What docs do I need to start mobile screen protection warranty company

995 votes

If you are trying to insure the product by way of insured sum in against the damage occurred to mobile screen then you have to take the IRDA license and have to comply with the norms prescribed by the IRDA to run an insurance company.
If you are only trying to give the repairment facility then you don't need the IRDA license and you won't have to comply with the norms related to insurance company.

Advocate Pulkit Prakash LawRato

710 votes

You haven't incorporated the company so far. You need to get your incorporation application ( along with all the attachments such as charter documents,promoter details, directors' DIn and DSC₹ to be filed at the registrar of companies in place. Also, you need to get your warranty terms drafted and that should be done with lot of precision and taking care of the liabilities which you may face going forward. Would you be creating a website for the business and is your screen protection product using a new technology which is yet not public?

Let me know if you require my assistance with any documentation or are seeking detailed advise on the way forward.

Advocate Mansi Airi Gambhir LawRato

793 votes

In general sense, warranty is different from insurance and it may be argued that a pure warranty is not covered under the applicable insurance laws of India. As such, registration under the IRDA may not be a pre-requisite. Although, as I understand, Indian courts have not spoken on the aspect whether consumer goods warranty companies can be covered under the insurance laws, certain foreign courts have held that such warranty companies can be covered under the insurance laws. I would suggest you seek a detailed legal opinion on the matter on the basis of your specific business plan. Note that several companies that provide such warranties in India also provide insurance and are as such registered with the concerned authorities.

Advocate Joydeep Nath LawRato

762 votes

First you need to begin a company and become a legal person. Then institute your business model. Until you become a legal person there is unlikely chance of initiating your business model.
You have to understand that warranty is a future trade so is protection plan so its on same lines of insurance for which you do need an IRDA approval

Advoacte Amit Kumar Singh LawRato