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Picking the right company structure for your business is as important as any other business-related activity. The right business structure can allow your enterprise to control efficiently and meet your required business targets. In India, each business should register themselves as a part of the necessary legal compliance. Before we tend to learn how to register a company, let’s try and understand the types of business structures in India.

Types of business structure in India:

  1. One Person Company (OPC): It is the simplest way to start a company if there exists only 1 promoter or owner. It allows a sole-proprietor to hold on his work and still be a part of the company framework.
  2. Limited Liability Partnership (LLP): This kind of business structure was essentially formed to provide limited liability to its owners. To become a partner of LLP doesn’t involve a huge lengthy complicated method. It’s simple to form as well as simple to become a partner. In it, each partner has limited liability to the extent of capital contributed by them. They don’t have to suffer on behalf of its other partners.
  3. Private Limited Company: A Private Limited Company is that company which is owned privately by the individuals. It is more flexible and easy to form than a Public company. It can be formed with just 2 members and 2 directors. But there is a restriction in the maximum number of its partners which is restricted to 200. The number of shareholders is limited to 50 only. A Private company cannot invite public to apply for its shares. This kind of company is more preferred by investors because they can buy/sell stakes easily.
  4. Public Limited Company: A Public Limited Company is that company which is owned by public or in which the public can subscribe. The minimum number of directors is 3 and the minimum number of shareholders is 7. There is no limit on the maximum number of shareholders. The shareholders have limited liability to the extent of the face value of its shares and the premium respectively.

Steps for registration of new company

Obtain Director Identification Number

Director identification number is a unique number allotted by Central Government to any person assuming to be a director or existing director of company in India. Director identification number is 8 digit unique number which has a lifetime validity, details of director are maintained in database through this number.

Whenever a return, an application or any information associated with a corporation or company are going to be submitted under any law, the director signing such return, application or information will mention his Director Identification Number underneath his signature.

Procedure to obtain DIN: There are three different forms

1.      Spice Form (Application Of First Directors In Case Of New Companies): SPICe form is used by the first directors of new companies. The intended person who has not obtained DIN shall make an application through eForm SPICe. The documents which  need to be attached are

·         Proof of identity

·         Proof of address

2.      DIR-3 Form: Any person intending to become a director in an already existing company shall have to make an application in eForm DIR-3 for allotment of DIN.

·         Procedure to obtain DIR-3 Form: The form shall be mandatorily signed by the applicant and the same shall be verified digitally by a:

·   Company Secretary (who is fulltime employment of the company)

·   Managing director or manager.

·   Chief Executive Officer or Chief Financial Officer.

Two supporting documents need to be attached that is:

·   Photograph of the concerned applicant.

·   Proof of identity and Proof of residence.

3.      DIR-6 Form: DIR-6 Form is used by the directors when there are any changes in the particulars of the directors. The form shall be signed by the applicant and certified by a Chartered Accountant, Company Secretary, Cost accountant (whole time practice), Director of an existing company.

Obtain Digital Signature Certificate

A Digital Signature Certificate is a secure digital key that is issued by the certifying authorities for the purpose of validating and certifying the identity of the person holding this certificate. Digital Signatures make use of the general public key encryptions to create the signatures. A digital signature certificate (DSC) contains information concerning the user’s name, pin code, country, email address, date of issuance of certificate and name of the certifying authority.

A Digital Signature Certificate (DSC) explicitly associates the identity of an individual/device with a two keys - public and private keys. The certificate contains data about a user's identity (for example, their name, pincode, country, email address, the date the certificate was issued and also the name of the CA. These keys will not work in the absence of the other. They’re used by browsers and servers to encode and decode data concerning the identity of the certificate user.

The private key is stored on the user's computer hard disk or on an external device like a USB token. The user retains control of the private key; it will solely be used with the issued password. The public key is disseminated with the encrypted data. The authentication method fails if either one of these keys in not available or do not match. This means that the encrypted information cannot be decrypted and so, is inaccessible to unauthorized parties.

Procedure to obtain digital signature certificate

  1. Submission of DSC Application form duly filled in by the applicant. Any individual applying for a Digital Signature Certificate is required to fill an Application Form for online submission and verification of personal details by the certifying authority.
  2. Producing Photo ID proof
  3. Producing  Address proof
  4. To fill in the Application form the please log in to the website of the Certifying Authority.

Register a Company Name

Tips for naming your startup company:

  1. Avoid hard to spell, you don’t want potential customers getting confused concerning how to find your business on-line. You would like to avoid having to continually correct the misspelled version of your name. Keep it simple.
  2. Don’t pick a name that could be limiting as your business grows.
  3. Once you have determined a name you like, do a web search on the name. You will find that someone else is already using that business name.
  4. Use the most secure “.com” domain name for your business rather than alternatives such as .net, .org, .biz, or other possible domain extensions.
  5. You want the business name to convey something meaningful and positive related to your business.
  6. Make sure you are personally happy with the name.

To register your company, you will file your completed application online with the Indian government’s Registrar of Companies, or RoC. The RoC, which is under the jurisdiction of the Ministry of Corporate Affairs, oversees the incorporation of new companies and the administration of businesses under the statutory regulations of the Companies Act.

Check online to see if your choice of company name is available. Before you file your application to register your company, it’s a good idea to have your company names firmly in place to ensure the registration process isn’t hindered.

Get Certificate of Incorporation

A Certificate of Incorporation (COI) is a legal document that is issued by Ministry of Corporate Affairs (MCA) once a Company is successfully registered with them. The COI is a proof that the company is now registered with the Registrar of Companies (ROC).

COI issued consists of a date which depicts the date from which the company is deemed to be official registered. It can then commence its business and start working. Unlike sole proprietorship registration of private limited company is mandatory. It is the duty of the promoter to apply for a COI.

Obtain Permanent Account Number

Permanent Account number (PAN) refers to a ten-digit alphanumeric number, issued in the form of a laminated card, by the income tax Department in India. it is a must to have a PAN number for all those who file their income tax returns, because from 2005 onward, it has been made mandatory by the income tax Department to quote the PAN on return of income as well as on all correspondence with any income tax authority in the country.

Registration of GST

GST is the biggest tax reform in India, tremendously improving ease of doing business and increasing the taxpayer base in India by bringing in millions of small businesses in India. By abolishing and subsuming multiple taxes into a single system, tax complexities would be reduced while tax base is increased substantially. Under the new GST regime, all entities involved in buying or selling goods or providing services or both are required to register for GST. Entities without GST registration would not be allowed to collect GST from a customer or claim an input tax credit of GST paid and/or could be penalized. Further, registration under GST is mandatory once an entity crosses the minimum threshold turnover of starts a new business that is expected to cross the prescribed turnover.

A large number of people think that “freelancing” is something you do when you cannot get a real job. On the other hand, “freelancers” know that there is nothing more real than that to be the owner, director, and the financial manager at the same time.

 

Freelancing is basically being self-employed and not committed to any one company or firm. You’ve heard those seemingly perfect freelance stories. Some designer quits his jobs and starts freelancing and now he’s making more money than he was while at a firm. All the while travelling the world and working for himself. Not to mention he gets to choose what kind of work he does.

 

When I say “full-time job” I mean one that’s 30-hours per week or more. Basically, you’ve hit the threshold for wherever you’ve started to receive benefits for the time you work each week. Generally, over 30-hours is considered regular, and 40-hours is that the “traditional” hours for full time, however many jobs will go over that mark.

 

When you work as a freelancer, you’re not permanently employed by any one company. You may have a long-term contract, however freelancers are usually working with totally different employers at any given time and should have a spread of tasks that they'll be employed for.

 

“I choose to be in freelance because I’m able to work my own hours, determine my own salary, and be creative in my work.”

Freelance work offers tremendous advantages and can represent an attractive alternative to a traditional job. If you are considering a freelance career, you should explore the benefits of freelancing. 

  1. Working from home: Working from home is a perfect resolution for balancing work and family or personal life, during which you can with success make for a living and support yourself and your family. Engaging from home and thereby carve out a comfortable life, it's fully possible. But, as long as you're willing to work hard.
  2. Flexibility of hours: Working from home or from a remote workplace as a freelancer allows you to dictate your own hours and work on times most convenient to you. Freelancers with young kids, for instance, will work when the children are sleeping; freelancers with traditional employment or part-time jobs will perform their freelance work around their regular work hours.
  3. Perform multiple task as same time: Large Scale Company engaged in one activity or an entrepreneur who knows how to do five things at once? Freelancers are themselves in their work. That speaks to that they constantly further educate, constantly wide network of contacts and work hard at acquiring new skills that can make them more competitive in the work they are dealing with.
  4. Lower Cost: Utility costs, equipment, insurance, and running the business from the office building has become too costly. If the profit is insufficient, jobs will fail because of the buildup of these costs. Freelancers, on the other hand, almost don't have any additional cost, then will get started by simply registering at premium freelancing sites like Toogit.
  5. Freedom: As a freelancer, you can choose the clients you wish to work with and the projects on which you work, particularly if you have an excess of work. You can drop high maintenance or slow-paying clients or turn down undesirable projects if you desire.
  6. Income Control: Your income is the direct results of your own efforts instead of being set by the law firm or company. In most cases, the harder you work, the greater the reward. Your paycheck or bonus will not be capped, reduced or eliminated by your leader, though it will vary month to month, depending on your efforts and business.
  7. Learning through Work: Do not think about work like at a company wherever you work twenty years the same thing, you'll change jobs and employers on a weekly basis, and lots of additional can learn what is going to be helpful for future jobs.
  8. Full credit: When you work as a freelancer, you receive full credit for your work. You don't have to worry about the blunders of other employees, compromising your work product for the sake of the team or others taking credit for your work.
  9. Opportunity for all: Increasing employment of vulnerable teams like mothers and fathers with young kids, people with mobility problems and people living in remote areas.

 

“I prefer the freedom to choose what sort of work I do without my schedule being controlled and my choices being commanded by someone else. I can express myself and be appreciated for it as well as bring beauty to the world by way of my work. It also is less stressful than an office environment and allows me the time necessary to take care of my farm.”

A virtual assistant (VA) is a professional who provides administrative and support gigs. These can range from invoicing clients on a regular basis to managing a one-time project. Thanks to the wonders of email, instant messaging, conference calls, and video chat, your virtual assistant works remotely—he or she could be on the other side of the country, or even in another country—which means you don’t have to worry about finding additional office space.

 

Working from home, on your set schedule, from your own comfort, and earn more is not always as glamorous as it might seem. Becoming a Virtual Assistant it requires time and patience, along with some smart work. 

 

Assuming that you are clear with the basics of Virtual Assistant profession and know about the resources to find a Virtual Assistant services, let’s move on to how you can be more effective working as a Virtual Assistant.

 

How to become an Efficient Virtual Assistant?

Being an top professional Virtual Assistant is not rocket science and could be mastered with a little effort and patience. Given the high competition for these jobs, you need to stand out from your competition to land higher paying services.

 

Which basic skills make me a top virtual assistant?

Before you go on your virtual assistant journey, It is mandatory to make sure that you possess all the basic skills required. An ideal and successful virtual assistant would be on par with the basic skill-set required.

 

So do you think you have a good hold on the basic skills? Let’s go through a few basic skills expected by each client. Develope these skills and get hired today:

 

Comfortable with using Windows / Mac.

 

More than 45 words per minute.

 

Know how to use Internet and emailing.

 

Know the basics of social media marketing.

 

Have a good time and resource management skills.

 

Have a good understanding of newsletter creation.

 

Smartness

 

What should I do first to play experienced virtual assistant role?

 

Since 2007, virtual assistance has become a very in-demand field, and is seeing steady growth each year. With the numbers in mind, and the growing rate of business done online, it is no surprise that several virtual assistance companies have been born. These companies hire men and women from all across the world to work remotely and offer their clients the online support they need.

 

This is very good news for the brand new virtual assistant, because it means there are options for you to get a steady stream of work, steady paychecks, and professional support and training in the field. You can become a strong assistant very quickly, and then decide if you’d like to move up in the company or branch out on your own. Just be sure never to sign a non-compete agreement if you plan to eventually go it alone.

 

Learn about the basic ideas for the following term:

Customer Support

Processing Online Orders

Wordpress Maintainance

Keyword Research

Content Research

Email Management

 

Must have required tools for being a good virtual assistant

A right tool-set is a power in the hands of VA to build a legacy out of nothing. Make sure you have got nothing but the best tools before you jump in the market to play a solid role of virtual assistant.

A phone (cell or landline)

A good computer/laptop that works perfectly.

At least two up to date browsers.

A good email client.

Skype or other chat software.

A good speed Internet connection.

A perfect reminder device which tells or update you about your upcoming challenges.

These are just the basic tools required, and most of the people would mostly satisfy the criteria.

 

Can I work on fixed schedule as a Freelance Virtual Assistant

No matter you work locally or remotely, nothing is going to work for you if you neglect the importance of a fixed schedule. Although virtual assistant allows you flexibility from your home office, that doesn’t mean you wake up suddenly at the wake of the night and start working.

 

Make a habit of working during the same hours of the day, every day. You don’t need a 9-5 schedule, but a schedule is a must to get the most out of your work. Make a schedule as per the times when you are at your best with least distractions and day in day out, work during the same hours.

 

What strategy need to build?

If having a plan is good, having a plan B is a must. So, for every plan that you make, have an alternative plan ready to execute. Things might not always work out the way you planned them to, so having a backup plan will help you in the long run.

Build a strategy of how many hours you’re willing to work,

Where you’re going to work,

What about your taxes,

You should continue making a plan, and you will end up with more questions to be answered even before you accept your first service.

 

How to satisfy my customer’s as a virtual assistant?

Deliver more: When was the last time you over delivered and your customer couldn’t stop singing your songs? For customers to sing your song you need to provide that rare high-quality service. So it’s always good to deliver more, surprise your customers and keep them happy.

 

Don’t always do everything to earn more and at least sometimes do for the love of it. I love making people happy and go the extra mile to deliver more than anyone expects. Go out of your way to leave a legacy in whatever you do. Make people remember you for what you’ve done rather than as a man who’s always bugging about the next paycheck.

 

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