people and to hold cyber criminals responsible for their wrongful acts. Data protection law is not about keeping personal information secret. It is about creating a trusted framework for collection, exchange and use of personal data in commercial and governmental contexts. It is to permit and facilitate the commercial and governmental use of personal data.The Data Security Council of India (DSCI) and Department of Information Technology(DIT) must also rejuvenate its efforts in this regard on the similar lines. However, the best solution can come from good legislative provisions along with suitable public and employee awareness. It is high time that we must pay attention to Data Security in India. Cyber Security in India is missing and the same requires rejuvenation. When even PMO's cyber security is compromised for many months we must at least now wake up. Data bsignNowes and cyber crimes in India cannot be reduced until we make strong cyber laws. We cannot do so by mere declaring a cat as a tiger. Cyber law of India must also be supported by sound cyber security and effective cyber forensics.Indian companies in the IT and BPO sectors handle and have access to all kinds of sensitive and personal data of individuals across the world, including their credit card details, financial information and even their medical history. These Companies store confidential data and information in electronic form and this could be vulnerable in the hands of their employees. It is often misused by unsurplous elements among them. There have been instances of security bsignNowes and data leakages in high profile Indian companies. The recent incidents of data thefts in the BPO industry have raised concerns about data privacy.There is no express legislation in India dealing with data protection. Although the Personal Data Protection Bill was introduced in Parliament in 2006, it is yet to see the light of day. The bill seems to proceed on the general framework of the European Union Data Privacy Directive, 1996. It follows a comprehensive model with the bill aiming to govern the collection, processing and distribution of personal data. It is important to note that the applicability of the bill is limited to ‘personal data’ as defined in Clause 2 of the bill.The bill applies both to government as well as private enterprises engaged in data functions. There is a provision for the appointment of, “Data Controllers”, who have general superintendence and adjudicatory jurisdiction over subjects covered by the bill. It also provides that penal sanctions may be imposed on offenders in addition to compensation for damages to victims.The stringency of data protection law, whether the prevailing law will suffice such needs, whether the proposed amendments are a welcome measure, whether India needs a separate legislation for data protection etc are questions which require an in-depth analysis of the prevailing circumstances and a comparative study with laws of other countries. There is no consensus among the experts regarding these issues. These issues are not in the purview of this write-up. But there can be no doubt about the importance of data protection law in the contemporary IT scenario and are not disputable.
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How do I company registration online?
Are you looking for Experts in Private Limited Company Registration online?When it comes to private limited company registration in India, then Virtual Auditor would be your most preferred choice.When you start Private limited company registration online in India, you need to aware ofPrivate limited companyLLP (limited liability Partnership)One Person Company.Depending upon the legal entity apart from the founders, if you have investors then you can call them as Shareholders. In most of the cases, in the starting founders & shareholders are the same because they are investing the money in business and run as bootstrapping.So here is the short guide to choosing the right legal entity to start a business in Indiaa) Private Limited Company Registration –When you have the two co-founders or want to raise the money from angel investors or venture capitalist in future then always go with the private limited company registration in India.b) Limited Liability Partnership | LLP Registration – When you have two partners or co-founders but have enough money to invest in the startup for the long terms & need limited liability in the business then go with the LLP company registration in India.c) One Person Company Registration –OPC is similar to the private limited company so it’s a best when you are the single founder of the company & need just a limited liability in the business with company legal status and 100% control over the business then go with the One Person company registration in India.Apart from above 3 legal entity if you have any business ideas which is untested then you have to always choose the simple sole proprietorship company registration in Bangalore to test the ideas before going proper pvt ltd company registration.To know more about the company registration in india, do feel free to get in touch with our service experts who would be glad to help you in every possible way. For more details contact us +91 9176044244Choose Virtual Auditor. Complete procedure and Guidelines available in this link Company Registration Steps - Reuters
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How do we open an American subsidiary company in India?
Any foreign company can incorporate a wholly owned subsidiary company in India. In India, private limited companies are most popular form of business structure and therefore most obvious choice of foreign companies. In an Indian private limited company, there can two shareholders and two directors and at least one Director should be resident in India. 100% shareholding of an Indian private limited company can be owned by its foreign holding company and the requirement of having at least two shareholders can be fulfilled by giving one share to the nominee of foreign company. Wholly owned subsidiary company incorporation process is fast and hassle free and can be completed online. That means the promoters or their nominee doesn’t have to necessarily fly to India to incorporate a wholly owned subsidiary company. The step by step incorporation process is discussed below:Obtaining Digital Signature CertificateSince all incorporation papers are submitted to the Central Registration Centre, Ministry of Corporate Affairs (registering authority to register all types of Companies in India) online, so all the Individual promoters are required to have a class II type of digital signature certificate issued by any private agency such as SIFY and/or E-Mudhra. These agencies holds a license from the signNowing Authority (Under the provisions of Indian Information Technology Act, 2004) to issue digital signature certificates to individual and organisations.Digital signature certificates are generally valid for one or two years and can be used after incorporation as electronic signature of the individual promoter for submitting any document with the MCA or the Income Tax Department.To obtain digital signature certificate, the applicant has to fill, affix his/her passport size recent colour photograph and sign an application form of issuing organisation (SIFY and/or E-Mudhra). This application form is submitted to the issuing authority along with a self-attested and notarised/apostilled proof of identity and proof of address of the applicant. In case the proof of identity and address is not in English language, then a certified translated copy of the same shall be submitted along with the filled in and signed application form.1. Filing name application and obtaining name approval from the Central Registration Centre, Ministry of Corporate AffairsAfter the introduction of SPICe (A single form for submitting incorporation application), name of proposed company can be submitted in SPICe. However, it is general practice to file name application in RUN (Reserve Unique Name) and obtain name approval certificate from the Central Registration Centre, Ministry of Corporate Affairs before preparing the Memorandum and Articles of Association and SPICe. RUN is filed online after logging in on Ministry Of Corporate Affairs. Two options for the proposed name, in order of preferences, can be submitted. At this stage, a certified true copy of the Board resolution of parent company, giving no objection for the incorporation of a subsidiary company in India and authority to any Individual to sign the papers on its behalf will be necessary. The copy of Board resolution should be notarised/apostilled, in the home country of parent company. In case the parent company has any registered trademark in India, or elsewhere, and the same is being used in the name of proposed Indian company, a no objection of the parent company in the form of Board resolution along with trademark registration certificate shall also be necessary to get name approved.The Central Registration Centre shall provide two opportunity to the applicant, in case the name applied is not available for registration, thereafter a fresh name application in Form RUN shall be filed. MCA fee for filing Form RUN is INR. 1,000/- which is non-refundable.Once approved, the name shall be available for registration for 20 days and after expiry of 20 days, the approved name shall automatically be withdrawn and a fresh name application shall be filed to get the same name again. In short - incorporation papers must be submitted within 20 days of name approval.2. Memorandum of Association (MOA) and Articles of Association (AOA)The main constitutional documents of an Indian company is its Memorandum of Association and Articles of Association. The Memorandum of Association contains the objectives of the company and details of Company's promoters and their ownership in the company and also their liability in case of liquidation. The Articles of Association is also very crucial piece of document and it contains the rights, duties, obligations of promoters and directors. It defines working relationship of company with its promoters and directors. The company's Memorandum of Association and Articles of Association has be very carefully drafted as a company cannot go beyond the provisions of its Memorandum and Articles of Association.The Memorandum and Articles of Association contains subscriber page, which needs to filled in and signed by the promoters of the proposed company. In case promoter is a body corporate, the subscriber page of the Memorandum and Articles of Association shall be signed by the person authorised by the parent company through a Board resolution. In case subscription pages are being signed outside India, the same needs to be properly notarised/apostilled in order to be a legally recognised document in India. In case promoters are traveling to India to get the company incorporated and sign subscription page or other incorporation papers, they must travel to India on a valid Business Visa. However, it is not necessary for the promoters to travel to India for simply incorporating a company and an Indian company can be incorporated without requiring the promoters to fly from their home country.3. Preparation and submission of SPICe (Incorporation Papers)Once company's Memorandum and Articles of Association is finalised and executed, an incorporation application shall be prepared in SPICe and submitted online with the Central Registration Centre, Ministry of Corporate Affairs. In order to prepare SPICe, the following information and papers shall be necessary:à Service Request Number of RUN (Name application Form), in case name is reserved earlier. In case the applicant has not reserved the name earlier, name application can be filed in SPICe as well. However, it is advisable to get the name reserved through RUN to be double sure about name and avoid procedural hurdles in case the proposed name faces rejection from the Central Registration Centre;à Main business activity code of the proposed company;à Particulars of registered office address: In India, every company must have a Indian address to be used as registered office of the company within fifteen days of incorporation. Particulars of registered office address can be submitted in SPICe at the time of incorporation. In case registered office address is not finalised, then particulars of a local communication address has to be provided in SPICe and company can submit the particulars of its registered office in Form INC – 22 within 15 days of incorporation;à Particulars of Authorised and Paid-up share capital of the company: There is no requirement to have minimum paid-up share capital and therefore, paid-up share capital can be as low as INR. 1/-. The authorised share capital or nominal capital is maximum limit of share capital, a company can issue shares. Presently there is no incorporation fee for keeping the authorised share capital upto INR. 1 Million and only stamp duty has to be paid on authorised share capital. It is advisable to keep the authorised capital INR. 1 Million at the beginning. The company's authorised capital may be increased at later stage after incorporation as per the requirements of capital;à Particulars of Directors/Shareholders: After introduction of SPICe, the application for allotment of DIN (Director Identification Number) is submitted at the time of incorporation itself through SPICe. DIN is a eight digit unique number allotted to all the Directors by the Central Government and is valid for lifetime. To obtain, the Directors/Promoters has to their passport and any document establishing proof of address. The copy of passport and proof of address must be self-attested, duly notarised and/or apostilled. In case these documents are not in English language, then a certified translated copy shall also be necessary. In SPICe, the names, father's name, residential address, nationality, residential status, occupation, education qualifications, the number of shares to be held by them in the company and amount paid-up etc. shall be mentioned. Particulars for allotment of PAN and TAN shall also be filled in the SPICe. After filling the necessary details in the SPICe, necessary attachments such as affidavits, consent letters, Memorandum of Association, Articles of Association, Proof of Identity and address of promoters, Board resolution of parent company, no objection of parent company for letting the proposed Indian company use its name etc. shall be attached. The SPICe has be be digitally signed by the applicant and the same shall be duly certified by a practicing professional such as a practicing Company Secretary, Chartered Accountant or a practicing Cost Accountant.4. Clarifications | Additional information requested by the Central Registration CentreAfter submitting SPICe online, all the papers are reviewed and scrutinised by the officials at the Central Registration Centre and they may require some additional information and/or clarifications by sending back the form for its re-submission. These clarifications are requested through e-mail though re-submission request. Upon receipt of re-submission request, the applicant has to again prepare SPICe and address the queries raised by Central Registration Centre and re-file the application.5. Certificate of Incorporation & Allotment of PAN & TANOnce all clarifications are provided and officials of Central Registration Centre are satisfied, they approve SPICe and send the same to the Income Tax Department for the allotment of PAN and TAN to the proposed company. PAN and TAN are generally allotted within few hours and after allotment of PAN and TAN by the Income tax department, an electronic Certificate of Incorporation is generated. The electronic Certificate of Incorporation contains company name, an unique CIN, date of incorporation, Company's registered office address, Company's PAN and TAN. After incorporation, first Board meeting of the company is to be necessarily held within one month of incorporation, wherein a Board resolution to appoint the first auditors of the company and opening of corporate bank account shall be passed. After issuance of Certificate of Incorporation, the promoters can initiate the process of bank account opening and remittance of share application money in Company's bank account. To open a corporate bank account in India, the Directors of the Company will have to be physically present to sign the bank account opening documents as this is general practice adopted by banks.Since the Narendra Modi government came into power in 2014, many initiatives to promote the business climate of the country has been taken by the Government. India's incorporation process is effectively fast and simple and a company can be incorporated in 2-3 business days only.We at Pratham Legal can help you incorporate your wholly owned subsidiary in India. To get in touch with me, please write me at prashant@prathamlegal.comor call me at +91 9821008011. To know more about Pratham Legal, our India entry practices, please visit https://prathamlegal.com/our-pra...
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