Business Registration

February 24, 2025 By Prince Kunal

Private Limited Company Registration in Patna

Private Limited Company registration in Patna, Bihar is an exhilarating journey, and one of the critical first steps is registering your company. In Patna, registering a Private Limited Company (PVT Ltd) is a popular choice for entrepreneurs. This type of corporate entity adheres to the compliance and regulatory guidelines set forth by the Ministry of Corporate Affairs (MCA). With the growing economy in Patna, it’s a fantastic opportunity for new ventures to establish themselves legally.

Overview of Private Limited Company Registration

The process of registering a Private Limited Company in Patna involves obtaining a unique name, filing the necessary documentation with the MCA, and paying the required fees. Once registered, a PVT Ltd is a separate legal entity, meaning it has limited liability. This crucial characteristic protects the owners’ personal assets from the company’s debts and liabilities, making it a favorable option for many entrepreneurs.

To register a PVT Ltd in Patna, here are some essential points to consider: a minimum of two directors are needed, and these directors must be residents of India. Additionally, the company should have at least two shareholders, with a maximum of 200. Importantly, there isn’t any minimum paid-up capital requirement, but a minimum shareholding amount of ₹1 Lakh is stipulated for initiation of the registration process.

Benefits of Registering a Private Limited Company in Patna

Growing Economy

Patna has experienced impressive economic growth since 2005, driven largely by the expansion of the Fast-Moving Consumer Goods industry, the service sector, and businesses associated with the Green Revolution. The World Bank ranked Patna as the second-best city in India for starting a business in 2009, indicating its favorable environment for entrepreneurship.

Financial Protection

Registering as a Private Limited Company provides the essential advantage of limited liability, which protects your personal finances from the company’s debts. This separation ensures that in case of legal disputes or financial challenges, your personal assets are not at risk.

Establishing a Legal Entity

A significant aspect of registering your business as a Private Limited Company is the establishment of a distinct legal identity. This status grants the company the ability to own property, engage in contractual agreements, and take legal actions independently of its owners.

Facilitated Funding Opportunities

Choosing a Private Limited Company structure opens doors to various funding sources, including equity, debt, angel investors, and venture capitalists. By issuing shares and debentures, businesses can attract funding from public capital, easing the financial barriers for growth.

Tax Advantages

Registering your company in Patna can also provide numerous tax benefits under the Income Tax Act of 1961. This includes deductions for business-related expenses, depreciation on assets, and more favorable corporate tax rates compared to other business structures.

Documentation Required for Registration

To successfully register a PVT Limited Company in Patna, certain documents are required from all directors and shareholders. These include:

PAN card
Aadhaar card
Passport (if applicable)
Recent photographs
Proof of identity (such as voter ID or driving license)
Proof of address (like a bank statement or utility bill)
Proof of educational qualifications (degree certificate)

For the registered office, you’ll need to provide:

Proof of ownership (sale deed, lease deed, or rent agreement)
Proof of occupancy (such as an electricity bill or property tax receipt)
A no-objection certificate (NOC) from the property owner or landlord.

Basic Requirements for Online Registration

When registering a Private Limited Company online in Patna, you must consider the following basic requirements:

Directors and membership criteria
Selection of a unique company name
Registered office address
Acquisition of additional documents
Digital signature certificate (DSC)
Director identification number (DIN)
Name approval
Memorandum of Association (MoA) and Articles of Association (AoA)
Address and identity proof
Proof for the registered office

Types of Business Entities for Company Registration

In addition to a Private Limited Company, the following types of business entities can be registered in Patna:

Sole Proprietorship
Partnership Firm
One Person Company (OPC)
Limited Liability Partnership (LLP)
Public Limited Company (Ltd)

Step-by-Step Guide to Register Your Private Limited Company

The registration of a Private Limited Company can be streamlined into four easy steps:

Step 1: Collect Initial Documents

Gather all necessary documents and have them verified by a reliable service provider.

Step 2: DSC and Name Approval

A Digital Signature Certificate (DSC) will be applied for on your behalf, along with the approval process for your desired company name with the MCA.

Step 3: Drafting MOA and AOA

Prepare and submit the Memorandum of Association (MOA) and Articles of Association (AOA) for your company during the final stage of incorporation.

Step 4: Obtain Your Company Incorporation Certificate

The final step involves registering with the government authorities. Once the documents are approved, you will receive your certificate of incorporation directly.

Note: It is essential to submit all documents within the specified time frame to avoid delays in the registration process.

Online Services for Company Registration

Registering your PVT Limited Company online in Patna can now be achieved with ease thanks to expert services. You will need a Digital Signature Certificate (DSC) and Director Identification Number (DIN) for a minimum of two directors, alongside the necessary documentation that includes the Memorandum of Association and Articles of Association. Additionally, registration fees, stamp duty, and obtaining the Company PAN and TAN are crucial components.

Frequently Asked Questions

Do I need a local agent to register my company in Patna?

While it’s not mandatory, having a local agent is highly beneficial. They can help navigate the legal requirements and save time by managing the paperwork.

What are the tax implications of registering my company in Patna?

Tax implications depend on the business entity chosen. Sole proprietorships and partnerships are taxed as personal income, while companies are subject to corporate tax.

How much does it cost to register a company in Patna?

Costs can vary based on the business type and number of shareholders. Contact a professional for a precise estimate.

How long does it take to register a company in Patna?

The timeframe varies based on application complexity and the Registrar’s workload. For a tailored timeframe, consult a professional.

How can I check my company registration status in Patna?

You can verify your registration status by visiting the Ministry of Corporate Affairs (MCA) official website or by using the MCA21 portal.

Starting a company can feel overwhelming, but with the right guidance and support, you can navigate the registration process smoothly. Consulting with experts can also help you make informed decisions for your business. Whether you’re looking to establish a Private Limited Company or another entity, understanding the process and requirements is crucial to ensure you set off on the right foot.

February 24, 2025 By Prince Kunal

Comprehensive Guide to Company Registration in Patna

Guide to Private Limited Company Registration in Patna

Starting a business in Patna presents a remarkable opportunity for entrepreneurs, especially considering the city is experiencing rapid economic growth. With a growth rate of 3.72% per year, Patna has emerged as a center for various sectors, particularly in fast-moving consumer goods (FMCG) and trade. For aspiring business owners, registering a company in this historical city can lay the foundation for a successful venture.

Types of Indian Company Registration

When it comes to registering a company in India, there are several options available. The diverse choices can often make it challenging for entrepreneurs to decide on the most suitable structure for their business. Here are the seven primary categories of company registration in India:

Private Limited Company
Public Limited Company
Partnership Company
Limited Liability Partnership (LLP)
One Person Company (OPC)
Sole Proprietorship
Section 8 Company (non-profit)

Each type has its own unique features, and understanding these can significantly impact your business strategy.

Benefits of Registering a Company in Patna

Registering a company in Patna comes with a myriad of benefits that can enhance the potential for business success. Here are some key advantages:

Legal Recognition

By registering, a company gains distinct legal recognition which simplifies business operations and contract formations. This recognition also separates personal assets from business liabilities.

Limited Liability

Shareholders’ liabilities are limited to their investment in the company. This aspect protects personal assets in the event of business losses or debts.

Easy Access to Funding

Registered companies have a higher credibility factor, making it easier to secure funding from banks and investors.

Tax Benefits

Companies can avail various tax breaks, including deductions on certain business expenses, which can improve the overall financial health of the business.

Brand Recognition

Being a registered entity enhances credibility, instilling confidence among customers, partners, and investors, thereby aiding in brand development.

Continuity of Existence

With perpetual succession, a registered company continues its operations despite changes in shareholders or directors.

Better Governance

The regulations governing public registered companies foster transparency and accountability, boosting stakeholder trust.

Growth Potential

Registered entities are typically better positioned for expansion, leading to increased sales and revenue.

Better Legal Protection

Finally, registered companies enjoy a higher degree of legal protection and face fewer lawsuits or legal entanglements.

Public Limited Company Registration in Patna

A public limited company is characterized by shares that can be freely traded on the stock exchange. This form of organization requires a minimum of seven members and allows an unlimited number of members.

Documents Required

To register a public limited company in Patna, you’ll need the following documents:

Self-attested copies of PAN Card
Government-issued identification proof (Aadhaar, voter ID, passport, or driver’s license)
Recent bank statements
Utility bills for address confirmation
Latest passport-size photograph
Specimen signature of the directors

The Registration Process

To successfully register:

Ensure you have at least seven shareholders and three directors.
Obtain a Digital Signature Certificate (DSC).
Apply for a Director Identification Number (DIN).
Select a suitable company name and submit your application, including the Memorandum of Association (MOA) and Articles of Association (AOA).
Pay the registration fee and acquire the Certificate of Business Commencement upon ROC approval.

Limited Liability Partnership (LLP) Registration in Patna

LLPs combine the benefits of a partnership with limited liability, providing a unique corporate structure where business assets remain distinct from personal assets.

Requirements

To register an LLP, at least one partner must be Indian, and a minimum capital of Rs. 1,000,000 is required.

Documents Required

These include:

PAN Card or identity proof
Bank statements and utility bills
Passport-size photo
DSC for partners

Registration Steps

Acquire a DSC and DIN for each partner.
Submit the business name for approval via the ROC.
After name approval, complete the remaining documentation within 60 days.

One-Person Company Registration in Patna

This relatively new structure is designed for individual entrepreneurs, allowing them to enjoy the benefits of limited liability while being the sole owner of the business.

Requirements

The individual must be an Indian citizen, with a minimum capital requirement of Rs. 1,000,000—unless involved in finance.

Documents Required

The following documents are necessary:

PAN or passport for foreigners
ID proof and utility bills
Copy of property deed or rental agreement

Registration Process

Obtain DSC and apply for DIN.
Request approval for your business name from the MCA.
Submit required documentation to receive your certificate of incorporation.

Sole Proprietorship Registration in Patna

A sole proprietorship is the simplest business form, where one person owns and manages the business. Although easy to set up, the owner has unlimited liability.

Documents Needed

You’ll need:

Utility bills
KYC details
Company establishment license
Income tax information

Registration Process

To register, apply for a PAN card, open a business bank account, and consider registration under the MSME Act if you aim to receive government benefits.

Section 8 Company Registration in Patna

These companies are non-profit organizations which focus on promoting social causes, education, and charity.

Requirements

You will need at least two shareholders and directors, along with an Indian address for registration.

Necessary Documents

Including:

DSC and DIN for all directors
MOA and AOA
Identity verification documents

Process for Registration

Submit DIN and DSC applications.
Obtain MCA’s permission for your chosen company names.
Acquire a license from the MCA for your Section 8 company after approval.

Conclusion

Navigating the complexities of company registration can be daunting for entrepreneurs. Whether you’re looking to register a private limited company, LLP, or any other structure, having a clear understanding of the process, requirements, and benefits is crucial. It is advisable to consult with a professional or a local ROC office to ensure compliance with legal obligations. Alonika is a trusted partner with a team of experienced legal and financial professionals ready to assist you in this process, ensuring your entrepreneurial journey begins on solid ground.

February 23, 2025 By Prince Kunal

Comprehensive Guide to Registering Private Limited Company in India with Meerad

Registering Private Limited Company in India

Starting a business in India often leads entrepreneurs to consider registering as a private limited company. This business structure not only provides limited liability protection to its shareholders, but also places specific constraints on ownership, making it a popular choice for many. Here’s a comprehensive guide on how to register a private limited company in India, including the benefits, requirements, and the registration process.

Understanding Private Limited Companies

A private limited company is a privately held entity where the owners have limited liability. It is a favored business structure in India due to several advantages:

Limited Liability Protection: Shareholders are only liable for the company’s debts up to the amount they invested, safeguarding their personal assets.
Separate Legal Entity: The company is recognized as a distinct legal entity, capable of owning property, entering contracts, and facing legal consequences independently of its owners.
Minimum Requirement: To operate, a private limited company needs at least two shareholders and two directors.
Capital Requirements: A minimum paid-up capital of ₹1 lakh is mandated.
Share Transfer Restrictions: Shares can only be transferred with the Board of Directors’ approval, ensuring control remains within a select group.

Types of Private Limited Companies

There are different forms of private limited companies that entrepreneurs should consider:

Company Limited by Shares: Here, shareholder liability is confined to their share amount specified in the Memorandum of Association.
Company Limited by Guarantee: Member liability is restricted to a predetermined amount specified in the Memorandum, applicable only during winding up.
Unlimited Companies: Members have unlimited liability, meaning they are fully responsible for the company’s debts but operate as a separate legal entity.

Advantages of a Private Limited Company

Opting for a private limited company offers various benefits:

Limited Liability: Shields personal assets from business obligations.
Distinct Identity: Allows for independent legal recognition and rights.
Perpetual Existence: The company can continue its operation despite changes in ownership.
Ease of Raising Capital: Shares can be issued to attract investors, easing funding constraints.
Credibility: The term “Pvt. Ltd.” enhances the company’s standing with customers and suppliers.

Disadvantages of a Private Limited Company

Despite the benefits, there are drawbacks:

Compliance Burden: There are regulatory requirements to maintain, including financial reporting and audits.
Public Disclosure: Financial details are accessible publicly, which may affect privacy.
Complex Setup: The initial setup and compliance can be more complicated compared to unregistered entities.
Decision-making: Involvement of shareholders might slow down the decision-making process.

Requirements for Registration

When considering how to register a company in India, the following requirements are essential:

Directors and Members: At least two directors and a maximum of 200 members are required. One director must be an Indian resident.
Company Name: The chosen name should reflect the business’s activities and must end with “Private Limited.”
Registered Office Address: A permanent business address must be provided for operations and documentation.

The Registration Process in India

Registering a company involves several key steps:

Acquire Digital Signature Certificate (DSC): Every director and shareholder must obtain a DSC.
Director Identification Number (DIN): Required for directors and must be included in the registration form.
Name Reservation: Complete the SPICe+ Part A form for name reservation, ensuring it meets MCA guidelines.
Submission of Company Details: Fill the SPICe+ Part B form with comprehensive details about the company.
Documents Preparation: Draft the Memorandum of Association (MOA) and Articles of Association (AOA), including necessary digital signatures.
Certificate of Incorporation: Once documents are verified, the Ministry of Corporate Affairs (MCA) issues the Certificate of Incorporation, along with the Company Identification Number (CIN).

Document Checklist for Registration

Before initiating the company registration process, ensure you have the following documents:

For Indian Nationals: PAN card, passport-sized photo, Aadhaar Card, identity proof, and address proof.
For Foreign Nationals: Notarized documents, passport-sized photo, passport, and address proof.
Registered Office Proof: Documents confirming the office address, such as a rent agreement and a no-objection certificate.

Post-Registration Compliance

After incorporation, adhering to post-registration compliance is vital for proper business operations. This includes maintaining accurate financial records, conducting annual meetings, and filing annual returns with the MCA.

Conclusion

IndiaFilings provides expert assistance for those looking to register a private limited company. With a streamlined process, our professionals will guide you through obtaining a unique name, preparing documentation, and ensuring compliance with the law. By choosing our services, you can focus on your business goals while we handle the intricacies of registration. Start your entrepreneurial journey today with confidence and clarity.

October 23, 2015 By Prince Kunal

Exemptions and Relaxations to Nidhi Companies From Few Provisions of Companies Act, 2013

The Companies Act, 2013 has given due recognition to Nidhi Companies by treating them as a special class of companies. An entire Chapter, namely Chapter XXVI has been devoted to Nidhi Companies and relevant Rules also notified for them.

Section 406 of the Act defines a Nidhi to mean “a Company which has been incorporated as a Nidhi with the object of cultivating the habit of thrift and savings among its members, receiving deposits from, and lending to, its members only, for their mutual benefit, and which complies with such rules as are prescribed by the Central Government for regulations of such class of Companies.

Apart from the rules which were specially notified in relation to Nidhi Companies, all other provisions of the Act applied to them in the same way as to any other company. Hence a need was there to grant certain reliefs to these special class of companies.

The Ministry of corporate Affairs has by way of notifications dated 5^th June, 2015, released the most anticipated exemptions for Government Companies, Private Companies, Nidhi Companies and Companies registered under Section 8 of the Companies Act, 2013 (Act).

This write-up presents an insight on the exemptions provided by means of these notifications to Nidhi Companies. Write-ups on Exemptions to Private Companies and Companies registered u/s 8 of the Act and Government Companies has already been circulated.

EXEMPTIONS TO NIDHI COMPANIES

SERVICE OF DOCUMENTS TO MEMBERS

Nature of Exemption

Impact of the Exemption

Section 20, sub-section 2 shall apply to the modification that in the case of Nidhi, the document may be served only on members who hold shares of more than one thousand rupees in face value or more than one percent of the total paid-up share capital of the Nidhis whichever is less.For other shareholders, document may be served by a public notice in newspaper circulated in the district where the Registered Office of the Nidhi is situated; and publication of same on the notice board of the Nidhi.

This provision grants a relief to the Nidhi Companies from sending documents, notices etc. to every member of the company by providing that for small shareholders (i.e. those holding shares of one thousand rupees or less in face value or one percent or less of the total paid-up share capital of the Nidhis whichever is less), documents can be served by a public notice in newspaper circulated in the district where the Registered Office of the Nidhi is situated; and publication of same on the notice board of the Nidhi.

PRIVATE PLACEMENT OF SECURITIES

Nature of Exemption	Impact of the Exemption
Section 42 except sub-section (1), explanation (II) to sub-section (2), sub-section (4), (6), (8), (9) and 10 shall not apply	Few procedural requirements in relation to private placement like maintenance of record of private placement; restriction on receipt of subscription money in cash etc. has been relaxed for Nidhi Companies.

FURTHER ISSUE OF SHARE CAPITAL

Nature of Exemption	Impact of the Exemption
Section 62 shall not apply	The restrictions of Section 62 relating to further allotment of shares only by means of Rights Issue, Employee Stock Option or Preferential Allotment will not apply to Nidhi Companies. This means that Nidhi Companies can make further allotment of their shares without having to comply with requirements of Section 62.

BUY-BACK OF SHARES

Nature of Exemption	Impact of the Exemption
Section 67(1) shall not apply, when shares are purchased by the company from a member on his ceasing to be a depositor or borrower and it shall not be considered as reduction of capital under section 66 of the Companies Act, 2013	Section 67(1) restricts a company from buying its own shares unless reduction of capital is carried out as per provisions of the Act. This restriction is relaxed for a Nidhi Company when shares are purchased by the company from a member on his ceasing to be a depositor or borrower.

PAYMENT OF DIVIDEND – TO WHOM AND IN WHAT MODE

Nature of Exemption	Impact of the Exemption
Section 123, sub-section (5) shall apply, subject to the modification that any dividend payable in cash may be paid by crediting the same to the account of the member, if the dividend is not claimed within 30 days from the date of declaration of the dividend.	Section 123(5) contains a restriction that dividend can only be paid to the member or to his order or banker and can be paid in cash only. For Nidhi Companies, this provision provides an alternative that if the dividend is not claimed by a member within 30 days from the date of declaration, then the same may be paid by crediting it to the account of the member.

POSTING OF DIVIDEND WARRANT TO INDIVIDUAL MEMBERS

Nature of Exemption

Impact of the Exemption

Sub-section (1) of Section 136 shall apply, subject to the modification that, in the case of members who do not individually or jointly hold shares of more than one thousand rupees in face value or more than one per cent. of the total paid-up share capital whichever is less, it shall be sufficient compliance with the provisions of the section if an intimation is sent by public notice in newspaper circulated in the district in which the Registered Office of the Nidhi is situated stating the date, time and venue of Annual General Meeting and the financial statement with its enclosures can be inspected at the registered office of the company, and the financial statement with enclosures are affixed in the Notice Board of the company and a member is entitled to vote either in person or through proxy

This provision provides a relief to the Nidhi Companies that instead of sending financial statements to all individual shareholders, for all those shareholders who do not individually or jointly hold shares of more than Rs. 1000/- in face value or more than 1% of the total paid-up share capital whichever is less, the company can make newspaper announcement stating matters as mentioned in the left hand column.

DEPOSIT AMOUNT FROM PERSON PROPOSED TO BE APPOINTED AS DIRECTOR IN AGM

Nature of Exemption	Impact of the Exemption
Section 160, in sub-section (1), for the words “one lakh rupees”, the words “ten thousandrupees” shall be substituted.	The amount of deposit to be taken by a company from a person proposed to be appointed as director in an AGM (other than retiring director) has been reduced from Rs. 1,00,000/- to Rs. 10,000/- for a Nidhi Company.

LOANS TO DIRECTORS AND THEIR RELATIVES

Nature of Exemption	Impact of the Exemption
Section 185 Shall not apply, provided the loan is given to a director or his relative in their capacity as members and such transaction is disclosed in the annual accounts by a note.	The restriction under Section 185 from giving loan to directors and other interested entities has been relaxed for Nidhi Companies, provided the loan is given to a director or his relative in their capacity as members and such transaction is disclosed in the annual accounts by a note.

REMUNERATION TO MANAGERIAL PERSONNEL

Nature of Exemption

Impact of the Exemption

Second proviso to subsection (1) of section 197 shall apply with the modification that the remuneration of a director who is neither managing director nor wholetime director or manager for performing special services to the Nidhis specified in the articles of association may be paid by way of monthly payment subject to the approval of the company in general meeting and also to the provisions of section 197 :Provided that no approval of the company in general meeting shall be required where,-(a) a Nidhi does not have a managing director or a whole-time director or a manager;(b) the remuneration payable during a financial year to all the directors of the Nidhi does not exceed ten per cent of the net profits of such Nidhi or fifteen lakh rupees, whichever is less; and(c) a remuneration payable under clause (b) is approved by a special resolution passed in this behalf by the Nidhi.

This provisions grants relief to Nidhi Companies for payment of remuneration to directors other than managing director, wholetime director or manager for performing special services and for seeking approval of members in specified cases as mentioned in the left hand column.

FILING FEES FOR RETURN OF ALLOTMENT

Nature of Exemption	Impact of the Exemption
Section 403 Shall apply, with the modification that the filing fees in respect of every return of allotment under sub-section (9) of section 42 shall be calculated at the rate of one rupee for every one hundred rupees or parts thereof on the face value of the shares included in the return but shall not exceed the amount of normal filing fee payable.	Filing fees to be paid to ROC for filing return of allotment has been reduced

Download a copy of Notification of government of India giving exemptions and relaxations to Nidhi Companies from few provisions of companies act, 2013

Exemptions and Relaxations to Nidhi companies from few provisions of companies act, 2013

In case, you have any doubt, please feel free to call us at +91-7050515253, +91-8540099000

Topic of the article:

Exemptions and Relaxations to Nidhi Companies From Few Provisions of Companies Act, 2013

This article is written by: ACS Prince Kunal
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October 18, 2015 By Prince Kunal

How to get Pradhan Mantri MUDRA Yojana (PMMY) Loan

MUDRA or Micro Units Development & Refinance Agency Limited is an institution setup by the Government of India for development and refinancing activities relating to micro units. MUDRA was announced by the Hon’ble Finance Minister in the 2016 Budget. Under MUDRA, loans are provided under three schemes namely ‘Shishu’, ‘Kishor’ and ‘Tarun’ to signify the stage of growth and funding needs of the beneficiary micro unit. This loan can be availed by Micro Units and Entrepreneurs in India. In this article, we look at the procedure for obtaining MUDRA loan.

MUDRA

One of the biggest bottleneck for SMEs in India is the lack of financial support from the formal banking or financial sector. The lack of formal financing hampers growth of small businesses and makes them ineffective at competing with larger players. To remove this bottle neck and provide finance to micro units or Entrepreneurs, MUDRA Bank has been setup as a subsidiary of SIDBI.

MUDRA would be responsible for refinancing all financiers or financial institutions engaged in financing of Small Businesses, Societies, Trusts Section 8 Companies, Co-operative Societies, Small Banks, Scheduled Commercial Banks and Rural Banks which are in the business of lending to micro or small businesses engaged in manufacturing, trading and services activities.

How to get Mudra Loan?

Loan under MUDRA

Loan is provided currently under three schemes in Prdhan Mnatri MUDRA Yojana. The three schemes are as following:

Shishu: Loan of upto Rs.50,000/=
Kishor: Loans of above Rs.50,000 to Rs.5 lakhs.
Tarun: Loans of above Rs.5 lakhs to Rs.10 lakhs.

MUDRA Loan Eligibility

Any Indian Citizen who has a business plan for a non-farm sector income generating activity such as manufacturing, processing, trading or service sector and whose credit need is less than 10 lakh can approach either a Bank, MFI, or NBFC for availing of MUDRA loans under Pradhan Mantri Mudra Yojana (PMMY). The terms and conditions of the lendor would have to be followed for availing of loans under MUDRA. The lending rates are as per the RBI guidelines issued in this regard from time to time. Since, MUDRA is a refinancing institution, loans are not offered directly by MUDRA but through existing NBFCs, Financial Institutions, Banks, Primary Lending Institutions, etc.,

The target audience for MUDRA loans are millions of Proprietorship / Partnership Firms running a small manufacturing unit or service sector unit like shopkeepers, fruits/vegetable vendors, truck operators, food-service units, repair shops, machine operators, small industries, artisans, food processors and others, in rural and urban areas.

MUDRA Card

MUDRA loan is provided in the form of a MUDRA card wherein the borrower can avail credit in a hassle free and flexible manner through a RuPay card. The MUDRA card will provide working capital arrangement in the form of Cash Credit or Over Draft and can be used by drawing cash from ATM or making purchases using Point of Sale credit card swiping machines. MUDRA card also allows for repayment of the amount as and when surplus is available, thereby reducing interest burden.

How to get MUDRA Loan

To obtain MUDRA loan the borrower can approach the branch of a bank or financial institution providing MUDRA loan with the following documents and information.

MUDRA Loan Application
Business plan
Proof of Identity like PAN / Drivers License / Aadhaar Card / Passport and more.
Residence proof like recent telephone bill / electricity bill or property tax receipt and more.
Applicant’s recent photograph less than 6 months old
Quotation of machinery or other items to be purchased
Name of supplier or details of machinery or prices of machinery
Proof of identity / address of the business like tax registration, business license and more.
Proof of category like SC/ST/OBC/Minority, if applicable

It is important to note that there is no processing fee or collateral requirement for obtaining MUDRA loan.

Top Banks and Financial Institutions providing MUDRA Loan

The following are the top Banks and Financial Institution providing MUDRA loan in India. You can contact one or more of the following financial institutions with the relevant documents for obtaining MUDRA loan.

Top 10 Public Sector Banks providing MUDRA Loan (as per total number of accounts as on October 11, 2015)

UCO Bank – 4,79,476 MUDRA Loan Accounts
State Bank of India – 4,67,062
Canara Bank – 3,35,270
Bank of India – 2,73,784
Syndicate Bank – 2,14,228
Indian Bank – 1,90,129
Punjab National Bank – 1,83,594
Bank of Baroda – 1,20,010
Central Bank of India – 1,11,820
Allahabad Bank – 1,10,044

Top 10 Private Sector Banks providing MUDRA Loan (as per total number of accounts as on October 11, 2015)

HDFC Bank – 5,57,41, MUDRA Loan Accounts
IndusInd Bank – 4,95,954
Axis Bank – 4,36,323
ICICI Bank – 34,311
Ratnakar Bank – 28,408
Yes Bank – 9,627
Karnataka Bank – 4,958
Karur Vysya Bank – 3,222
South Indian Bank – 2,368
Lakshmi Vilas Bank – 1,449

Top 10 Regional Rural Banks providing MUDRA Loan (as per total number of accounts as on October 11, 2015)

Uttar Bihar Gramin Bank – 1,11,509 MUDRA Loan Accounts
Pragathi Krishna Gramin Bank – 70,892
Karnataka Vikas Grameena Bank – 46,549
Kerala Gramin Bank – 44,525
Madhya Bihar Gramin Bank – 34,928
Baroda UP Gramin Bank – 32,743
Baroda Rajasthan Ksethriya Gramin Bank – 29,913
Andhra Pragathi Gramin Bank – 24,834
Pallavan Grama Bank – 22926
Allahabad UP Gramin Bank – 22,618

For more information or help obtaining MUDRA Loan, get in touch with a Meerad Advisor.

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October 17, 2015 By Prince Kunal

HOW TO START A BUSINESS IN BIHAR | Legal requirement for starting business in Bihar |

Various legal formalities have to be complied with by an entrepreneur at the stage of setting up and, at times, at the operational stage of the enterprise.

Some formalities are required to be completed by all categories of entrepreneurs while others by specific categories of entrepreneurs depending upon their industry line, or equipment installed or size of the unit. The various legal requirements are listed as below :

PRE – OPERATIONAL STAGE :

Sl.	Purpose	Concerned Office / Agency	Remarks
1.	Constitution of the Firm- Partnership/LLP Company	Registrar of Firms Income Tax Deptt. Registrar of Companies	Optional Compulsory Certificate of Commencement of Business
2.	E.M Part –I & II as MSME/ unit	DIC, DI	Optional E.M Part- I & II
3.	Commercial Taxes (Central and State)	Sales Tax Office	Registration for Sales Tax Number
4.	Central Excise	Deptt. of Central Excise	Exemption upto Rs. 400 lakhs Turn over
5.	Factory Act, 1948	Factory Inspector’s Office	Units employing over 10 workers only if with power; and over 20 worker without power
6.	Shop & Establishment Act	Local Office of Shop & Establishment Authority	For non-manufacturing activity
7.	Patents & Trade Marks	Trade Mark Registry	Where necessary
8.	Location	Municipal Corporation, Panchayat Office, Industrial Dev. Corpn, Local Development Authority etc.	No objection Certificate
9.	Pollution Control	State Authority/Board	Pollution NOC
10.	Raw Material	MSME DI DIC STC/MMTC Controller of Import/Exports	Quota items Imported Raw Material
11.	Building/Construction	State Industrial Corporation Local Authorit	Approval of Building Plan
12.	Storage of Explosives	Dy. Chief Controller of Explosives Police Deptt. Fire Brigade Chief Inspector of Boilers	Explosive and highly inflammable goods like Chlorate etc.
13.	Erection of Boilers	Chief Inspector of Boilers	For Operative boilers above certain size
14.	Weights/Measures	Inspector of Weights & Measures Deptt.	All weights are required to be verified/stamped before use
15.	Electronic Items
16.	Drugs Allopathic Ayurvadic Siddha Unani Homeopathic	State Drugs Controller	Clearance for Drugs and Cosmetic
17.	Meat Food	Sr. Marketing Officer Directorate of Marketing and Inspection Ministry of Rural Reconstruction	Licence under Meat
18.	Fruit Products	Dy. Director (Food & Vegetable Preservation), Office of the Food and Nutrition Board, Ministry of Agriculture	Licence under Fruit Products Order, (FPO)1954 & 1974
19.	Cold Storage (Construction, Expansion, Operation)	Regional Officer, Directorate of Horticulture	Cold Storage Order 1980 and 1983
20.	Food Articles (Manufacture Sale, Storage Distribution)	Local Body like	Clearance under Prevention of Food Adulteration, Act, 1954
21.	Wheat Products	Food Department of State Govt.	Obtaining prior concurrence of State Govt.
22.	Rice Mills	Food Deptt. of State Govt.	Permit for Rice Mill Constitution (Rice Milling Regulation, 1958)
23.	Power Looms	Textile Commissioner	Clearance for establishing power looms under the Textile (Control Order)
24.	Denatured spirits, methyl and varnish (French Polish)	Prohibition and Excise Deptt.	Licence required for industrial applications under State Rules
25.	Media Printing Press	Distt. Magistrate/Distt. Revenue Officer/Public Authorities	Declaration required to be submitted for running the press/ ministry
26.	Insecticides (Import or manufacture)	Central Insecticides Board and Registration Committee, Directorate of Plant protection quantitative and Storage, NH IV Faridabad – 121001 (Haryana)	Registration for manufactu
27.	Mixed Fertilizers	Director of Agriculture	Registration for preparing mixed fertilizer