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What we do?

We simplify complex legal and financial challenges by offering a range of services, including Virtual CFO, Legal Support, Tax & Regulatory, and Global Expansion assistance.

Our goal at Treelife, is to provide you with peace of mind and ease in business.

Startups

Startups

Investors

Investors

Global

Global

Accelerator

Accelarators/Incubators

Why choose us?

2x

Faster T.A.T

40+

Domain Experts

1000+

Clients served

7000+

Client hours saved

10+

Years in the startup industry

We Are Problem Solvers.
And Take Accountability.

Companies that trust us..

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Clevertap
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Consumer Services
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VC
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Social Enterprise
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Fintech
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AI
Pingsafe
Cybersecurity
Datasutram
SaaS
All Star Games
Gaming

…and here’s what they have to say

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Anand Prakash
CEO, Pingsafe
Pingsafe

Treelife served as our integrated legal team, they streamlined contract closure and processes, provided expert business advice, and supported our growth journey. Their proactive approach and attention to detail were invaluable in navigating challenges effectively. We highly recommend Treelife to startups aiming for sustainable and efficient growth.

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Karan Bajaj
CEO, WhiteHat Jr
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Jitesh and Garima helped set up WhiteHat Jr’s legal and financial structures that held from incorporation to fundraising to our acquisition. Their deep understanding of the startup space helped us validate our ideas from a regulatory framework and generated confidence among key stakeholders as we expanded our product in India and abroad.

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Arnav Sahni
Cofounder, SPLOOT
Sploot

Treelife’s support has been outstanding. Their advice is proactive, their turnaround time is impressive, and their industry knowledge is unmatched. They guided us through our ESOP policy implementation and negotiated and closed two equity fundraising transactions with ease. We highly recommend Treelife to any start-up entrepreneurs in need of legal, compliance and financial support for their business.

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Pravin Jadhav
Founder, Dhan
Dhan

We have engaged with Jitesh and the team at TreeLife on multiple assignments through our journey. TreeLife has been super helpful and have made positive contributions in multiple transactions spanning legal, financial and engagements involving our key acquisitions at Raise. We highly recommend associating with them.

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Chloe Degois
Lead Finance Ops, Partoo
Partoo

Treelife has been a great help in opening our subsidiary in India. Reactive and very professional, they ensure the good management of this subsidiary. We are very satisfied with the work they are doing.

Rentomojo
Geetansh Bamania
Founder, Rentomojo
Rentomojo

Treelife provides us with critical insights into our business, allows us to make fast decisions and ultimately become more dynamic and competitive in the marketplace. To top it all off, the support has been brilliant, quick, helpful and personal. We are super impressed with Treelife. Recommended Treelife to my contacts.

Our Services

For Startups

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Virtual CFO

Payroll Accounting & MIS Budgeting Tax Compliance

Streamline your startup's financial operations with our comprehensive Virtual CFO services. We handle everything from payroll and accounting to budgeting and tax compliance, allowing you to focus on scaling your business.

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Legal Support

Transaction Support Contracts M&A IPR Disputes

Navigate the complexities of legal requirements with ease. Our Legal Support services cover transaction support, contracts, M&A, IPR and disputes, ensuring your startup is legally sound.

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Secretarial
Compliance

Entity Incorporation Strike-off Annual Filing FEMA

Stay compliant and organized with our Secretarial Compliance services. We assist with entity incorporation, strike-offs, annual filings, and FEMA compliance, keeping your business operations smooth and hassle-free.

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Tax & Regulatory

Transfer Pricing Tax Advisory Equity Restructuring Financial Modeling

Optimize your financial strategy with our expert Tax & Regulatory services. We provide support for transfer pricing, tax advisory, equity restructuring, and financial modeling, ensuring your startup remains compliant and financially efficient.

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For Investors

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AIF Setup

Fund Setup PPM Tax Structuring SEBI Application

Efficiently establish your Alternative Investment Fund with our comprehensive setup services. We handle fund setup, PPM, tax structuring, and SEBI applications, ensuring a seamless start.

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Investment Support

Due Diligence Transaction Documentation Company Liaisoning

Enhance your investment strategies with expert support in due diligence, transaction documentation, and company liaisoning, facilitating informed and strategic decisions.

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Lifecycle Assistance

Liaisoning with Vendors Investor Support

Maintain smooth operations and strong investor relations with our lifecycle assistance services, including vendor liaisoning and continuous investor support.

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Exit Support

Documentation Support Tax Planning

Ensure a smooth and profitable exit with our exit support services, providing comprehensive documentation support and strategic tax planning.

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Going Global

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Flipping

Structure Conceptualisation Tax & Regulatory Impact Execution Support

Transform your business structure seamlessly with our flipping services. We offer structure conceptualization, tax and regulatory impact assessment, and execution support to ensure a smooth transition.

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GIFT IFSC Setup

Evaluation Setup Assistance Post-Setup Ongoing Support

Leverage the benefits of GIFT IFSC with our tailored services. We provide evaluation, setup assistance, and post-setup ongoing support to facilitate your entry into this strategic hub.

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India Entry

Jurisdiction Evaluation Regulatory Assessment Execution Support Ongoing Compliance

Enter the Indian market with ease using our comprehensive India entry services. We assist with market entry strategy, setup assistance, and ongoing back office support to help your business thrive.

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Global Market Entry

Market Entry Setup Assistance Ongoing Back Office

Expand your business internationally with confidence. Our global market entry services include jurisdiction evaluation, regulatory assessment, and execution support, ensuring a successful launch in new markets.

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Our Core Team of Experts

Jitesh Agarwal
Founder
Garima Mitra
Co-founder
Priya Kapasi Shah
Associate Partner | Tax & Regulatory
Chintan Doshi
Principal Associate | VCFO
Gaurav Shetty
Senior Associate | Tax & Regulatory
Darshana Chauhan
Senior Associate | Compliance
Nikita Sukhathankar
Senior Associate | Transactions
Yamini Upadhyay
Senior Associate | Legal
Koustubh Athavale
Senior Associate | Legal
Rohit Gandhi
Senior Associate | Tax & Regulatory
Sanmita Poojari
Senior Associate | Compliance
Sanjukta Hait
Senior Associate | VCFO

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Navigating the CERT-IN Directions: Implications and Challenges for Indian Businesses

Navigating the CERT-IN Directions: Implications and Challenges for Indian Businesses

Introduction

Reason for these Cyber Security Directions

In an increasingly digital world, the threats posed by cyberattacks have become a significant concern for organizations worldwide. Recognizing the urgency of the situation, on April 28, 2022, the Indian Computer Emergency Response Team (“CERT-IN”) introduced new directives that mandate all cybersecurity incidents be reported within a stringent timeframe. This move marks a significant shift in India’s approach to cybersecurity, underscoring the need for rapid response and heightened vigilance.

Scenario before these Directions

Prior to these directives, many organizations struggled with limited visibility into cybersecurity threats, leading to incidents that were either inadequately reported or overlooked altogether. The lack of comprehensive analysis and investigation of these incidents often left critical gaps in understanding and mitigating cyber risks. With the implementation of this directive, organizations are now compelled to reassess their internal cybersecurity protocols, ensuring that robust measures are in place to meet these new reporting requirements.

Highlights of the CERT-IN Directions

Applicability

These directions cover all organisations that come within the purview of the Information Technology Act, 2000. 

Individuals, Enterprises, and VPN Service Providers are excluded from following these directions. 

Navigating the CERT-IN Directions: Implications and Challenges for Indian Businesses
Navigating the CERT-IN Directions: Implications and Challenges for Indian Businesses

Types of Incidents to be Reported

The directions provide an exhaustive list of incidents that need to be reported within the timeframe mentioned (refer Annexure I). In addition to these directions, the entities to whom these directions are applicable also need to continue following Rule 12 of the Information Technology (The Indian Computer Emergency Response Team and Manner of Performing Functions and Duties) Rules, 2013, and report the incidents as elaborated therein. 

Timelines and How to Report

Timeline. All incidents need to be reported to CERT-IN within 6 (Six) hours from the occurrence of the incident or of the incident being brought to the respective Point of Contact’s (“POC”) notice. 

Reporting. Incidents can be reported to CERT-IN via Email at ‘[email protected]’, over Phone at ‘1800-11-4949’ or via Fax at ‘1800-11-6969’. Further details regarding reporting and the format to be followed are uploaded at ‘www.cert-in.org.in’.

Designated Point of Contact (POC)

The reporting entities are mandated to designate a POC to interface with CERT-IN. All communications from CERT-IN seeking information and providing directions for compliance shall be sent to the said POC.

Maintenance of Logs

The directions mandate the reporting entities to enable logs of all their information and communications technology systems (“ICT”) and maintain them securely for a period of 180 days. The ambit of this direction is broad and has potential of bringing in such entities who do not have physical presence in India but deal with any computer source present in India. 

ICT Clock Synchronization

Organizations are required to synchronize the clocks of all their ICT systems by connecting to the Network Time Protocol (“NTP”) Server provided by the National Informatics Centre (“NIC”) or the National Physical Laboratory (“NPL”), or by using NTP servers that can be traced back to these sources.

The details of the NTP Servers of NIC and NPL are currently as follows:

NIC – ‘samay1.nic.in’, ‘samay2.nic.in’

NPL – ‘time.nplindia.org’

However, the government has provided some relief, that not all companies are required to synchronize their system clocks with the time provided by the NIC or the NPL. Organizations with infrastructure across multiple regions, such as cloud service providers, are permitted to use their own time sources, provided there is no significant deviation from the time set by NPL and NIC.

Challenges Faced and Recommendations

Challenges

  • Limited Infrastructure and Resources: Many companies, especially tech startups may struggle to develop the necessary capabilities for large-scale data collection, storage, and management needed to report incidents within a six-hour timeframe.
  • Stringent Guidelines compared to International Standards: For example, Singapore’s data protection laws require cyber breaches to be reported within three days, which aligns with the General Data Protection Regulation (GDPR).
  • Increasing complexity of Cybercrime Detection: Identifying cybersecurity breaches can take days or even months. Additionally, the new guidelines have expanded the list of reportable incidents from 10 to 20, now including attacks on IoT devices. Currently, many organizations do not have an integrated framework that can monitor breaches across different platforms and devices, making it even more challenging to detect and report incidents.

Recommendations to comply with the 6 hours Timeframe

  • Reassess Practices and Procedures: Organisations, especially tech startups should review and update their breach reporting protocols to align with CERT-IN directions. This includes evaluating breach severity, clarifying reporting responsibilities among involved parties, and planning for non-compliance risks. 
  • Enhance Organizational Capabilities: Startups need to strengthen their ability to quickly identify and report cyber breaches. This includes training staff, conducting regular security audits, and managing personal device use. Given their limited resources, robust cybersecurity practices are vital for startups to protect against attacks and ensure their growth.
  • Enable and Maintain Logs: CERT-IN requires organizations to enable and maintain logs. Startups should carefully select which logs to maintain based on their industry to ensure they can promptly identify and report cyber incidents, staying compliant with the reporting timeframe.

Consequences for Non-compliance

  • Failure to comply with the directions can result in imprisonment for up to 1 year and/ or a fine of up to INR 1 Crore (approximately USD 1,20,000).  
  • Other penalties under the IT Act may also apply, such as the confiscation of the involved computer or computer system.  
  • If a company commits the offence, anyone responsible for the company’s operations at the time will also be liable. Furthermore, if the contravention occurred with the consent, involvement, or neglect of a director, manager, secretary, or other officer, that individual will also be considered guilty and subject to legal action.

Conclusion

The CERT-IN Directions issued on 28th April 2022 mark a significant step towards strengthening India’s cybersecurity framework. These directions introduce stringent reporting timelines, enhanced data retention requirements, and new compliance obligations for service providers, intermediaries, and other key entities. By mandating swift reporting of cyber incidents within 6 hours and enforcing strict penalties for non-compliance, CERT-IN aims to bolster the security and trustworthiness of India’s digital infrastructure. The intention behind the introduction of these measures is laudable but from a compliance point of view, the direction can be overreaching and may not be the most efficient manner of dealing with cybersecurity threats. 

Annexure

Types of Incidents to be reported include:

  • Attacks or malicious/suspicious activities affecting systems/servers/software/applications related to Artificial Intelligence and Machine Learning.
  • Targeted scanning/probing of critical networks/systems.  
  • Compromise of critical systems/information.  
  • Unauthorised access of IT systems/data. 
  • Defacement of website or intrusion into a website and unauthorised changes such as inserting malicious code, links to external websites etc.  
  • Malicious code attacks such as spreading of virus/worm/Trojan/Bots/Spyware/Ransomware/ Cryptominers.
  • Attack on servers such as Database, Mail and DNS and network devices such as Routers.
  • Identity Theft, spoofing and phishing attacks.
  • Denial of Service (DoS) and Distributed Denial of Service (DDoS) attacks.  
  • Attacks on Critical infrastructure, SCADA and operational technology systems and Wireless networks.
  • Attacks on Application such as E-Governance, E-Commerce etc.  
  • Data Breach.  
  • Data Leak.
  • Attacks on Internet of Things (IoT) devices and associated systems, networks, software, servers.  
  • Attacks or incident affecting Digital Payment systems.  
  • Attacks through Malicious mobile Apps.  
  • Fake mobile Apps.
  • Unauthorised access to social media accounts.
  • Attacks or malicious/suspicious activities affecting Cloud computing systems/servers/software/applications.  
  • Attacks or malicious/suspicious activities affecting systems/servers/networks/software/applications related to Big Data, Blockchain, virtual assets, virtual asset exchanges, custodian wallets, Robotics, 3D and 4D Printing, additive manufacturing, Drones.
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Board Observers: Navigating Influence and Corporate Governance without Voting Power

Board Observers: Navigating the Influence Without the Vote

In the complex world of corporate governance, the role of board observers has emerged as a key component, especially in the wake of increased investor scrutiny, particularly in the private equity (PE) and venture capital (VC) sectors. With growing financial uncertainty, investors are looking for ways to maintain a closer watch on companies without assuming directorial risks. One such method is by appointing a board observer, a role that, although devoid of statutory voting power, can wield significant influence.

A board observer’s position in the intricate realm of corporate governance is crucial and varied. With increased distress particularly in the private equity sector, we may see investors deploying various tools to keep a closer eye on the company’s financial performance. Appointing a board observer is one such tool.

Despite not having statutory authority or the ability to vote, board observers have a special position of influence and can provide productive insights.

Board observers quite literally are individuals who are fundamentally appointed with the task to ‘observe’. They act as representatives typically from major investors, strategic partners, or key stakeholders, and are granted access to board meetings.

Understanding the Role of Board Observers

Board observers are not formal members of the board, nor do they hold the power to vote on corporate decisions. However, their presence in board meetings is a tool used primarily by major investors, strategic partners, and other key stakeholders to monitor the company’s strategic direction and financial health. These individuals are entrusted with providing valuable insights without the direct legal responsibilities that directors typically face.

Although board observers do not have a formal vote, their influence can shape company strategies. This unique role enables them to represent the interests of investors or stakeholders while remaining free from the direct obligations of fiduciary duties.

Board Observer Rights – How does it work?

Investors involved in the venture capital (VC) and private equity (PE) spaces often negotiate for a board seat with the intent to contribute to the decision-making process and protect their interests by having representation on the board. A recent trend, however, indicates that these investors are reluctant to formally exercise their nomination rights owing to the possible risks/liabilities associated with directorships, such as fiduciary duties and vicarious liability that is often intertwined in the acts and omissions of the company, which can lead to such directors being identified as “officers in default”.

The rights and responsibilities of a board observer are distinct from those of a nominee director, primarily due to the lack of formal voting authority. Accordingly, board observers are relieved from the direct fiduciary duties that are normally connected with board membership since their position is specified contractually rather than by statutory board responsibilities.

Is a Board Observer an officer in default?

The Act provides a definition for the term “Officer” which inter alia includes any person in accordance with whose directions or instructions the board of directors of the company or any one or more of the directors are accustomed to act. Additionally, the term “Officer in Default” states that an Officer of the company who is in default will incur liability in terms of imprisonment, penalties, fines or otherwise, regardless of their lack of an official position in the company.

Accordingly, any person who exercises substantial decision-making authority on the board of the company may be covered as an Officer in Default.

While board observers may not be equivalent to formal directors, the litmus test lies in determining where the decision-making power truly resides, leading to potential liabilities that may surpass the protections sought by investors. 

Observers are not subject to a company’s breach of any statutory provisions because their appointment is based on a contractual obligation rather than a statutory one, unlike nominee directors who are permitted to participate in board meetings.

Even though board observers are not designated as directors, they run the risk of being seen as “Shadow Directors” if they have a significant amount of authority or influence over the decisions made by the company.

The Legal Perspective on Board Observers

Unlike nominee directors, who are formally appointed and legally bound to fulfill statutory responsibilities, board observers are appointed through contractual obligations. This shields them from liabilities tied to breaches of statutory provisions. However, as their influence grows, so does the risk of being classified as shadow directors, particularly if they are perceived as playing a significant role in decision-making.

Conclusion

Corporate Governance is an evolving concept, especially in the context of active investor participation. In order to foster a corporate environment that is legally robust, it will be imperative to strike a balance between active investor participation and legal prudence. That being said, as businesses continue to navigate complex and evolving landscapes, the value of a well-integrated board observer cannot be overstated. A board observer can bring clarity to the business and operations of an investee company without attaching the risk of incurring statutory liability for acts/omissions by the company. This is a significant factor that makes the option of a board observer nomination more attractive to PE and VC investors, vis-a-vis the appointment of a nominee director.

FAQs on Board Observers

  1. What is a board observer in corporate governance?
    A board observer is an individual appointed by investors or key stakeholders to attend board meetings without having formal voting power. They offer insights and monitor the company’s performance, primarily to protect the interests of those they represent.
  2. How do board observers differ from directors?
    Unlike board directors, board observers do not have the authority to vote on decisions or take on fiduciary duties. Their role is more about observation and providing feedback rather than participating in the decision-making process.
  3. What are the rights of a board observer?
    A board observer has the right to attend board meetings and access key company information, but they do not hold any voting rights. Their responsibilities and rights are typically outlined in a contractual agreement between the company and the observer’s appointing party.
  4. Can board observers influence corporate decisions?
    Yes, board observers can provide valuable insights and advice that may influence corporate decisions, but they do not have direct decision-making power. Their influence comes from their ability to offer expert advice and represent investors’ interests.
  5. Are board observers liable for company decisions?
    Generally, board observers are not legally liable for company decisions as they are not formal board members. However, if their influence over board decisions becomes significant, they could be viewed as shadow directors, which might expose them to certain legal liabilities.
  6. Why do investors appoint board observers instead of directors?
    Investors often prefer appointing board observers because it allows them to monitor company performance and offer guidance without taking on the fiduciary duties and potential liabilities associated with being a formal board member.
  7. What is the risk of being considered a shadow director as a board observer?
    If a board observer has significant influence over board decisions, they could be classified as a shadow director. Shadow directors can be held liable for the company’s actions, similar to formally appointed directors, especially in cases of misconduct or financial mismanagement.
  8. How does a board observer benefit private equity and venture capital investors?
    Board observers allow PE and VC investors to maintain oversight of their portfolio companies, ensuring the company’s strategic direction aligns with their interests. This role provides investors with valuable insights without the risk of statutory liabilities that come with directorship.
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Types of Agreements used in SaaS Industry

Types of Agreements used in SaaS Industry

In the ever-evolving landscape of the SaaS industry, understanding the various types of agreements is crucial for businesses to operate effectively and legally. From customer contracts to partner agreements, these legal documents form the backbone of SaaS operations. By navigating the intricacies of these agreements, businesses can protect their intellectual property, establish clear terms of service, and mitigate potential risks. In this comprehensive guide, we will explore the key types of agreements used in the SaaS industry, providing valuable insights for both established companies and startups.

What is SaaS? 

Software as a Service (“SaaS”), is a way of delivering software applications over the internet. Instead of purchasing and installing software on your computer, you access it online through a subscription. This makes it easier to use and manage, as updates, security, and maintenance are handled by the service provider. Examples of SaaS include tools like Google Workspace or Microsoft 365, where everything is accessible from a web browser. This model is convenient for businesses because it reduces upfront costs and offers scalability based on their needs.

What are SaaS Agreements? 

However, beneath the surface of this convenient access lies a complex web of agreements that govern the relationship between SaaS providers and their customers, which are essential to ensuring a smooth and secure experience for all parties involved. These agreements outline the terms of using a cloud-based software service. These agreements specify the rights and responsibilities of both parties, covering aspects such as subscription fees, data privacy, service availability, support, and usage limitations.

This article delves into the various types of agreements that form the backbone of the SaaS industry and it will explore their key components, importance, and how they work together to create a win-win situation for both SaaS providers and their subscribers.

What are the types of Agreement in SaaS Industry

In the SaaS industry, various types of agreements are commonly used to establish the terms of service, licensing, and other legal arrangements between the SaaS provider and its customers. Here are some key types of agreements used in the SaaS industry:

Terms of Service (ToS) or Terms of Use (ToU)

These agreements outline the terms and conditions under which users are allowed to access and use the SaaS platform. They typically cover aspects such as user obligations, limitations of liability, intellectual property rights, privacy policies, and dispute resolution procedures.
Key Components: User obligations, limitations of liability, intellectual property rights, privacy policies, dispute resolution procedures.
Importance: Provides clarity and sets apt expectations for users regarding acceptable use of the SaaS platform, protecting the provider from misuse and establishing guidelines for resolving disputes.

Service Level Agreement (SLA)

SLAs define the level of service that the SaaS provider agrees to deliver to its customers, including uptime guarantees, response times for support requests, and performance metrics. SLAs also often outline the remedies available to customers in the event that service levels are not met.
Key Components: Uptime guarantees, response times for support requests, performance metrics, remedies for breaches.
Importance: Defines the quality of service expected by customers, establishes accountability for the SaaS provider, and offers assurances to customers regarding system reliability and support responsiveness

Master Services Agreement (MSA)

An MSA is a comprehensive contract that governs the overall relationship between the SaaS provider and the customer. It typically includes general terms and conditions applicable to all services provided, as well as specific terms related to individual transactions or services.
Key Components: General terms and conditions, specific terms related to individual transactions or services, payment terms, termination clauses.
Importance: Forms the foundation of the contractual relationship between the SaaS provider and the customer, streamlining the process for future transactions and ensuring consistency in terms across multiple agreements.

Subscription Agreement:

This agreement outlines the terms of the subscription plan selected by the customer, including pricing, payment terms, subscription duration, and any applicable usage limits or restrictions.
Key Components: Pricing, payment terms, subscription duration, usage limits, renewal terms.
Importance: Specifies the terms of the subscription plan selected by the customer, including pricing and payment obligations, ensuring transparency and clarity in the commercial relationship.

Data Processing Agreement (DPA)

DPAs are used when the SaaS provider processes personal data on behalf of the customer, particularly in relation to data protection regulations such as GDPR. These agreements specify the rights and obligations of both parties regarding the processing and protection of personal data.
Key Components: Data processing obligations, data security measures, rights and responsibilities of both parties regarding personal data as laid down in India’s Digital Personal Data Protection Act 2023, and GDPR compliance.
Importance: Ensures compliance with data protection regulations, establishes safeguards for the processing of personal data, and defines the roles and responsibilities of each party in protecting data privacy.

Non-Disclosure Agreement (NDA)

NDAs are used to protect confidential information exchanged between the SaaS provider and the customer during the course of their relationship. They prevent either party from disclosing sensitive information to third parties without consent.
Key Components: Definition of confidential information, obligations of confidentiality, exceptions to confidentiality, duration of the agreement.
Importance: Protects sensitive information shared between parties from unauthorized disclosure, fostering trust and enabling the exchange of confidential information necessary for business collaboration.

End User License Agreement (EULA)

If the SaaS platform includes downloadable software or applications, an EULA may be required to govern the use of that software by end users. EULAs specify the rights and restrictions associated with the use of the software.
Key Components: Software license grant, permitted uses and restrictions, intellectual property rights, termination clauses.
Importance: Establishes the rights and obligations of end users regarding the use of software, ensuring compliance with licensing terms and protecting the provider’s intellectual property rights.

Beta Testing Agreement

When a SaaS provider offers a beta version of its software for testing purposes, a beta testing agreement may be used to outline the terms and conditions of the beta program, including feedback requirements, confidentiality obligations, and limitations of liability.
Key Components: Scope of the beta program, feedback requirements, confidentiality obligations, limitations of liability.
Importance: Sets the terms for participation in beta testing, manages expectations regarding the beta software’s functionality and stability, and protects the provider from potential risks associated with beta testing activities.

These are some of the most common types of agreements used in the SaaS industry, though the specific agreements required may vary depending on the nature of the SaaS offering and the requirements of the parties involved.

Conclusion

In conclusion, the Software as a Service (SaaS) industry relies on a variety of agreements to establish and govern the relationships between SaaS providers and their customers. Each agreement plays a crucial role in defining the terms of service, protecting intellectual property, ensuring data privacy and security, and mitigating risks for both parties involved. From Terms of Service outlining user responsibilities to Service Level Agreements guaranteeing performance standards, and from Data Processing Agreements ensuring compliance with regulations like GDPR to Non-Disclosure Agreements safeguarding confidential information, these agreements collectively form the legal backbone of the SaaS ecosystem. By clearly delineating rights, obligations, and expectations, these agreements promote transparency, trust, and effective collaboration in the dynamic landscape of cloud-based software delivery. As the SaaS industry continues to evolve, these agreements will remain essential tools for fostering mutually beneficial partnerships and driving innovation in the digital economy.

FAQs on Types of SaaS Agreements

Q. What is the significance of agreements in the SaaS industry?

Agreements play a crucial role in defining the legal relationships between SaaS providers and their customers, outlining rights, obligations, and terms of service.

Q. What are the key types of agreements used in the SaaS industry?

Common agreements in the SaaS industry include Terms of Service (ToS), Service Level Agreements (SLAs), Master Services Agreements (MSAs), Subscription Agreements, Data Processing Agreements (DPAs), Non-Disclosure Agreements (NDAs), End User License Agreements (EULAs), and Beta Testing Agreements.

Q. What is the purpose of a Terms of Service (ToS) agreement in the SaaS industry?

ToS agreements establish the rules and guidelines for using the SaaS platform, including user responsibilities, intellectual property rights, and dispute resolution procedures.

Q. How do Service Level Agreements (SLAs) benefit customers in the SaaS industry?

SLAs define the level of service that the SaaS provider commits to delivering, including uptime guarantees, support response times, and performance metrics, offering assurances to customers regarding service quality.

Q. What does a Master Services Agreement (MSA) encompass in the SaaS industry?

MSAs serve as comprehensive contracts governing the overall relationship between SaaS providers and customers, covering general terms, specific transaction details, payment terms, and termination clauses.

Q. What is the purpose of Non-Disclosure Agreements (NDAs) in the SaaS industry?

NDAs protect confidential information exchanged between parties during the course of their relationship, preventing unauthorized disclosure and fostering trust in business collaborations.

Q. How do End User License Agreements (EULAs) affect users of SaaS platforms?

EULAs define the terms of use for software provided by SaaS platforms, including permitted uses, restrictions, and intellectual property rights, ensuring compliance and protecting the provider’s interests.

Q. What is the role of Beta Testing Agreements in the SaaS industry?

Beta Testing Agreements establish terms for participating in beta programs, outlining feedback requirements, confidentiality obligations, and limitations of liability for both parties involved in testing new software releases.

Q. How can businesses ensure they are effectively using these agreements in the SaaS industry?

Businesses should carefully review, customize, and regularly update these agreements to reflect evolving legal requirements, industry standards, and the specific needs of their SaaS offerings and customer base.

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Streamlining Financial Compliance for a Health-Tech Innovator

Streamlining Financial Compliance for a Health-Tech Innovator

Streamlining Financial Compliance for a Health-Tech Innovator
Streamlining Financial Compliance for a Health-Tech Innovator

Business Overview

A health-tech company operating a digital clinic under the brand name ‘Proactive For Her’, providing a digital platform to offer accessible, personalized, and confidential healthcare solutions for women.

 

Project Undertaken

  • Review of accounting records and tax filings on a monthly basis
  • Compliance assistance for fundraising

 

How We Helped?

Review of Accounts and Tax Filing:

  • Treelife conducted a thorough review of the monthly accounting books to ensure accuracy and completeness, helping the company maintain precise financial records.
  • We ensured GST payments and returns were filed timely and accurately, reducing the risk of non-compliance and potential penalties for the company.
  • Our team streamlined and regularized tax returns, annual filings, and other statutory compliances according to applicable due dates, ensuring the company met all regulatory requirements promptly.

Fundraising (Compliance Advisor):

  • Treelife provided compliance advisory services for the company’s fundraising efforts, ensuring that all financial records and compliance requirements were up-to-date.
  • We assisted with the timely updating of accounting entries and filings, completing requisite regulatory compliances efficiently.
  • Our involvement ensured a reduction in the turnaround time (TAT) for payments and MIS processing, facilitating smoother financial operations and improved investor confidence.

By leveraging our expertise in financial and compliance advisory, Treelife enabled ‘Proactive For Her’ to maintain accurate financial records, meet all compliance requirements, and support its fundraising activities. Our comprehensive support helped the company focus on its core mission of providing accessible and personalized healthcare solutions while ensuring robust financial and compliance management.

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We facilitated a seamless global expansion for an Indian company

We facilitated a seamless global expansion for an Indian company

Treelife played a pivotal role in helping an Indian private limited company transition to a US-headquartered structure. By setting up an LLP in India and guiding the investment process under the ODI route, we ensured compliance with FEMA and income-tax regulations. Our strategic approach enabled the company to raise funds from foreign investors and expand globally with minimal tax implications.

 

Business Overview

Indian individual promoters had established a private limited company in India and sought to expand their business globally. They aimed to raise funds from foreign investors and transition to a US-headquartered structure.

 

Project Undertaken

  • Setting up an LLP in India
  • Investment in a newly incorporated US entity under the ODI route
  • Acquisition of Indian entity shares by the US entity from the promoters

 

Structure Mechanics:

  • Indian individual promoters set up an LLP in India.
  • The LLP makes investments in a newly incorporated US entity under the ODI route.
  • The US entity acquires the shares of the Indian entity from the promoters, adhering to FEMA and income-tax regulations.
  • A benchmarking study is undertaken for all ongoing transactions between the US entity and the Indian entity.

 

Parameters:

  • The gift structure used under the erstwhile ODI rules was no longer possible, as Indian resident founders can now receive gifts of shares from their relatives.
  • Recently revamped ODI rules by RBI do not permit a foreign company to set up an Indian subsidiary where the Indian promoters control such a foreign company.
  • Any transaction between the offshore company and its Indian subsidiary needs to be benchmarked from a transfer pricing perspective.
  • Minimal income-tax implications and adherence to FEMA pricing norms.

 

Facts:

  • Indian promoters aimed to expand their business globally and raise funds from foreign investors.
  • They sought to move to a US-headquartered structure to facilitate this expansion.

By strategically structuring the investment and ensuring compliance with the latest ODI rules and FEMA pricing norms, Treelife enabled the company to achieve its global expansion goals. Our financial advisory services provided the necessary support to navigate complex regulatory landscapes and optimize tax implications, ensuring a smooth transition for the company’s international growth.

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We streamlined financial operations for an insurance-tech company in record time

We streamlined financial operations for an insurance-tech company in record time

In just a few weeks, Treelife transformed the financial infrastructure of an innovative SaaS company. We set up efficient accounting systems, ensured seamless bookkeeping, and provided critical fundraising support. Discover how our strategic approach reduced their operational burden and enhanced their financial management.

 

Business Overview

An innovative insurance-tech company using technology and innovation to transform the traditional insurance model. The company offers a cloud-based platform that connects distributors to the insurance ecosystem.

 

Project Undertaken

  • Setting up systems for HR, accounting, and payroll
  • Ongoing bookkeeping, tax compliance, and payments
  • Fundraising and due diligence support

 

How We Helped?

Setting Up:

  • Treelife took ownership and set up the entire accounting system for the company from inception using Zoho Books and Zoho Payroll.
  • Assisted in migrating from Zoho Payroll to Keka, ensuring a smooth transition.
  • Effective implementation of software and processes reduced the time and effort required by the founders.

Bookkeeping and Accounting:

  • Timely updating of accounting entries and filing, ensuring compliance with regulatory requirements.
  • Completion of requisite regulatory compliances, reducing TAT for payments and MIS processing.

Fundraising & Vendor Due Diligence:

  • Represented the company during the due diligence process conducted by investors, assisting them in understanding the business model and transaction workflow.
  • Submitted data in the requisite formats and seamlessly resolved queries from the diligence team regarding finance and tax-related areas promptly.

By leveraging our expertise in financial management, Treelife significantly improved the company’s operational efficiency and supported its growth journey. Our comprehensive services ensured that the company was well-prepared for investor scrutiny and ongoing financial challenges.

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IFSCA releases consultation paper seeking comments on draft circular on “𝑷𝒓𝒊𝒏𝒄𝒊𝒑𝒍𝒆𝒔 𝒕𝒐 𝒎𝒊𝒕𝒊𝒈𝒂𝒕𝒆 𝒕𝒉𝒆 𝑹𝒊𝒔𝒌 𝒐𝒇 𝑮𝒓𝒆𝒆𝒏𝒘𝒂𝒔𝒉𝒊𝒏𝒈 𝒊𝒏 𝑬𝑺𝑮 𝒍𝒂𝒃𝒆𝒍𝒍𝒆𝒅 𝒅𝒆𝒃𝒕 𝒔𝒆𝒄𝒖𝒓𝒊𝒕𝒊𝒆𝒔 𝒊𝒏 𝒕𝒉𝒆 𝑰𝑭𝑺𝑪”

IFSCA releases consultation paper seeking comments on draft circular on “𝑷𝒓𝒊𝒏𝒄𝒊𝒑𝒍𝒆𝒔 𝒕𝒐 𝒎𝒊𝒕𝒊𝒈𝒂𝒕𝒆 𝒕𝒉𝒆 𝑹𝒊𝒔𝒌 𝒐𝒇 𝑮𝒓𝒆𝒆𝒏𝒘𝒂𝒔𝒉𝒊𝒏𝒈 𝒊𝒏 𝑬𝑺𝑮 𝒍𝒂𝒃𝒆𝒍𝒍𝒆𝒅 𝒅𝒆𝒃𝒕 𝒔𝒆𝒄𝒖𝒓𝒊𝒕𝒊𝒆𝒔 𝒊𝒏 𝒕𝒉𝒆 𝑰𝑭𝑺𝑪”

IFSCA listing regulations requires debt securities to adhere to international standards/principles to be labelled as “𝐠𝐫𝐞𝐞𝐧”, “𝐬𝐨𝐜𝐢𝐚𝐥”, “𝐬𝐮𝐬𝐭𝐚𝐢𝐧𝐚𝐛𝐢𝐥𝐢𝐭𝐲” 𝐚𝐧𝐝 “𝐬𝐮𝐬𝐭𝐚𝐢𝐧𝐚𝐛𝐢𝐥𝐢𝐭𝐲-𝐥𝐢𝐧𝐤𝐞𝐝” 𝐛𝐨𝐧𝐝.

As of September 30, 2024, the IFSC exchanges boasted a listing of approximately USD 14 billion in ESG-labelled debt securities, a significant chunk of the total USD 64 billion debt listings in a short period. This rapid growth highlights the growing appetite for sustainable investments among global investors.

Certain investors, particularly institutional ones like pension funds and socially responsible investment (SRI) funds, explicitly state in their investment mandates that they can only invest in ESG-labeled securities. To encourage and promote ESG funds, the IFSCA has waived fund filing fees for the first 10 ESG funds registered at GIFT-IFSC, to incentivise fund managers to launch ESG-focused funds.

However, this rapid growth also comes with a significant risk of “greenwashing” where companies or funds exaggerate or falsely claim their environmental and sustainability efforts.

𝐖𝐡𝐚𝐭 𝐢𝐬 “𝐆𝐫𝐞𝐞𝐧𝐰𝐚𝐬𝐡𝐢𝐧𝐠”?

However, with this rapid growth comes a significant risk: greenwashing. Greenwashing occurs when companies or funds exaggerate or fabricate their environmental and sustainability efforts to project a greener image and attract investors. It’s essentially a deceptive marketing tactic that undermines the true purpose of sustainable investing.

IFSCA’s Consultation Paper: Mitigating Greenwashing

Recognizing the threat of greenwashing, the IFSCA has released a consultation paper seeking public comment on a draft circular titled “Principles to Mitigate the Risk of Greenwashing in ESG labelled debt securities in the IFSC.” This circular outlines principles that companies and funds issuing ESG-labelled debt securities on the IFSC platform must adhere to.

Refer link for consultation paper: https://ifsca.gov.in/ReportPublication?MId=8kS3KLrLjxk= 

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Karnataka's Global Capability Centres Policy: A Game Changer for India's Tech Landscape

Karnataka’s Global Capability Centres Policy: A Game Changer for India’s Tech Landscape

Karnataka, a state in India known for its vibrant tech industry, has recently unveiled its Global Capability Centres (GCC) Policy 2024-2029. This ambitious policy aims to solidify Karnataka’s position as a leading hub for GCCs in India and propel the state’s tech ecosystem to even greater heights.

What are Global Capability Centres (GCCs)?

For those unfamiliar with the term, GCCs are specialized facilities established by companies to handle various strategic functions. These functions can encompass a wide range of areas, including:

  • Information Technology (IT) services
  • Customer support
  • Research and development (R&D)
  • Analytics

By setting up GCCs, companies can streamline operations, reduce costs, and tap into a pool of talented professionals. This allows them to achieve their global objectives more efficiently.

Why is Karnataka a Major Hub for GCCs?

India is a powerhouse for GCCs, boasting over 1,300 such centers. Karnataka takes the lead in this domain, housing nearly 30% of India’s GCCs and employing a staggering 35% of the workforce in this sector. Several factors contribute to Karnataka’s attractiveness for GCCs:

  • Vast Talent Pool: Karnataka is home to some of India’s premier educational institutions, churning out a steady stream of highly skilled graduates in engineering, technology, and other relevant fields.
  • Cost-Effectiveness:India offers a significant cost advantage for setting up and operating GCCs, compared to other global locations.

Key Highlights of Karnataka’s GCC Policy 2024-2029

The recently unveiled GCC Policy outlines a series of ambitious goals and initiatives aimed at propelling Karnataka to the forefront of the global GCC landscape. Here are some of the key highlights:

  • Establishment of 500 New GCCs: The policy sets a target of establishing 500 new GCCs in Karnataka by 2029. This aggressive target signifies the government’s commitment to significantly expanding the state’s GCC footprint.
  • Generating $50 Billion in Economic Output: The policy envisions generating a staggering $50 billion in economic output through GCCs by 2029. This substantial economic contribution will be a boon for Karnataka’s overall development.
  • Creation of 3.5 Lakh Jobs: The policy aims to create 3.5 lakh (350,000) new jobs across Karnataka through the establishment and operation of new GCCs. This significant job creation will provide immense opportunities for the state’s workforce.
  • Centre of Excellence for AI in Bengaluru: Recognizing the growing importance of Artificial Intelligence (AI), the policy proposes establishing a Centre of Excellence for AI in Bengaluru. This center will focus on driving research, development, and innovation in the field of AI, fostering a robust AI ecosystem in Karnataka.
  • AI Skilling Council: The policy acknowledges the need to equip the workforce with the necessary skills to thrive in the AI-driven future. To address this, the policy proposes the creation of an AI Skilling Council. This council will be responsible for developing and delivering AI-related training programs, ensuring Karnataka’s workforce is well-prepared for the jobs of tomorrow.
  • INR 100 Crore Innovation Fund: The policy establishes an INR 100 crore (approximately $12.3 million) Innovation Fund. This fund will support joint research initiatives between academia and GCCs, fostering a collaborative environment that fuels innovation and technological advancements.

The GCC Policy has a clear and ambitious goal: for Karnataka to capture 50% of India’s GCC market share by 2029. Read more about the policy here.

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Major Boost for Reverse Flipping: Indian Startups Coming Home

Major Boost for Reverse Flipping: Indian Startups Coming Home

In recent years, a significant number of Indian startups have chosen to incorporate their businesses outside India, primarily in locations like Delaware, Singapore  and other global locations. This trend, known as “flipping,” offered advantages like easier access to foreign capital and tax benefits. However, the tide is starting to turn. We’re witnessing a growing phenomenon of “reverse flipping,” where these startups are now shifting their bases back to India.

This shift back home is driven by several factors, including a booming Indian market, attractive stock market valuations, and a desire to be closer to their target audience – Indian customers. To further incentivize this homecoming, the Ministry of Corporate Affairs (MCA) has recently introduced a significant policy change.

MCA Streamlines Cross-border Mergers for Reverse Flipping

The MCA has amended the Companies (Compromises, Arrangements, and Amalgamations) Rules, 2016, to streamline the process of cross-border mergers. This move makes it easier for foreign holding companies to merge with their wholly-owned Indian subsidiaries, facilitating a smooth transition for startups seeking to return to their roots.

Key Takeaways of the Amended Rules

Here’s a breakdown of the key benefits for startups considering a reverse flip through this streamlined process:

  • Fast-Track Mergers: The Indian subsidiary can file an application under Section 233 read with Rule 25 of the Act. This rule governs “fast-track mergers,” which receive deemed approval if the Central Government doesn’t provide a response within 60 days.
  • RBI Approval: Both the foreign holding company and the Indian subsidiary need prior approval from the Reserve Bank of India (RBI) for the merger.
  • Compliance with Section 233: The Indian subsidiary, acting as the transferee company, must comply with Section 233 of the Companies Act, which outlines the requirements for fast-track mergers.
  • No NCLT Clearance Required: This streamlined process eliminates the need for clearance from the National Company Law Tribunal (NCLT), further reducing time and complexity.

The Road Ahead

The MCA’s move represents a significant positive step for Indian startups looking to return home. This policy change, coupled with a thriving domestic market, is likely to accelerate the trend of reverse flipping. This not only benefits returning companies but also strengthens the overall Indian startup ecosystem, fostering innovation and entrepreneurial growth within the country.

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Navigating GIFT City - A Comprehensive Guide to India’s First IFSC

Navigating GIFT City: A Comprehensive Guide to India’s First International Financial Services Centre (IFSC)

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As India marches towards its goal of becoming a $5 trillion economy, innovation and global connectivity in finance have become critical components of this journey. At the heart of this transformation lies the Gujarat International Finance Tec-City (GIFT City)—India’s first operational International Financial Services Centre (IFSC). Launched in 2007, GIFT City is not just a hub for international finance; it represents India’s vision of becoming a leader in global finance, technology, and innovation. GIFT IFSC provides a comprehensive platform for financial activities, including banking, insurance, capital markets, FinTech, and Fund Management Entities (FMEs). Its attractive tax incentives and solid regulatory framework make it a gateway for both inbound and outbound global investments, drawing businesses and investors from around the world.

At Treelife, we are excited to present “Navigating GIFT City: A Comprehensive Guide to India’s First International Financial Services Centre (IFSC).” This guide offers insights into the current legal, tax, and regulatory framework within GIFT IFSC, highlighting the strategic advantages of establishing a presence here, with a focus on the FinTech and Fund Management sectors. Whether you’re an investor, financial institution, or corporate entity exploring opportunities, we believe this guide will be a valuable resource in navigating the exciting prospects within GIFT IFSC.

What Does GIFT City Offer?

GIFT City is positioned as a global hub for financial services, offering a range of services across banking, insurance, capital markets, FinTech, and Fund Management Entities (FMEs). By combining smart infrastructure and a favorable regulatory environment, GIFT City is becoming the go-to destination for businesses seeking ease of doing business, innovation, and access to global markets.

Here are some key takeaways from the guide:

1. Introduction to GIFT City and IFSCA

GIFT City is the epitome of India’s ambition to establish a world-class international financial center. The International Financial Services Centres Authority (IFSCA) is the primary regulatory body that oversees operations within GIFT City, ensuring a seamless and globally competitive financial environment. IFSCA’s unified framework offers businesses ease of compliance and flexibility, making it an attractive hub for both domestic and international entities.

2. Regulatory Framework for Permissible Sectors with Treelife Insights

Our guide provides an in-depth look at the regulatory landscape governing GIFT City’s key sectors, including banking, insurance, capital markets, and many more, with a special focus on FinTech, and Fund Management Entities (FMEs). Alongside Treelife insights, we highlight how the city’s regulatory framework promotes innovation, offering businesses a fertile ground for growth. 

3. Setup Process

Our guide walks you through the step-by-step setup process for entities looking to establish operations. Whether you are a startup, a financial institution, or a multinational company, guide through GIFT City’s infrastructure and compliance processes.

4. Tax Regime

One of the standout advantages of operating within GIFT City is its favorable tax regime. Businesses enjoy significant tax exemptions, including a 100% tax holiday on profits for 10 out of 15 years, exemptions on GST, and capital gains tax benefits. These incentives are designed to attract global businesses and investors, positioning GIFT City as a competitive alternative to other international financial hubs. Our guide details these tax benefits and how businesses can leverage them for maximum advantage.

Why This Guide is Essential

Our guide provides a comprehensive overview of the opportunities within GIFT City, focusing on FinTech and Fund Management sectors. It also includes a detailed analysis of the tax incentives, setup processes, and regulatory requirements that make GIFT City an attractive destination for global financial institutions.

Whether you’re an investor looking to tap into India’s expanding economy, or a business exploring new markets, this guide will serve as your roadmap to success within GIFT City.

Download the Guide

Discover how GIFT City is shaping the future of finance and how you can be part of this exciting journey. Download our guide to learn more about the opportunities, regulatory framework for the permissible sectors, incentives, and innovations that await in India’s first IFSC.


For any questions or further information, feel free to reach out to us at [email protected].

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Nifty 50

NIFTY 50: The Asset Class Killer – A 28-Year Journey of Growth

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As we are witnessing NIFTY 50’s 52-week high, it’s a moment to reflect on the extraordinary journey this index has taken since its inception in 1996. Launched with an index value of 1000, NIFTY 50 has steadily grown, reaching an impressive 25,940.40 by September 2024—marking a growth of approximately 2,494%. This performance solidifies its place as a cornerstone of the Indian stock market.

A Benchmark of Indian Financial Growth

The NIFTY 50 index, short for National Stock Exchange Fifty, represents the performance of the top 50 companies listed on the NSE. It serves as a key benchmark for mutual funds, facilitates derivatives trading, and is a popular vehicle for index funds and ETFs. Over the last 28 years, it has been a testament to the robustness of the Indian economy, demonstrating the potential of long-term investment in the stock market.

A Comparison Across Asset Classes

Over the years, NIFTY 50 has outshined other traditional asset classes like gold, silver, and real estate. While these assets have held their value, particularly in times of economic volatility, NIFTY 50 has consistently delivered superior returns.

  • NIFTY 50: A ₹1000 investment in NIFTY 50 in 1996 would have grown to ₹25,790.95 by 2024, reflecting a 12.31% CAGR.
  • Gold: A similar investment in gold would have appreciated to ₹14,193.80, giving a 10.72% CAGR.
  • Silver: Investing ₹1000 in silver in 1996 would be worth ₹12,591.89 today, with a 10.30% CAGR.
  • Real Estate: A standard 9.3% CAGR would take ₹1000 to ₹10,903, reflecting real estate’s slower but steady growth in India.

These figures showcase how NIFTY 50 has not only matched but outpaced traditional safe-haven assets. While gold and silver offer reliability during economic uncertainty, they cannot compete with the compounding returns offered by the stock market.

Sectoral Shifts Reflecting India’s Growth

The sectoral composition of NIFTY 50 has evolved significantly. In 1995, Financial Services contributed just 20% of the index. Fast forward to 2024, and they now dominate with 32.6%. The rise of Information Technology, which was non-existent in 1995, grew to 20% by 2005 but has slightly reduced to 14.17% today. This shift from manufacturing and resource-based sectors to services and technology highlights India’s transformation into a modern, service-driven economy.

Resilience Through Market Challenges

NIFTY 50’s journey has not been without challenges. The index has weathered multiple crises, including the Dot-com bubble (2000-2002), Sub-prime crisis (2007-2008), Demonetization (2016), and the COVID-19 pandemic (2020). Despite these hurdles, NIFTY 50 has shown resilience, rebounding stronger each time and proving to be a robust long-term investment option.

Conclusion

As NIFTY 50 celebrates 28 years of excellence, its consistent returns and ability to outperform other asset classes make it a dominant force in India’s financial markets. For investors looking to balance risk and reward, NIFTY 50 remains a reliable choice, reflecting the strength and potential of India’s growing economy.

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Union Budget 2024 : Gearing Up for Viksit Bharat 2047

Union Budget 2024 : Gearing Up for Viksit Bharat 2047


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The Union Budget 2024 marks a significant milestone in India’s economic journey. This Budget underscores the Government’s commitment to maintaining fiscal prudence while driving substantial investments in critical sectors. Despite global economic challenges, the Indian economy has fared well, maintaining stability and growth. For 2024-25, the fiscal deficit is expected to be 4.9% of GDP, with a target to reduce it below 4.5% next year. Inflation remains low and stable, moving towards the 4 percent target, with core inflation (non-food, non-fuel) at 3.1 percent.

The theme of the Budget focuses particularly on employment, skilling, MSMEs, and the middle class. This budget outlines the roadmap to Viksit Bharat 2047 focusing on  nine priority areas to generate ample opportunities for all: productivity and resilience in agriculture, employment and skilling, inclusive human resource development and social justice, manufacturing and services, urban development, energy security, infrastructure, innovation and R&D, and next-generation reforms.

The Budget introduces several pivotal reforms aimed at simplifying tax structures, incentivizing investments, and promoting sustainable growth. The abolition of angel tax, reduction in corporate tax rates for foreign companies, and comprehensive review of the Income-tax Act, 1961 in the coming days are expected to bolster the startup ecosystem and attract international investments.

The subsequent sections of this Budget document provide an in-depth analysis and key highlights related to personal taxation, business reforms, investment opportunities, and developments in GIFT-IFSC. Personal taxation changes include revised income tax slabs, increased deductions, and adjustments in Taxes Collected at Source (TCS) and Taxes Deducted at Source (TDS) regulations. Business reforms cover the abolition of the angel tax, reduction in corporate tax rates for foreign companies, and measures to enhance ease of doing business. Investment opportunities are improved through rationalization of the capital gains tax regime, changes in holding periods and tax rates, and amendments related to buyback taxation and Securities Transaction Tax (STT) rates. GIFT-IFSC developments include tax exemptions for Retail Schemes and Exchange Traded Funds (ETFs), removal of surcharges on specified income, and other measures. These sections provide a comprehensive overview of the Union Budget 2024’s measures to support individuals, businesses, and investors, and to enhance India’s position as an attractive destination for global investment and financial activities.

The Union Budget 2024 is a balanced and forward-looking document, reflecting the Government’s resolve to steer the economy towards sustainable growth, innovation, and inclusiveness. This detailed presentation analysis aims to provide a comprehensive analysis of the Budget’’s key highlights, policy changes, and their implications for various sectors of the economy.

Overview 

Key Macroeconomic Indicators from Budget 2024 

Key indicators

Budget 2024-25

Budget 2023-24

Total Receipts (other than borrowings)

⬆️INR 32.07 lakh crore

INR 27.2 lakh crore

Net Tax Receipts

⬆️INR 25.83 lakh crore

INR 23.3 lakh crore

Total Expenditure

⬇️INR 48.21 lakh crore

INR 45 lakh crore

Fiscal Deficit (as % of GDP)

⬇️4.9% 

5.90%

Gross Market Borrowings

⬇️INR 14.01 lakh crore

INR 15.4 lakh crore

Net Market Borrowings

⬇️INR 11.63 lakh crore

INR 11.8 lakh crore

Notes: 1. Inflation: Low, stable and moving towards the 4 per cent target, 2. Core inflation (non-food, non-fuel): 3.1 per cent

Key Policy Highlights – Budget 2024

1. Employment and Skilling

  • Provides wage support and incentives for first-time employees and job creation in manufacturing, along with employer reimbursements for EPFO contributions. Expected to benefit 2.1 crore youth, 30 lakh manufacturing jobs, and incentivize 50 lakh employees.
  • Internships for 1 crore youth in 500 top companies over 5 years, with INR 5,000 monthly allowance along with one-time assistance of INR 6,000. Companies eligible to cover training costs and 10% of internship costs from their CSR funds.

2. MSMEs and Manufacturing

  • Credit Guarantee and Support: The Credit Guarantee Scheme facilitates term loans for machinery and equipment purchases without collateral, covering up to INR 100 crore per applicant. Additionally, a new mechanism will ensure continued bank credit to MSMEs during stress periods, supported by a Government-promoted fund.
  • New Assessment Model for MSME Credit: Public sector banks to develop new credit assessment models based on digital footprints rather than traditional asset or turnover criteria.

3. Ease of Doing Business (Tax and Compliance)

  • Angel Tax Abolished: Abolishment of angel tax for all classes of investors to boost the startup ecosystem and entrepreneurial spirit.
  • Income Tax Reforms: Comprehensive review of the Income-tax Act, 1961 in the coming days to reduce disputes and litigation.
  • Variable Capital Company (VCC) Structure: Legislative approval sought for providing an efficient and flexible mode for financing leasing of aircrafts and ships and pooled funds of private equity through a ‘variable company structure’.
  • Stamp Duty Reduction: Encouraging states to moderate high stamp duty rates and consider further reductions for properties purchased by women.
  • Foreign Direct Investment (FDI) and Overseas Investment: The rules and regulations for FDI and Overseas Investments will be simplified to facilitate foreign direct investments, nudge prioritization, and promote opportunities for using Indian Rupee as a currency for overseas investments.

4. Space Economy and Technology

  • A venture capital fund of INR 1,000 crore to expand the space economy by five times in the next decade. 
  • Full exemption of customs duties on 25 critical minerals and reduction on two others to support sectors like space, defense, and high-tech electronics.

5. Services

  • Development of  Digital Public Infrastructure (DPI) applications at population scale for productivity gains, business opportunities, and innovation by the private sector. Planned areas include credit, e-commerce, education, health, law and justice, logistics, MSME services delivery, and urban governance.
  • An Integrated Technology Platform will be set up to improve the outcomes under the Insolvency and Bankruptcy Code (IBC) for achieving consistency, transparency, timely processing, and better oversight for all stakeholders.

6. Others

  • Urban Land Related Actions: Land records in urban areas will be digitized with Geographic information system (GIS) mapping. An IT-based system for property record administration, updating, and tax administration will be established. These will also facilitate improving the financial position of urban local bodies.

9 Pillars to Viksit Bharat 2047 and Policy Initiatives

To drive India’s growth and development, the Union Budget 2024 outlines nine strategic pillars that form the foundation for the nation’s economic agenda, aiming towards Viksit Bharat 2047. These pillars encompass key sectors and initiatives aimed at enhancing productivity, fostering innovation, and ensuring inclusive development. Each pillar is supported by targeted policy measures designed to create opportunities, boost investments, and address critical challenges. The following sections detail these pillars and the corresponding policy initiatives.

Union Budget 2024 : Gearing Up for Viksit Bharat 2047

Decoding Tax in Budget 2024 

The subsequent part of this Budget document is broken down into 4 primary sections providing in-depth tax analysis including:

  • Personal – Individuals including founders, team members, etc.

  • Investment – Primarily taxation norms around capital gains.

  • Business – Startups and other businesses.

  • GIFT-IFSC – Proposed amendments for IFSC units.

These sections provide a comprehensive overview of the Union Budget 2024’s measures to support global investment and financial activities.

I. Personal

  • Revision of slab rates for individuals under new tax regime

Proposed changes in personal income tax slabs for individuals (highlighted below) resulting in a tax saving of up to INR 17,500 excluding surcharge and cess under new tax regime.

Existing Slabs (INR)

Proposed Slabs (INR)

Tax Rate

0-3,00,000

0-3,00,000

NIL

3,00,001-6,00,000

3,00,001-7,00,000

5%

6,00,001-9,00,000

7,00,001-10,00,000

10%

9,00,001-12,00,000

10,00,001-12,00,000

15%

12,00,001-15,00,000

12,00,001-15,00,000

20%

>15,00,000

>15,00,000

30%

Note : Full tax rebate available for taxable income upto of INR 7,00,000

Treelife Insight: 

We have prepared a tax calculator to explore potential tax savings here. 

 

Increase in tax deductions under new tax regime

  • Standard deduction for salaried employees is proposed to be increased to INR 75,000 from
    INR 50,000.
  • Cap of deduction against income from family pension for pensioners increased to INR 25,000 from INR 15,000.
  • Deduction for employer’s contribution to NPS increased from 10% to 14% even for employees other than Central or State Government employees.

TCS collected from minors

TCS collected from minors can only be claimed as credit by the parent in whose income the minor’s income is clubbed. This amendment is effective from January 1, 2025.

Credit for TCS and all TDS for salaried employees

It is proposed to allow employees to club their TCS and TDS (other than salaries) for the purpose of computing TDS to be deducted from salary. 

Treelife Insight:

TCS is usually collected on foreign travel, LRS remittances, purchase of cars beyond a limit. This will help salaried employees effectively manage tax cash flows.

Income classification of rent on residential house

It has been clarified that income from letting out of a residential house to be classified under the heading “Income from house property” and not “business income”.  

Increase in limits for applicability of Black Money Act, 2015 for disclosure of foreign income and asset in the Income Tax Return (ITR)

Penal provisions under section 42 and 43 of the Black Money Act, 2015 proposed to not apply in case of non-reporting of foreign assets (other than immoveable property) with value less than
INR 20,00,000 (increased from earlier threshold of INR 5,00,000).

Quoting of Aadhaar Enrolment ID in ITRs discontinued 

Quoting of Aadhaar Enrolment ID proposed to be no longer allowed in place of Aadhaar number for ITRs filed after October 1, 2024.

II. Investment

1. Rationalization of Capital Gains Tax Regime 

Capital gains tax regime is proposed to be rationalized with effect from July 23, 2024 as summarized below:

Rationalization of Holding Period: 

Type of Asset

Period to qualify as Long term

All listed securities

12 months

All other assets (including immovable property) 

24 months

Change in Tax Rates:

Long term capital assets

Type of Asset

Residents

Non-residents

 

Current

Proposed

Current 

Proposed

Listed equity shares and units of equity oriented mutual fund

10%

12.5%

10%

12.5%

Unlisted equity shares

20%

12.5%

10%

12.5%

Unlisted debentures and bonds

20%

Applicable rates

10%

Applicable rates

Units of REITs & InvITs

10% 

12.5%

10%

12.5%

Immovable property

20%

12.5%

20%

12.5%

Notes:   

  1. Exemption available under LTCG has been increased to INR 125,000.
  2. No indexation benefit available for LTCG however forex fluctuation benefit available to NR on sale of unlisted shares.
  3. Indexation available for unlisted shares on March 31, 2018 and sold in Offer for Sale (OFS)

Short term capital assets

Type of Asset

Residents

Non-residents

 

Current

Propose

Current 

Proposed

Listed equity shares and units of equity oriented mutual fund

15%

20%

15%

20%

Others 

No change – taxable at applicable rates

Treelife Insight: 

Mandatory classification of income on sale debentures (including CCDs / NCDs)  and bonds as short term capital gains is a big move and could impact the Real Estate investors where such instruments are widely used. It will be interesting to see how such investors will react to this increase in tax rates.

Reduction in tax rates for long term capital gains on unlisted equity shares should give an impetus to PE / VC funds investing in startups as the lower tax rate will ultimately lead to an increase in the IRR for investors. 

Reducing the period of holding for immovable properties to 24 months and reducing the long term capital gains tax rate to 12.5% will be looked at positively.

2. Change in taxation of buyback 

Currently, buyback distribution tax is levied on the company at ~23% on the distributed income. It is proposed to tax the buyback proceeds in the hands of the shareholders as “dividend income” at applicable tax rates. The cost of acquisition of shares being bought back to be claimed as a capital loss (depending on holding period).

This amendment is proposed to be effective from October 1, 2024

Treelife Insight: 

This will deter companies from offering buybacks as there is a significant tax outflow for the shareholders under the proposed regime. Further there could be timing mismatch between the claiming of loss and payment of tax on buyback proceeds resulting in cash outflow for the shareholders.

3. Increase in STT rates

STT rates for futures and options proposed to be increased with effect from to be effective from October 1, 2024:

 

Current

Proposed

Options

0.0625%

0.1%

Futures

0.0125%

0.02% 

III. Business

1. Abolition of Angel Tax

Angel tax i.e. section 56(2)(viib) of the Income-tax Act, 1961 proposed to be abolished with effect from April 01, 2024

Treelife Insight:

  • This is a big and welcome move for the startup ecosystem which should significantly boost investor confidence, especially foreign investors which were bought under the ambit of angel tax recently
  • This amendment is prospective in nature and thus, past tax disputes to still continue
  • Gift tax i.e. section 56(2)(x) for recipient of shares continues to apply
  • Differential equity pricing structures will now evolve with this relief
  • It may be interesting to see if investors insist on ‘merchant banker’ valuation reports under section 56 (2) (x)  in small equity fundings which materially affect startups.

2. Reduction in corporate tax rate for foreign companies

Tax rates for foreign companies proposed to be reduced from 40% to 35%.

3. Clarification for taxes withheld outside India 

It is clarified that taxes withheld outside India are to be included for the purposes of calculating total income. 

4. Increase in limit of remuneration to working partners of a firm allowed as deduction

Existing Structure

Allowable Remuneration

Proposed

Allowable Remuneration

on the first INR 3,00,000 of the book profit

or in case of a loss

INR 1,50,000 or at the rate of 90 % of the book profit, whichever is more

on the first
INR 6,00,000 of the book profit or in case of a loss

INR 3,00,000 or at the rate of 90 % of the book profit,  whichever is more

on the balance of the book-profit

60%

on the balance of the book-profit

60%

5. Miscellaneous 

  • Equalisation levy of 2% proposed to be abolished with effect from August 1, 2024 
  • Vivaad Se Vishwas Scheme proposed to be introduced
  • Time limit for issue of notice for initiation of re-assessment reduced from maximum 10 years from end of assessment year to 5 years and 3 months from end of assessment year.
  • Insertion of section 74A , an approach that consolidates the dealing with discrepancies irrespective of fraud and simplifying the procedural aspects under the CGST Act (on recommendations of GST Council) from FY 2024-25 as under 
  • Limitation period stands at 42 months (from the due date of furnishing the annual return for the financial year) for the purpose of issuance of notice (earlier it was 36 months in case of no allegation of fraud or suppression and 60 months in case of allegation of fraud or suppression)
  • Time period of 12 months for purposes of passing order (beyond 42 months as aforesaid) extendable by 6 months with approval.

6. Clarificatory amendments related to TDS

Section 194-IA (TDS on sale of immovable property) – Proposed to add a proviso to clarify that the threshold limit of INR 50 lakhs is to be checked on the total value of the property and not on amount paid to each individual seller (with effect from October 1, 2024).

Excluding sums paid under section 194J from section 194C (Payments to Contractors) –Earlier, taxpayers used to deduct TDS under section 194C even if the payment was liable to TDS under section 194J because there was no specific mutually exclusive clause while defining the word “work”. It is proposed to amend the definition of “work” under section 194C to specifically exclude any sum referred to in section 194J (with effect from October 1, 2024)

 

7. Rationalization of TDS/TCS rates

Section

Old rates

Proposed new rates

Section 194D – Payment of insurance commission (in case of resident person other than company)

5%

2%

(with effect from April 1, 2025)

Section 194DA – Payment in respect of life insurance policy

5%

2%

(with effect from October 1, 2024)

Section 194G – Commission etc on sale of lottery tickets

5%

2%

(with effect from October 1, 2024)

Section 194H – Payment of commission or brokerage

5%

2%

(with effect from October 1, 2024)

Section 194-IB – Payment of rent by certain individuals or HUF

5%

2%

(with effect from October 1, 2024)

Section 194M – Payment of certain sums by certain individuals or Hindu undivided family

5%

2%

(with effect from October 1, 2024)

Section 194-O – Payment of certain sums by e-commerce operator to e-commerce participant

1%

0.1%

(with effect from October 1, 2024)

Section 194F – Payments on account of repurchase of units by Mutual Fund or Unit Trust of India

20%

Proposed to be omitted

(with effect from October 1, 2024)

New Section 194T – Payment of salary, remuneration, interest, bonus or commission by partnership firm to partners

NA

10% on various payments made to partners – salary, remuneration, interest, bonus or commission

(with effect from April 1, 2025)

New Section 193 – Interest paid exceeding on Floating Rate Savings (Taxable) Bonds (FRSB) 2020 with effect from October 1, 2024

NA

10% (threshold – exceeding INR 10,000)

(with effect from October 1, 2024)

Section 206(7) – Interest on late payment of TCS

1% per month or part of the month

1.5% per month or part of the month 

(with effect from April 1, 2025)

 

8. Procedural changes related to TDS proposed:

  1. Time limit to file belated TDS/TCS return in order to not-attract penal provisions to be reduced from 1 year to 1 month from the due date of filling of such TDS/TCS returns (Section 271H) – with effect from April 1, 2025.
  2. Provision to include levy of TCS at 1% on Luxury goods of value exceeding INR 10 lakhs. (Section 206C(1F)) List of such luxury goods are yet to be notified.  – with effect from January 1, 2025
  3. Exemption from prosecution if the payment of TDS is made before the due date of filing of TDS return as applicable for such TDS payments (Section 276B)  – with effect from October 1, 2024
  4. Applications for Lower tax deductions / collection at source can be made in respect of TDS/TCS u/s 194Q and 206C respectively – with effect from October 1, 2024.
  5. Non revision of the TDS / TCS filings post 6 years of the end of the financial year in which the returns are to be filed. – with effect from April 1, 2025.
  6. Fixation of time limit for deeming an assessee in default as under –
    1. 6 years from the end of FY in which credit given / payment was made.
    2. 2 years from the end of FY in which the correction statement is filed – with effect from April 01, 2025.
  7. Nil / Lower Tax rates for certain class of notified persons (Class of persons yet to be notified) – with effect from October 1, 2024.

IV. GIFT-IFSC

1. Tax exemptions extended to Retail Schemes and ETFs

Proposed to amend the definition of ‘Specified Fund’ under Section 10(4D) to  include Retail Schemes and ETFs launched in GIFT-IFSC thereby extending the beneficial tax regime applicable for CAT III AIFs to GIFT-IFSC to Retail Schemes and ETFs

Treelife Insight: 

Relevant only for Inbound Funds setup by pooling money from non-resident investors as the condition that units (other than Sponsor / Manager units) to be held by non-resident investors continues to apply.

 

2. No surcharge on income for Specified Fund

Surcharge rate on interest and dividend income proposed to be removed for Specified Fund set-up in GIFT-IFSC even if setup as other than Trust

 

3. Section 68 provisions no longer applicable to Venture Capital Funds            (VCFs)

Section 68 dealing with unexplained cash credits allows the tax officer to seek an explanation to provide the source of its funds used for making investment / offer loans to companies subject to these provisions. It is proposed to amend the definition of ‘venture capital funds’ to include VCFs in GIFT-IFSC thereby exempting them from questioning by the tax officer under section 68.

 

4. Finance Companies exempted from complying with ‘Thin       capitalisation’ norms

Exemption from ‘Thin Capitalisation’ norms prescribed under section 94B for Bank and NBFCs extended to Finance Companies in GIFT-IFSC

Treelife Insight:

Finance companies in GIFT-IFSC, especially those engaged in treasury functions, lending or borrowing from non-residents should benefit from the removal of the cap on the deduction for interest expenditure, which was previously limited to 30% of EBITDA for that financial year.

5. Exemption on specified income from Core Settlement Fund setup by recognised clearing corporations

Proposed to amend the definition of ‘recognised clearing corporations’ under Section 10(23EE) to  include ‘recognised clearing corporations’ setup in GIFT-IFSC, thereby, exempting any specified income of Core Settlement Guarantee Fund, set up by such corporations.

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Frequently Asked Questions GET IN TOUCH WITH US

What does Treelife do?

Treelife provides comprehensive legal, financial, and compliance services tailored to the needs of startups, investors, and businesses. Our services include Virtual CFO, legal support, secretarial compliance, tax and regulatory advisory, and assistance with global market entry.

Can Treelife assist with setting up a business in India?

Yes, Treelife provides end-to-end support for setting up a business in India. Our services include market entry strategy, company registration, regulatory compliance, and ongoing back office support to ensure a smooth and successful setup.

What is your experience of working with investors and AIFs?

Treelife has a robust track record of working with investors and Alternative Investment Funds (AIFs). We offer comprehensive support for fund setup, tax structuring, SEBI applications, due diligence, and ongoing compliance, ensuring smooth operations and successful investments.

How is your pricing model?

Treelife offers a flexible and transparent pricing model tailored to the specific needs of your business. Our pricing is structured based on the scope and complexity of the services required and works on the following basis: project-based, where there is a one-time fee; retainer, with ongoing services for a fixed monthly fee; hourly, based on the number of hours worked; and an equity sharing model, where payment is made through a share of equity in your business. This approach ensures you receive the best value for your investment.

Are there any hidden fees or additional costs?

No, Treelife believes in transparency and ensures there are no hidden fees or unexpected charges. All costs are clearly outlined in our engagement proposal, and any additional expenses will be discussed and approved by you before being incurred.

Can Treelife assist with setting up a business in India?

Yes, Treelife provides end-to-end support for setting up a business in India. Our services include market entry strategy, company registration, regulatory compliance, and ongoing back office support to ensure a smooth and successful setup.

Can Treelife assist with international market entry?

Yes, Treelife offers extensive support for businesses looking to expand globally. Our services include jurisdiction evaluation, regulatory assessment, and execution support for market entry, ensuring compliance and smooth operations in new markets.

Do you help in raising funds?

Yes, Treelife supports startups and businesses during their fundraising process. While we are not an investor or fund, we offer comprehensive services such as preparing investor-ready documents, conducting due diligence, financial modeling, and providing strategic advisory to help you successfully raise the capital you need.

What is transaction services?

Our transaction services encompass advisory and documentation support for various financial transactions, including private equity/venture capital (PE/VC) deals, mergers and acquisitions (M&A), and venture debt. We ensure smooth and compliant transactions, from due diligence to closure.

I am just a startup, I need all services, can you help me?

Absolutely! Treelife specializes in supporting startups with a wide range of services. From legal support and virtual CFO services to secretarial compliance and tax advisory, we provide end-to-end solutions to help your startup grow and succeed.

What does Treelife do?

Treelife provides comprehensive legal, financial, and compliance services tailored to the needs of startups, investors, and businesses. Our services include Virtual CFO, legal support, secretarial compliance, tax and regulatory advisory, and assistance with global market entry.

What is your experience of working with investors and AIFs?

Treelife has a robust track record of working with investors and Alternative Investment Funds (AIFs). We offer comprehensive support for fund setup, tax structuring, SEBI applications, due diligence, and ongoing compliance, ensuring smooth operations and successful investments.

What is the profile of the members working at Treelife?

Our team at Treelife is made up of experienced professionals, including lawyers, Chartered Accountants (CAs), and Company Secretaries (CS), with diverse backgrounds in finance, law, compliance, and business advisory. Each member brings specialized knowledge and practical expertise to help our clients navigate complex legal and financial landscapes effectively.

Have you worked with startups before?

Yes, we have extensive experience working with startups across various industries. We understand the unique challenges faced by startups and provide tailored solutions to support their growth, from incorporation to fundraising and beyond.

What sets Treelife apart from other service providers?

Treelife stands out due to our integrated approach, combining legal, financial, and compliance expertise under one roof. Our personalized service and deep domain expertise of the Indian market ensure that we deliver solutions that are both strategic and practical.

How do you ensure data security and confidentiality?

Treelife prioritizes the security and confidentiality of your data. We use secure servers, encryption, and access controls to protect your information. Additionally, our team adheres to strict confidentiality agreements and industry best practices to safeguard your data.

Do I need to physically sign any documents?

No, physical signatures are generally not required. Treelife uses secure electronic signature platforms to facilitate the signing of documents, making the process quick and convenient for our clients. However, if physical signatures are necessary, we will coordinate the process with you.

Who will manage my account?

Your account will be managed by a dedicated SPOC who will be your primary point of contact. This person will coordinate with our team of experts to ensure all your needs are met and provide regular updates on the progress of your projects.

What tools or technologies are you equipped with?

Treelife is equipped with a comprehensive technology stack to ensure effective and efficent way to deliver our services. For bookkeeping, we use Tally, QuickBooks, Zoho, and Xero. Our data management is handled through Slack, Dropbox, and Google Drive. For payment processing, we utilize platforms like Kodo, Razorpay, Keka, and PayPal.These tools enable us to provide high-quality, reliable services tailored to your business needs.

I am based out of a location where Treelife doesn’t have an office, how do we work?

Treelife operates seamlessly with clients across various locations whether domestic or international through virtual communication and collaboration tools. We conduct meetings via video calls, share documents electronically, and stay in constant touch through emails and messaging platforms to ensure smooth operations regardless of your location.

How is your pricing model?

Treelife offers a flexible and transparent pricing model tailored to the specific needs of your business. Our pricing is structured based on the scope and complexity of the services required and works on the following basis: project-based, where there is a one-time fee; retainer, with ongoing services for a fixed monthly fee; hourly, based on the number of hours worked; and an equity sharing model, where payment is made through a share of equity in your business. This approach ensures you receive the best value for your investment.

Are there any hidden fees or additional costs?

No, Treelife believes in transparency and ensures there are no hidden fees or unexpected charges. All costs are clearly outlined in our engagement proposal, and any additional expenses will be discussed and approved by you before being incurred.

What is the typical turnaround time for your services?

The turnaround time for our services depends on the complexity and scope of the project. During the initial consultation, we provide an estimated timeline based on your specific needs and ensure timely delivery through efficient project management.

What is your payment schedule?

Our payment schedule is designed to be convenient and flexible. Typically, we operate on a milestone-based payment system, where payments are made at key stages of the project. We also offer customized payment plans based on your specific requirements.

How can I pay you?

Treelife accepts various payment methods to ensure ease and convenience for our clients. You can pay us via bank transfer, or other electronic payment methods. Detailed payment instructions will be provided upon engagement.

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