Tag: Small Businesses

Categories
Startup

New Rules for OPCs To Directly Benefit Startups, Small Companies and Innovators in India; Check List of Amended Rules for One Person Companies

startup ipo india

New Delhi, February 6: In a bid to directly benefit Startups in India, especially those who are supplying products & services on e-commerce platforms, the incorporation of  is being incentivized by amending the Companies (Incorporation) Rules. This would benefit the startups and innovators in the country to bring in more unincorporated businesses into the organized corporate sector.

This is being done to allow OPCs to grow without any restrictions on paid up capital and turnover, allowing their conversion into any other type of company at any time, reducing the residency limit for an Indian citizen to set up an OPC from 182 days to 120 days and also allow Non-Resident Indians (NRIs) to incorporate OPCs in India.

In addition, the fast track process for mergers under the Companies Act, 2013 has also been now extended to also include mergers of Startups with other Startups and with Small companies, so that the process of mergers & amalgamations is completed faster for such companies.

The amendment notification was issued on February 1, 2021. The amendments to the Rules governing OPCs will cover the following, from April 1, 2021:

  1. Previously NRIs were not allowed to incorporate OPCs. Now any natural person, who is an Indian citizen, whether resident in India or otherwise would be allowed to form an OPC.
  2. For being considered as a resident in India, the residency period has been proposed to be reduced to 120 days from 182 days for NRIs.
  3. Rule relating to voluntary conversion unless OPC has completed two years from the date of incorporated is proposed to be omitted and with effect from 01.04.2021, Conversion of One Person Company into a Public company or a Private company shall be permitted anytime. A One Person company may be converted into a Private or Public Company other than a company registered under section 8 of the Act, after increasing the minimum number of members and directors to two or minimum of seven members and three directors as the case may be,
  4. Similarly the limitation of Paid up capital & turnover presently applicable for OPCs (paid up share capital of fifty lakhs rupees and average annual turnover during the relevant period of two crore rupees) is being done away with so that there are no restrictions on the growth of OPCs in terms of their paid up capital & turnover.
  5. Rationalization of e-forms applicable for OPCs by omitting e-Form No. INC-5 and modification of e-form INC-6 (application for conversion from OPC to a Private company or a Public company and also Private company to OPC.
Categories
Finance Sales

Planning to Start a New Business? These Dates Are Auspicious for the Opening of Shop, Office and Factory in November 2020

Hindu Puja (Photo Credits: Pexels)

If you are setting up a new business, you will always consider an auspicious time to start the venture or a firm. It is believed that the ‘auspicious time’ known as ‘mahurat’ followed by Hindus before starting any kind of new business, small or big, can provide many benefits and help the business flourish. Any work, office, shop or factory that is started at a ‘shubh mahurat’ always open up new business opportunities for the entrepreneur. If one starts the business at an ‘shubh’ time, the business will become a great success with rapid growth. Let us see when are these auspicious days in November 2020 according to astronomy.

In November 2020, a new shop, new office or factory can be inaugurated in these auspicious times-

  1. November 8: If you wish to open a new shop, November 8, 2020 is an auspicious day as it is Saptami Tithi and Pushya Nakshatra on that day.
  2. November 12: On 12 November 2020, Dwadashi tithi will be observed which is considered to be auspicious for starting or opening new office as the day falls on Hasta Nakshatra, which is lucky.
  3. November 13: It is a Friday and it is an auspicious time to start trading as Trayodashi and Chitra Nakshatra fall on the same day.
  4. November 15: Sunday, November 15, 2020 is an auspicious day for opening shop due to Amavasya and Anuradha Nakshatra.
  5. November 19: On Thursday, November 19, 2020, Panchami Tithi and Uttarashada Nakshatra are auspicious to start business.
  6. November 20: On Friday, Shashthi Tithi will be auspicious for shop Opening due to Uttarashada Nakshatra.
  7. November 25: Ekadashi falls on November 25, 2020, which is a Wednesday. The date is auspicious and lucky for office opening due to Uttarabhadrapada nakshatra.
  8. November 27: On 27 November 2020, Dwadashi Tithi and Ashwini Nakshatra are beneficial for the beginning of any trading in business.
  9. November 30: Rohini Nakshatra with full moon on Monday is auspicious for starting a new business.

The Auspicious time for shop-factory-office opening as per Sarvarthasiddhi Yoga are: November 12, November 13, November 25, November 27, November 30. The auspicious time for opening of shop or office – November 8, 12, 13. With the onset of the festive season, people are now gearing up to bring their business to normalcy after being severely hit by the coronavirus pandemic. In the new normal, entrepreneurs are now gearing up to look for opportunities to revive their businesses.

Categories
Startup Technology

‘Grow With Google’, a New Online Programme Launched by Google to Help SMBs Build Digital Safety Net Amid COVID-19 Pandemic

Google (Photo Credits: Unsplash)

Tech giant Google has introduced a new online programme to help business owners learn how to build an online presence, find more customers, sell online or work remotely. This is being done amid the coronavirus pandemic to help business that digital tools can provide a safety net for small businesses. The new ‘Grow with Google’ lessons that have been included in the programme can vary from two-minute tutorial videos to live workshops. It can range from beginner level to advanced, so every business can find what they need to become more prepared.

According to a report by IANS, the programme was announced after a report this week showed how a ‘digital safety net’ can serve as a support system for small businesses and helps to mitigate the negative business effects of COVID-19. A report by non-profit Connected Commerce Council in partnership with Google stated that practically all small businesses in the US were disrupted by the pandemic, facing reduced customer demand and hours of operations as well as employee layoffs. 85% of small businesses said COVID-19 made them rethink their approach to digital tools, allowing them to adapt.

The study further revealed that businesses that had a digital safety net in place and used a variety of digital tools — like digital ads, digital payments, data analytics and customer insights tools — felt better prepared. However, not all small- and medium-sized businesses have a digital safety net. The new ‘Grow with Google’ lessons are designed to serve the interest of these businesses.

Here’s How ‘Grow With Google’ Will help SMBs:

  1. Google has introduced a new programme called ‘Grow With Google’ on the ‘Google for Small Business website’. Click here for direct link.
  2. Grow with Google is partnering with SCORE, a network of volunteer, expert business mentors, and non-profit International Downtown Association (iDA) to complete a series of affordable and easily accessible Grow with Google workshops for 50,000 small businesses across the US.
  3. Business owners can find personalised Google product recommendations for their business, as well as helpful tips and practical guides to help small businesses get the most of these tools