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Simplification of procedure to set up a Section 8 Company (Not for profit Organisation)

Purva Marwaha - 27-juin-2019 13:53:13
Simplification of procedure to set up a Section 8 Company (Not for profit Organisation) The Ministry of Corporate Affairs (the  MCA ) vide its notification dated 7 June 2019 has amended the Companies Incorporation Rules, 2014 to simplify and fast track the incorporation procedure. This shall be effective from 15 August 2019. From now onwards, any person desirous of incorporating a company under section 8 i.e., Not for Profit Organisation, under the Companies Act, 2013 can make an application in e-Form INC-32. No separate application for license is required to be made. Prior to this amendment, the applicant was required to make an application in Form INC 12 to obtain license and thereafter application for Incorporation was required to be made. Post scrutiny of the documents, the Certificate of Incorporation for Section 8 companies will now be issued by Registrar of Companies in Form INC-11 which earlier was issued as a licence under Form -16 or Form-17 as the case may be. Source:  http://www.mca.gov.in/Ministry/pdf/Rules_07062019.pdf

Employee State Insurance (ESI) contribution reduced w.e.f July 1, 2019

Purva Marwaha - 27-juin-2019 13:50:33
Employee State Insurance (ESI) contribution reduced w.e.f July 1, 2019 “ ESI , is a social benefit that seeks to provide certain benefits to employees in case of sickness, maternity and employment injury (via the Employees’ State Insurance Act, 1948). Via an amendment in June 2019, the Ministry of Labour and Employment has amended the Employees’ State Insurance (Central) Rules, 1950 to bring effect to the Employees’ State Insurance (Central) Amendment Rules, 2019: to reduce the rate of contribution from 6.5% to 4%. The employers’ contribution is being reduced from 4.75% to 3.25% and employees’ contribution is being reduced from 1.75% to 0.75%. This amendment shall come into force from  1 st  July, 2019   Source:  Gazette Notification No.G.S.R. 423 (E) dated 13 th  June, 2019, http://egazette.nic.in/WriteReadData/2019/205715.pdf

France, the new European place for Finance

Purva Marwaha - 27-juin-2019 13:18:39
France, the new European place for Finance   DID YOU KNOW? 4 reasons why France is becoming the new European place for Finance   1. A LEADING ECONOMY #5 world’s economy #2 European market: €2,210 bn (2017) up 2% GDP growth in 2018 Euronext: Eurozone Equity #1 stock market in capitalization   2. A LEADING FINANCE INDUSTRY     IN THE EUROPEAN UNION #1 for asset management #1 for private equity and venture capital #1 for insurance and banking solutions 6 French schools in the Financial Times ’s global Top 12 for best Masters in Finance   3. MAJOR OPPORTUNITIES #1 concentration of global Top 500 corporate HQs in Europe #2 household savings rate in Europe #1 R&D environment in Europe Pro-business government and local authorities   4. AT THE HEART OF THE EUROZONE A direct access to 500 million European consumers Relocation of the European Banking Authority in Paris An access to Europe, through the financial EU passport, and a gateway to the world, through bilateral agreements     A PRO-TECH GOVERNMENT “France is witnessing reform at a rate never seen before” Financial Times - May 17, 2018   1. LABOR MARKET New Labor Law: November 28, 2017 Greater flexibility : more flexible rules governing dismissals; company-level bargaining Reduced costs : financial cap in courts on damages for unfair dismissals   2. TAX CUTS 30% flat tax on capital Reduction of corporate tax from 33.3% to 25% by 2022 Abolished: wealth tax + exit tax   3.   NEW REGULATION Pro-immigration: fast-track “Tech Visa” for foreign entrepreneurs & employees Fostering AI : opening of State-owned data, e.g. in healthcare & transportation Crypto / ICO: new pro-innovation regulation   4. INVESTING IN THE FUTURE: INVESTING IN CAPITAL Launch of the Next 40 index €10 billion public fund for innovation and industry €50 billion investment plan for the digital transformation     FRANCE IS THE IDEAL SPRINGBOARD FOR GLOBAL FINANCE An easy access to the European financial market through the EU Passport and MoUs signed by French NCAs with non-EU regulation authorities   CHOOSE FRANCE 

Attractiveness recognized, French innovation acclaimed!

Purva Marwaha - 27-juin-2019 13:07:07
Attractiveness recognized, French innovation acclaimed!     The “France Attractiveness Survey” published by EY beginning of June 2019 records the international investments made in Europe each year and analyzes the perception that foreign economic decision-makers have of France; as such, it measures real and perceived attractiveness compared with France’s leading competitors.   Against a backdrop of falling investment decisions in Europe (-4% of projects recorded between 2017 and 2018), France confirmed its attractiveness, coming in second place of host countries in Europe, and recapturing the rank it had previously lost in 2010. With growth in projects of 1%, compared with a decrease of 13% in the United Kingdom and Germany, France posted 1,027 recorded projects and continues to build its image with economic decision-makers.   The image of an industrial and innovative France emerges in this barometer, with a strong dynamic of R&D investments and the maintenance of France’s industrial leadership of Europe. For the first time, France is ranked first among European countries as a destination for innovative investments (with 144 projects), bringing together more innovative projects than Germany and the United Kingdom combined.   There are over 150 companies controlled by an Indian investor operating in France, where they employ more than 7,000 people. Seventeen investments from India were recorded in France in 2018, creating or maintaining 141 jobs. Samvardhana Motherson Group and Rahman Group were a few big investments and re-investments made in France in 2018.     Indian projects often involved decision making centers (59% of projects; 53% of jobs) and production/manufacturing operations (18% of projects; 34% of jobs). Investments were mainly made in the software and IT services sector (24% of projects; 30% of jobs), and the machinery and mechanical equipment sector (12% of projects; 21% of jobs).   France also confirmed its leadership as a host country for industrial investments in Europe, with 339 recorded projects, or 5% more than in 2017, as it continued to hold top spot for more than 15 years.   The perception survey that completes the report shows that since the start of 2019, France’s image has remained positive, despite a difficult social climate; 80% of investors set up in France declare themselves to be satisfied or very satisfied with their investments in France, while also highlighting that France must pursue its efforts to increase its attractiveness in fields as varied as education and training; reducing labor costs; reducing taxation; and supporting SMEs and mid-size companies.   “France is modernizing its economy and investors are sensing this strongly as they make long-lasting investments in our country. These results can be read coherently with the record year for foreign investment recorded by Business France. The support provided by the government to high-tech industries and innovative projects, even though it must always be constantly supported, is helping our teams at Business France to convince people and is helping investors to choose France as a destination for their European operations,” said Christophe Lecourtier, CEO of Business France.   “France is convincing more and more decision-makers. The reforms being led and confirmed by the French government show the collective will that exists to make our country more competitive and attractive. The successes of VivaTech and Tech For Good, as well as the emergence of future unicorns, clearly positions France as a European leader in innovation, as shown by the 144 R&D investment projects recorded by this report. From my recent meetings with investors in Hong Kong, Singapore, Berlin and New York, I know that this strong message about a France on the move is being heard. We remain strongly committed to make the potential of France better known, which is particularly necessary work with our non-European partners. We have to capitalize on this!” said Pascal Cagni, Chairman of the Board of Business France.

Indo-French Agreement for Modernisation of Indian railway stations

Purva Marwaha - 26-juin-2019 14:09:23
In June 2019, the Indian Railway Station Development Corporation (IRSDC) signed a "Tripartite Agreement" with French National Railways – SNCF & the French Development Agency in India – AFD. This cooperation aims to support the Indian Railway’s ambitious programme to redevelop/modernise 600 railway stations across its network. The AFD will provide in-kind grant financing of up to 700000 EUROS, routed through the SNCF-Hubs and Connexions which is the Technical Partner for IRSDC, on this programme. The programme will not put any financial liability on the IRSDC or the Indian Railways.   The agreement was signed in presence of Mr Suresh Angadi, the Indian Minister of State of Railways and H.E. Mr. Jean Baptiste Lemoyne, Minister of State, Ministry of Europe and Foreign Affairs, Government of France.   Redevelopment of 600 major railway stations is an ambitious project being taken up by the Indian Railway Station Development Corporation (IRSDC). All stations with more than 25000 footfalls will get escalators and all stations & trains will be gradually equipped with wi-fi. CCTVs are to be provided at all stations and trains. IRSDC has been entrusted with the task of conducting techno-economic feasibility studies of all the stations. Redevelopment is proposed to be taken up in phases after the completion of these studies. By November 2018, a total of 574 escalators were commissioned and the work of Wi-Fi internet facility was completed at 721 stations and CCTV facility was provided at 436 stations.   Since December 2018, Business France India is engaged on a programme to help French companies to partner with Indian firms for participating in the station redevelopment projects/tenders in India. Phase-2 of Business France’s programme was recently concluded were a matching of business potentials was initiated between Indian EPCs (engineering, procurement, construction companies) and few French companies from the railway stations sector. The phase-3 of Business France’s programme is now to be executed, for which French companies will be visiting India between September-November 2019 to participate in B2B discussions with potential Indian partners and meet the public stakeholders from India involved in this project. If you wish to know more about Business France’s activities in this domain, please write to Durlabh Maharishi ( durlabh.maharishi@businessfrance.fr ).

Indian Maritime sector: an Ocean of Opportunities

Purva Marwaha - 26-juin-2019 13:46:42
As India grows to be one of the major economies in the world, it will require a vibrant and strong maritime industry to strategically support this growth. India is the 16 th largest maritime country in the world and its maritime transport handles around 95% of India’s trading by volume and 70% in value terms. India’ s strategic location along most major shipping highways , with a vast coastline of 7500 km, endorses the growth of a Blue Economy   in a sustainable, inclusive and people centred manner.   India  is developing its  maritime infrastructure   as well as its inland waterways and coastal shipping through the launch of several major initiatives such as the Sagarmala project, ports modernization and Inland Waterways & Coastal Shipping development, which will revolutionize maritime logistics and port led developments in the country. India’s ambitious Sagarmala programme has identified 600 plus projects entailing huge investment of around 120 billion dollars by the year 2020. This will save nearly 6 billion dollars per annum in logistics costs besides creating 10 million new jobs and boosting port capacity by 800 MMTPA to an overall 3500 MMTPA. Coastal Economic Zones (CEZs) are being developed under Sagarmala with a proposed investment of 150 Million dollars per location. These CEZs will thus foster blue economy wherein industries and townships that depend on the sea and contribute to global trade through sea connectivity are envisaged. The Indian Navy too, is giving a strong push to the Make in India initiative as it strives for self-reliance in the production of warships.  Also, in view of the recent regulations to control emissions from ships set by International Maritime Organization, there will be a growing need to collaborate for environment-friendly technology & solutions, such as LNG powered vessels, as well as green ports. In the pursuit of these endeavours, another key area is training & development of manpower, university partnerships to encourage innovation, knowledge sharing and transfer through partnerships and technological assistance from maritime countries to orient the workforce towards world-class manufacturing techniques and processes. Keeping this ambition of India in mind, Business France in partnership with the maritime cluster, will be organising a Maritime days event focusing on important sub-sectors like port infrastructure development, port modernisation, shipbuilding, waterways etc. This program is scheduled to take place in November 2019 . If you wish to collaborate with us for this event, please write to zaver.mistry@businessfrance.fr     Sources : Business Standard, Forbes India

Cosmoprof India 2019

Purva Marwaha - 26-juin-2019 13:32:30
Business France India was present at the Cosmoprof India (Mumbai) exhibition from 12th – 14th June 2019 and was representing 4 French brands : Algologie and Dr. Renaud, Detaille 1905 and Affinessence on their booth. Cosmoprof is one of the leading global events in the cosmetics and personal care domain. It was a good platform to introduce the French brands looking to foray into the Indian market and have meetings at the event with the potential companies. Overall, there were 10 French companies participating at this event, namely : Phytomer, Rémy Laure, SFA, Gemology, Gamma Bross, Balmain.
About
Sophie Clavelier, Country Head   Welcome to the French Trade Commission Business France in India!     Our key mission is to promote trade relations between France and India. We assist French- based companies seeking potential partners and new markets in India, while helping Indian businesses to identify potential French suppliers, commercial and technical partners.   In India, our 4 offices are located in business hubs, New Delhi, Mumbai, Bengaluru and Chennai. We have a dedicated multicultural team of 38 experts in the following growing sectors: Agrofood Industry Industry and Cleantech Lifestyle and Healthcare Tech & Services Our Trade Commission also has a Press office in charge of helping French companies to communicate in India as well as a Market Access Department enabling them to better understand and adjust to the Indian regulatory and fiscal framework. In

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