Business Articles

Rising Indian alcohol market is making manufacturers and distributors of alcohol thirsty for more business

Submitted by Navin Pathak on Mon, 08/05/2019 - 5:49pm.

It appears that everyone in India is going thirsty for alcohol. With 8.8% of growth (CAGR), Indian alcohol market is just exploding.

3rd largest liquor market globally, the market size of liquor sales in India is over US $35 billion. A little over 600 million people in India are over the legal drinking age in India.

Other than India being the largest consumer of Whiskey in the world, Wine is becoming extremely popular especially among women in India. There is 22.8% growth in the Vodka's demand. The punch here is that with the growing middle class population, these current numbers will pale in coming years. The consumption of alcohol in India will reach 16.8 billion liters by the year 2022.

Most of the sale of alcohol in India is coming from Tier 1 and Tier 2 cities. Growing income leading to rising spending power mixed with access to alcohol at restaurants and liquor stores is the reason for such a remarkable increase in demand.

The share of alcohol imported into India is 0.08% of the Indian market which is negligible primarily because the heavy duties and taxes raises its price. But, nevertheless, there is a sizeable income group which can easily afford the expensive brands.. According to the study conducted by Business Wire, a Berkshire Hathaway Company, "high demand for expensive liquor, the market scenario seems to be very optimistic in the near future".

This growth is enticing business houses and individuals to invest in the distributorship of liquor brands not only from within India but from abroad as well. Entry India LLC, in its effort to connect manufacturers of products with distributors and channel partners in India, is inviting manufacturers of alcoholic beverages to talk about their brands on its website, https://www.EntryIndia.com/projects. Some of the projects in the Alcohol category that Entry India has already listed on its website include:

For any specific questions related to projects in the alcohol category, you can reach Entry India's experts at info@entryindia.com

Tags: liquor distribution in India, alcohol distribution in India, distributors of alcohol, liquor in India, distribution of alcohol and liquor through distributors India

NRIs and OCIs filing taxes in India

Submitted by CA Shashi Mohan on Sat, 06/22/2019 - 10:19am.

First check if you have earned any income in India/from India: e.g.

Sales of Property located in India
Interest on Fixed Deposit, Saving Bank/NRO Account
Sale of Shares, Mutual Funds, Bonds
Amount received against any Services provided in India
Rental Income on Property/Assets located in India

Next for you is to verify if Indian Payer (Your Customer, Tenant, Buyer of Property/Shares/Mutual Funds etc.) have deducted any Tax? There may not have any deduction of tax in India, but your income in India is in excess of INR 250,000, then what will you do? You may like to know the required compliances in Indian and also how to get refund of your taxes as deducted in India.

We have summarized here all such frequently asked questions- FAQ

1)   Do I need to have a Permanent Account Number (PAN) in India?
•   In case your income is more than INR 250,000 in India, you must have a PAN and also you must file an Annual Tax Return in India
•   There can be several other need to have a PAN in India e.g. Investment in Property, Shares, Other Assets.
•   Please click the clink for more detailed information on this topic (https://entryindia.com/articles/how-nris-and-foreign-organizations-can-get-pan-card-india)

2)   Do I need to file Income Tax Return in India?
•   In case you don’t have any income or the income is below INR 250,000, you don’t need to file your Income Tax Return in India.
•   In case your income in India e.g. interest on Savings Account/Fixed Deposits, Rental Income etc. exceeds Rs.2,50,000, then you it’s must for you to file a tax return in India.

3)   Can I get a refund of TDS in India?
•   Unless you file your Tax Return in India, you cannot get refund of any taxes deducted (even on income below INR 250,000)
•   You must file your tax return to get refund of any Taxes that are deducted in India.

4)   Can I check my 26AS (Application of Income Tax in India) to know if any Tax is Deducted at my PAN)?
•   In case you have a PAN and your registered it at Income Tax (www.incometaxindiaefiling.gov.in), you can view/download Form 26AS, which will show the Income Earned and Taxes Deducted, if any
•   All Indian Banks also offer to view/download 26AS, once you are logged in in your Bank Account.
•   Details at 26AS is updated by the deductors of Tax on a Quarterly basis (Apr-June, July-Sep, Oct-Dec, Jan-Mar) and the updation is visible there within 1 month subsequent to the last quarter. As we are in June, the 26AS will be fully updated for the whole Financial year i.e. 2018-19 by now.

5)   I/My Firm overseas have an income from India, wherein Tax @20% or even higher rate got deducted. Can I avoid it?
•   In case of NRI/OCI overseas or a Firm outside India, the Indian Payer will deduct TDS (Tax Withholding) even if the amount does nto exceed INR 250,000.
•   In case you/Your Organisation overseas is not having Indian PAN, please check your India customer must have deducted Tax @20% or even at a higher rate.
•   Unfortunately such tax deducted in India can also not utilized as a Credit in your Home Country, even if there is a ‘Double Taxation Avoidence Agreement- DTAA” with India and your country overseas.
•   In case you are writing any service invoice to a customer in India, you must have Indian PAN in order to avoid Tax Deduction at 20% of higher rates. Getting PAN is One Time exercise.

6)   I/My Firm overseas have earned an income from India, wherein Tax has been Deducted there based on DTAA. Do I need to file a Tax Return in India?
•   You must need to file a Tax Return in India, in case you earned any income from here and specially when any taxes got deducted.
•   In such a case, even if you/Your business is not registered in India, you must need to file your Tax Return in India
•   Indian Tax Authorities send ‘Notices’ at your overseas address asking reason of not filing the Income Tax Return abd may impose penalties as well.

7)   As a NRI/OCI can I take benefits of Section 80C?
•   Investment in permitted instruments under section 80C of Indian Income Tax help in reducing the Taxes and its permitted for NRI/OCI
•   A foreign national or an overseas Firm/Business however cannot avail any benefit under section 80C

8)   Can I get my refund in my overseas Bank Account? What is the timeline to get Refund?
•   Refund on valid income tax returns can be claimed in an overseas bank
•   Generally it takes 6 months to get the refunds. In some cases it ma take little longer time.

9)   Can I file my Indian Income Tax Return my own or Do I need to hire a local tax consultant?
•   Its fully online and anyone with requisite information can file it easily
•   Hiring a local tax consultant will be very helpful in ‘Selection of appropriate Tax Forms, claiming all the eligible benefits, filing it correctly to avoid any future repercussion.

10)   What is the due date? What is I am not able to file on/before Due Date?
In case of Individuals (NRIs/OCIs/Foreign Nationals) Income Tax Return for the Financial Year (April 01, 2018 till March 31, 2019) is required to be filed by July 31, 2019.
•   INR 5,000 Penalty if filed after July 31, 2019 but before December 31, 2019
•   INR 10,000 Penalty if filed after December 31, 2019 but before March 31, 2020
•   No permission to file after March 31, 2020

About the Author
With over 15 years of experience, Shashi Mohan has been instrumental in formulating strategy for Entry India, Business Set-up and Operational Management of over 150 overseas brands from USA, Europe, GCC and South East Asian countries in India. He is a member of our ‘Expert Panel’ at Entry India. Shashi can be reached at shashi.m@excelorindia.com or +91 9818 700 482

Export of Services from India - A Scheme (SEIS) under Foreign Trade Policy of India

Submitted by CA Shashi Mohan on Fri, 02/22/2019 - 9:23pm.

Introduction
Under the latest Foreign Trade Policy (FTP) 2015-2020 a new scheme called Service Exports from India Scheme (SEIS) is introduced to encourage export of services from India.
An incentive of (in the range of 3 to 5%) of the Net Foreign Earning is granted to eligible service providers. Such incentive under the scheme is given in the form of Duty Credit Scrip, which is freely transferable. The scrip so rewarded under this scheme shall be valid for a period of 18 months from the date of its issue.

Eligibility
The SEIS scheme can be availed by all type of Service Providers located in India (i.e. Companies, Partnership, Proprietorship etc.) in India which are exporting services in the form of cross border trade and Consumption abroad. Indian Subsidiaries of Foreign Companies will also be eligible.

Such Service providers need to have Import Export Code (IEC) and must take a membership at Service Export Promotion Council (SEPC). The companies should have minimum Net Free Foreign Exchange Earnings of USD 10,000 (Individual & Sole Proprietorship Firms), USD 15,000 (Others e.g. Companies, LLP) in preceding financial year. SEIS is also available for business units located at different Special Economic Zones (SEZ).

Timeline
Application to claim the benefit must be filed before 12 months from the end of relevant financial year of claim period. The SEIS scheme will remain effective until 31st of March, 2020.

About us
We are a boutique consulting firm, focusing on International Businesses in India. In order to avail maximum benefit under this scheme, Excelor India Consulting undertakes end to end activates:

Assess the eligibility and also the exact category to avail maximum benefit
Review of available information, documents and suggest
Assist in completing the documentation, prepare the application, file online
Follow up with Department to expedite the process of issuance of scrip.
Connecting with buyers of the Scrip, if the same cannot be utilized by the client.

Should you require any further information or any clarification etc, please write to Shashi Mohan at connect@exceorindia.com or call us at +91 9818 700482

Keyphrases: Doing business in India, Export of Services from India,

Union Budget_India_ 2019-20: Highlights

Submitted by CA Shashi Mohan on Fri, 02/01/2019 - 1:54pm.

General

Fiscal deficit targeted @ 3.4 % in 2019-20
Rs. 60,000 crore allocated for MNREGA
ESIC cover limit increased to Rs. 21,000
Mega Pension Scheme for unorganised labour, Rs. 3,000 p.m. after age of 60 Yrs.
Single window clearance for filmmakers
National Centre for ‘AI’ in 9 priority areas and a National Portal

Infrastructure

1 lakh digital villages in next 5 years
Capex for the Railways increased to Rs. 1.59 Lakh Cr.

Agriculture

Rs. 6,000 per head assured annual income support for farmers with <2 hectares of land
2% interest subvention for farmers affected by natural calamities, extra 3% on timely repayment
2% interest subvention for animal husbandry and fisheries through Kisaan Credit Cards

Health

22nd AIIMS in Haryana
Rs. 2 Cr. more LPG connections to rural households under Ujjwala Yojana
Rs. 4,227 crore additional funds for ICDS

Startups

25% of sourcing for government projects from SMEs, of which 3% from women entrepreneurs
GST registered MSMEs to get 2% interest subvention on Rs. 1 crore loan

Direct Tax

Processing of Income Tax returns within 24 hours, to be implemented within two years
Full Rebate for income up to Rs. 5,00,000 after all deductions
Standard Deduction increased to Rs. 50,000 for salaried individuals
No TDS on Bank interest & Post office savings up to Rs. 40,000
TDS threshold for home rent increased from Rs. 1.8 Lakh to Rs. 2.4 Lakh
Capital Gain tax exemption u/s 54 up to Rs. 2 crore available on 2 houses
Tax exemption on notional rent of 2 Self Occupied houses
Gratuity limit extended to Rs. 30 lakhs

Indirect Tax

Indian Customs to fully digitize Exim transactions and leverage RFID for logistic
Customs duty abolished on 36 capital goods

Source: Speech of Finance Minister at Indian Parliament on Feb 01, 2019

Write us at connect@rakchamps.com for further information or any clarification

Start Retail Venture in India with Ease in FDI Norms

Submitted by CA Shashi Mohan on Sun, 11/11/2018 - 6:57am.

Year 2018 being the last year when the existing government would bring its full fledged budget before the upcoming elections in 2019. In continuation of its efforts, the Union Cabinet further simplified the Foreign Direct Investment (FDI) Policy to provide an ease of Doing Business in India. With these amendments, government has removed entry barriers in single brand retail companies concerns regarding local sourcing and FDI in multi-brand retail still need to be looked upon. A brief of the recent decisions are summarized as follows:

1. Single Brand Retail Trading (SBRT)

Existing policy allows 49% FDI under Automatic Route. Beyond 49% and upto 100%, FDI was allowed under Government Approval Route. Following changes have been approved:

Government approval no longer required for FDI in SBRT
Non-resident entity can be the brand owner or it can also operate otherwise
Specific brands can be traded directly by the Brand Owner or through legally tenable agreement executed between any Indian entity & the Brand owner
Incremental sourcing of goods from India for global operations can be set off during initial 5 years
After completion of initial 5 year period, the SBRT entity shall be required to meet the 30% sourcing norms directly towards its India’s operation, on an annual basis.

2. Civil Aviation

Foreign Airlines were allowed to invest upto 49% in Indian companies operating scheduled and non-scheduled air transport services except in Air India. The following changes have been introduced:

Foreign airlines can invest up to 49% under approval route in Air India. Total FDI directly or indirectly not to exceed 49%
Substantial ownership and effective control of Air India shall continue to be vested in Indian National.

3. Other Important Changes

It’s clarified that the real-estate broking service does not amount to real estate business and is therefore, eligible for 100% FDI under automatic route.
It has now been decided that issue of shares against non-cash considerations like pre-incorporation expenses, import of machinery etc. shall be permitted under automatic route in case of sectors under automatic route.
Definition of ‘medical devices’ to be amended as contained in the current FDI Policy. Earlier a reference was sought from Drugs and Cosmetics Act which is not required now.
Wherever required FDI applications would be processed by Department of Industrial Policy & Promotion (DIPP) for Government approval

About Author: With over 15 years of experience, Shashi Mohan has been responsible for the set up and operational management of over 150 overseas brands in India.
Contact: ca.shashi@rakchamps.com or +91 9818700482
Shashi is also a Co-Founder at Excelor India Cons. Pvt. Ltd, www.excelorindia.com

Keywords: Doing Business in India, Investing in India, India Civil Aviation Opportunities

Keyphrases: doing business in india, retail business in India, Investing in India

A SNAPSHOT of What it takes for Foreign Businesses to WIN in India

Submitted by Veer Pathak on Fri, 11/09/2018 - 9:43am.

To gain successful entry to a market in diverse country like India, any business would need to address issues of consumer preferences, locatization, price sensitivity, distribution network, sales and marketing practices, branding, protecting intellectual property, etc.

The best way to pierce through these issues in India is to have an 'Indian' on your side.

Depending on your goals and strategy for India, this 'Indian' could be an agent, representative, distributor, Joint Venture partner or a Strategic Partner.

Business Commitment: Create a solid business plan (supported by appropriate Investments) for next 5 years with goal of minimum 3x growth in India. Keep in mind that company's growth should at least match the sector's growth in India.
Hire local talent with necessary skill sets that are aligned with parent company's leadership team and that has connections in Indian market.
Parent Company's leaders should visit India a couple of times in a year at least
Localize your products/offering, business model and practices according to clients' segments/needs: give-&-take on functionality vs. pricing without compromising quality; sole distributorship vs. on contract with entrepreneurs to keep the cost down and increase market penetration
Find a Reliable local partner and Create startegic business Partnerships: Carefully weigh Wholly Owned Subsidiaries against Joint-Ventures.
Create personal relationships with Government, regulatory authorities and strategic partners.
Invest in R&D to better understand and incorporate what appeals to an Indian buyer.
Business Development team should have the zeal and commitment to hunt for new business opportunities for expansion
Give local talent opportunities to grow in both professional and personal life
Brand Creation: Position your products such that it carries premium value over others. Many companies use known-figures from Indian cinema as brand-ambassadors of their products.

Keypharses: Doing Business in India, Investing in India, finding partner in India, managing team in India, managing business in India, hiring people in India

What are BARE MINIMUM prerequisite for "Setting up a Business in India"??

Submitted by CA Shashi Mohan on Sat, 09/22/2018 - 6:33am.

1. Naming India Business

Get ready with minimum 2 options of Business Name
Name must be unique and defining the ‘main objective clearly’
Get ready with ‘No Objection’ if intend to use the name of Holding Company or any Trade Mark

2. Business Objective

Clear defined in appx. two Paragraphs (10-15 lines)
General & Multi Objective covering different business areas not allowed

3. Number of Shareholders/Owners

Minimum 2 shareholders for a Private Limited
Can be Foreigners, NRIs, OCIs or a Foreign Company (ies)

4. Foreign Ownership

100% Foreign Direct Investment, allowed in majority business segments
Do check if your business required prior approval from reserve bank of India

5. Initial Share Capital

No minimum requirement
Do plan for initial capital based on initial expenses, until the business reaches at Break Even Point (BEP)

6. Physical presence of Foreign owners

Not required for incorporation purpose
Will be required once in a year to present in AGM

7. Local representative

Not required for incorporation purpose
May be a business need to appoint an appropriate person

8. Resident Director

At least 1 Resident Director is a must
Any person who have stayed in India for 180 days in previous calendar year

9. Registered Office

An address in India (not necessarily a commercial place) required
Option will be there to arrange within 30 days of incorporation

10. Business Plan

Not required from legal side
Must prepare a business plan for minimum 3-5 years span (Break Even Point)
Local Human Resource and Working Capital must be planned well

11. Sales Staff

Core team must be hired based on Business Needs
Assistance of local HR Consultants would be helpful to find out right person

12. Administration Staff

Not required in beginning
Can be hired as a connect between Sales Team and Local Consultants

13. Local Consultant

Must be hired for undertaking all Non-Core/Operational Stuff
Attention to be given toward existing experience of similar nature assignments

14. Annual Compliance

Audit Report, Financial Statement etc need to be signed in paper before filing
All compliances required be done online / Local consultants help will be immense

15. Individual Owners Abroad

Personal appearance required in Annual General Meetings (AGM)
Failure would result in an invalid AGM, resulting into heavy penalties

KYC of Directors in All Indian Companies: Mandatory Annual Compliance on/before Aug 31, 2018

Submitted by CA Shashi Mohan on Mon, 07/23/2018 - 12:27pm.

‘Ease of Doing Business’ may be on most priority list of the Indian Government, the administration bodies, however keep inventing new tools to challenge the process. Mandatory Annual KYC of all Directors of all companies may be considered as one of such tool, which needs to be complied with on or before August 31, 2018. Non-compliance will result in de-activation of DIN and consequently such Directors will not be able to function as ‘Director’.

Every private limited company in India requires minimum 2 Directors and out of them at least 1 Directors must be a Resident in India (has stayed min. of 180 days in last Calendar year). As a general practice, where ever 2 Directors are Foreign Nationals or Non- Resident in India, a 3^rd Director, who is ‘Resident in India’ needs to be appointed. In a Public Limited Company, there are minimum 3 Directors.

MCA is validating data of all Directors in all companies identify inactive directors, ghost directors, directors who are in default and also update the ‘KYC’ of all Directors, with latest documents of Identification, address, email IDs, Phone Numbers etc

As every document at MCA need to be digitally signed and uploaded electronically, hence a check need to be carried out about readiness of these documents to meet the compliance due dates and avoid late fee & other consequences.

Who needs to comply?

Every Director (Resident or Non-Resident) in an Indian Company, who has been allotted DIN on or before 31st March, 2018

What’s required to be done?

Indian Nationals Directors will required Digital Signature, which is PAN based. In earlier days DSC used to be prepared even without PAN.
Foreign Nationals/Foreign Residents Directors’ will require that their name as mentioned in Digital Signature application form, is exactly matched with his/her name in DIR-3 KYC form. Getting a PAN is not necessary however Passport is a mandatory document.
Get the corrections done in the DSC as per above requirements, well in advance.
Be ready with Unique Personal Mobile Number and Personal Email ID. Any other persons/other employees/any representatives Mobile Number or Email ID are not allowed.

Can Directors do it themselves?

DIR-3 KYC form also need to be approved by any practicing professional (Chartered Accountant, Company Secretary etc before uploading/filing
DSC of the practicing professional (Chartered Accountant, Company Secretary etc to be arranged.

What about non-compliance?

MCA21 system of Ministry of Corporate Affairs, India will mark such DINs as ‘Deactivated’
Filing of the eForm DIR-3 KYC after August 31, 2018 or in respect of such deactivated DINs shall be allowed only upon payment a specified fee of INR 5,000.

How to get DSC?

DSC is a digital form of signature which are issued by Licensed Certifying Agencies under Ministry of Information Technology, India and it’s stored in a physical USB/Dongal. There are plenty of vendors who are authorised by the Licensed Certifying Authorities to prepare DSC.
A simple form, signed by the applicant is required to be submitted along with ‘Self Attested’ address & Identification proof to the DSC vendor
DSC is prepared for a validity of 1 or 2 years and once it gets expired, it needs to be prepared again. On availability of required documents, it may take 2-4 working days to prepare a new DSC. Hence one needs to keep a track on the expiry date of DSC.
In case of Foreign Nationals/Foreign residents, Notorised/Appostiled documents of Address Proof (bank Certificate, Utility Bills) and Identity Proof (Passport, Country Identification card, Bank Certificate etc) required. In case of several countries getting the required documents Translated in English, Notorisation, Apostilation and making them available in India may take 1-3 weeks time.

Starting July 2018, a short Video Clip of the applicant also needs to be captured & uploaded as a part of process to prepare a DSC.

Source

Please click on the link below for more information

http://www.mca.gov.in/Ministry/pdf/CompaniesAppointmentQualificationRules_06072018.pdf

Glossary

KYC: Know Your Customer

DIN: Director Identification Number

DSC: Digital Signature

PAN: Permanent Account Number

MCA: Ministry of Corporate Affairs

MCA21: e-Governance initiative of MCA

About the Author

With over 15 years of experience, Shashi Mohan has been instrumental in formulating strategy for Entry India, Business Set-up and Operational Management of over 150 overseas brands from USA, Europe, GCC and South East Asian countries in India. He is a member of our ‘Expert Panel’ at Entry India. Shashi can be reached at shashi.m@excelorindia.com or +91 9818 700 482

Mandatory Corporate Compliances that Small Companies in India must Follow

Submitted by CA Shashi Mohan on Thu, 04/19/2018 - 4:08am.

Companies in India having paid up Share Capital less than INR 5 Million (Appx. USD 76,000) and Annual Turnover less than INR 20 Million (Appx. USD 300 Thousand) are categorized as a "Small Company". There are of-course relaxed compliance norms for ‘Small Companies’, however the following activities must be done:

Board Meetings: Conduct at least two meeting of Board of Directors (BOD) in a financial year (April-March). Directors can participate in BOD in person or through video conferencing or other audio visual mode which can be recorded.
Submission of MBP-1 & DIR-8 by directors: Take a letter of disclosure from every Director regarding their ‘interest in the company’ at the first meeting of BOD every year. In case of any change in Interest of director, get forms (MBP-1) in next BOD meeting
Appointment of Auditors: Appoint an auditor in the BOD meeting within 30 days of Incorporation. Such appointment to be regularized in 1st Annual General Meeting (AGM) i.e. the ‘Shareholders Meeting’ for next 5 (Five) years. File the mandatory form ADT-1 within 15 days of AGM.
Appointment of Resident Director: At least one director must be ‘Resident in India’. A person who stays more than 180 days in a calendar year India is regarded as a ‘Resident’
Audit of Accounts: Get the books of Accounts audited by the practicing Chartered Accountant annually. Apparently the Auditor as appointed in 1st BOD meeting will undertake the audit and issue an audit report.
Annual General Meeting (AGM): Hold a general meeting (meeting of Shareholders) at the Registered Office each year as AGM. Check the due dates in advance to conduct the AGM.
Declare Annual Corporate Tax Return: File the corporate tax return after making payment of due income tax. Its also compulsory in case there is any ‘Loss’, in order to carry forward the loss in subsequent years.
File Tax Audit Report: Coordinate with your auditors to prepare and file the Tax Audit Report on the prescribed due dates. It’s a special & separate report required by Income Tax Act in case the Annual Turnover exceeds INR 10 Million (USD 150 Thousand).
File Transfer Pricing Report: A Transfer Pricing Report also to be filed in case there are international transaction with associated parties. Get this report from your auditors and file before the prescribed due dates.
Filling of Financial Statements: File the audited financial statements with Registrar of Companies (ROC) together with Form AOC-4 and the consolidated financial statements, if any, with Form AOC-4 CFS. No need to prepare ‘Cash Flow Statement’
Filing of Annual Return: File an annual return within 60 days from the date on which the AGM is held. The Annual Return can be signed by any director.

We will discuss on applicability of operational compliances e.g. Goods & Services Tax, Employees Provident Fund, Employee State Insurance Act, Professional Tax and other administrative compliances such as Shops & Establishment Act, Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act etc in our next article.

About the Author: With over 15 years of experience, Shashi Mohan has been responsible for the set up and operational management of over 150 overseas brands in India. He is one of member of our ‘Expert Panel’ at Entry India. Shashi can be reached at shashi.m@excelorindia.com or +91 9818700482

India this Week: Indian Technology, Business & Startup Ecosystem

Submitted by Entry India, LLC on Thu, 03/15/2018 - 1:38am.

The following are the actions happened in Indian Technology, Business & Startup Ecosystem.

1. Walmart is in the final stage of negotiations to become the largest shareholder in Flipkart.
2. Online lending startup Avail Finance has raised $17.2 million in a Series A round from Ola's Ankit Bhati and Bhavish Aggarwal, Freecharge founder Kunal Shah & Others
3. N/Core, the incubator for non-profit startups, graduated its first cohort on Friday.
4. Online rummy gaming company www.Ace2Three.com, has acquired a majority stake and invested $1 million in fantasy gaming platform FanFight.
5. US-headquartered payments solution company Wibmo has acquired Gurgaon-based peer-to-peer (P2P) payments company Mypoolin in a cash-and-stock deal
6. Wistron, the Taiwanese contract manufacturer that makes iPhones for Apple in India, is set to invest Rs 682 crore to set up new manufacturing facility near Bengaluru.
7. Micromax India will take a global patent licence from Ericsson, under which it will pay royalties to the Swedish telecom gear maker on every phone it sells in India and overseas that uses 2G or 3G technology.
8. Online foodtech platform SmartQ has raised close to $1mn in funding from a consortium of Dubai based investors.
9. Wedeterna, an online platform for self-arranged marriages, has raised angel funding

eAsy Start of Business in India

Submitted by CA Shashi Mohan on Sun, 02/25/2018 - 11:19am.

Effective from January 26, 2018

Particulars	Description	Effect of Ease
RUN - Reserve Unique Name	Introduction of an application for Reserving Unique Name. Post approval valid for 20 days. In case the proposed name is unique, no need to apply it through RUN, mention the same directly in SPICe Form	Time Saving (2-4 days)
SPICe - Simplified Proforma for Incorporating Company Electronically	Single Integrated Form for -Directors Identification Number (DIN) -Company Name -Incorporation Certificate -Permanent Account Number (PAN) -Tax Deduction Account Number (TAN)	Time Saving (7-10 days) due to single application
DIN - Director Identification Number- DIN	No separate application to get DIN. DIN can only be applied in connection with company incorporation or for getting added in an existing company In case of incorporation, attach Identity & Address related documents directly in SPICe form	Time Saving (1-2 days)
CRC - Central Registration Centre	No more application with State Registrar of Companies- ROC. Single Window for incorporation process anywhere in India	Saving of processing time ( 4-5 days)
Registered Office	30 days time to arrange for the registered office	Saving of time & cost in pre-arrangement of registered office
Registration Fee	No fee for One Person Company (OPC), Private Limited Companies with nominal Share Capital up to INR 1Million (Appx. USD 15,600) State Stamp Fee (INR 2,100/USD 30) need to be paid	Saving of Fee up to INR 2,000 (Appx. USD 30)

About the Author: With over 15 years of experience, Shashi Mohan has been responsible for the set up and operational management of over 150 overseas brands in India. He can be reached at shashi.m@excelorindia.com or +91 9818700482

India this Week: What all happened in Indian Technology, Business & Startup Ecosystem

Submitted by Navin Pathak (Yahoo) on Mon, 01/22/2018 - 5:34pm.

Today's top news & stories of the Indian startup ecosystem.

▶ Nexus Venture Partners, is expected to raise its fifth fund targeting a corpus of $350Mn-$400 Mn.

▶ Paytm has launched the Paytm for Business app on Android Play Store today.

▶ Patiala Court restrains ecommerce behemoth Flipkart from using MarQ label.

▶ Income Tax department asks ecommerce giant Flipkart to Reclassify discounts as capital expenditure.

▶ Inc42 Exclusive: Skillate has raised an undisclosed amount of funding from Incubate Fund India, and others.

▶ RailYatri has acqui-hired Kochi-based food delivery technology startup,YatraChef.

▶ Goomo has acquired a B2B vehicle rental marketplace WagonBee.

▶ OptaCredit Fintech Private Limited secures $4 Mn credit line from DMI finance.

▶ AEON Learning has raised $3.2 Mn in a Series B funding round from MEMG Family Office LLP.

▶ Stating that its 100% committed to India, Uber has dismissed report of its exit from the Indian market as “baseless speculation”.

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