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  • What are the documents involved in formation of Limited Liability Partnership in India?

    a) Proof of identity and residential address of the Designated partners;
    b) Proof of Registered office address and Copy of utility Bills not older than 2 months; 
    c) NOC from owner of the premises;
    d) Details of Partners and Designated Partners;
    e) Details LLP(s) and Company(s) in which Partners are interested; 
    f) Subscribers' sheet including consent of Partners;
    g) Copy of certificate of incorporation of the foreign LLP;
    h) Copy of Authority under which Foreign Limited Liability Partnership is establishing the place of business in India;
    i) Power of Attorney in favour of Authorised Representative;

    If LLP’s name is applied with the incorporation application:
    a) Approval of the owner of the trademark or the applicant of such trademark for registration of Trademark if the proposed name is based on a registered trademark or is subject matter of an application pending for registration under the Trade Marks Act.
    b) Copy of approval in case the proposed name contains any word(s) or expression(s) which requires approval from central government;

    Note: All the documents to be signed by the Foreign Directors and Foreign subscribers requires notarization and apostillation from the foreign country.
     

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  • What is the valid period of existence of a Liaison Office? Can the period of existence of a Liaison Office be extended?

    Permission to set up a Liaison Office is initially granted for a period of 3 years and this may be extended from time to time by the Authorized Dealer Category – I Bank in whose jurisdiction the Liaison Office is set up.

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  • Can more than one Liaison Office be set up?

    Yes. Requests for establishing additional Liaison Offices may be submitted through fresh FNC form duly signed by the authorized signatory of the foreign entity in the home country to the Reserve Bank of India.

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  • Is Unique Identification Number (UIN) obtained by Project office (PO)?

    No, Authorised Dealer Bank (AD Bank) need not obtain UIN from Reserve Bank of India (RBI) for PO.
     

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  • How can I apply for a Company Name?

    A proposed name can be reserved for the purpose of incorporation of a company or change of name of an existing company through the RUN service by logging into the MCA portal along with a fee of Rs. 1000/-.
    Further, you may use the SPICe form for the integrated process of name reservation and incorporation of a company.

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  • Can I apply for a company name online?

    Yes, you can avail the RUN service at MCA portal for reserving a name online.

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  • Which act governs Company formation and operations?

    Ministry of Corporate Affairs via Companies Act 2013 regulates incorporation of the company, responsibilities of a company, directors, dissolution of a company.

    For more information, click here.

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  • How would I enlist another organization in India?

     Incorporating a company through Simplified Proforma for Incorporating Company electronically (SPICe -INC-32), with eMoA (INC-33), eAOA (INC-34), is the default option and most companies are required to be incorporated through SPICe only.

    For more information, click here.

     

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  • Would a One Person Company (OPC) be qualified to profit benefits under the Start-up India activity?

    Yes. One Person Companies are eligible to avail benefits under the Start-up India initiative.

    For more information, click here.

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  • Is there any endorsed fee(s) that can be charged from the Start-ups for furnishing them with a suggestion/bolster/underwriting letter?

    Yes. A maximum fee of INR 5,000 can be charged by the incubators for issuing a letter of recommendation to Start-ups. In cases where an incubator is required to form a panel of external experts to assess the innovativeness of the product/service/process, a maximum fee of Rs. 10,000 can be charged by the incubators.

    For more information, click here.

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  • How can the sale/ maturity proceeds taken by the Foreign Venture Capital Investor?

    The sale/ maturity proceeds (net of taxes) of the securities may be remitted outside India or credited to the foreign currency account or a Special Non-resident Rupee Account of the FVCI.

    For more information, click here.

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  • Can a foreign investor invest in shares issued by an unlisted company in India?

    Yes. As per the regulations/ guidelines issued by the Reserve Bank of India/ Government of India, investments can be made in shares issued by an unlisted Indian company subject to compliance with FEMA provisions such as pricing, reporting, etc.

    For more information, click here.

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  • What are the various reporting formalities for foreign investments?

    The reporting requirements for foreign investments under Form Single Master Form (SMF) includes, inter alia:

    • Form FC-GPR: Issuance of capital instruments
    • Form FC-TRS: Transfer of capital instruments
    • Form LLP – I: Receipt of consideration by Limited Liability Partnership (LLP) for capital contribution and profit shares
    • Form LLP – 2: Disinvestment or transfer of capital contribution and profit shares in an LLP
    • Form CN: Issue or transfer of convertible notes
    • Form ESOP: Issue of employee stock options, sweat equity shares to a person resident outside India
    • Form InVi: Reporting foreign inflows in an investment vehicle
    • Form DI: Reporting of downstream investment
    • Form DRR: Issue or transfer of depository receipts
    • The detailed reporting requirements are laid down in the Master Direction on Reporting under Foreign Exchange Management Act, 1998.

    For more information, click here 

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  • What if collecting agents fails to transfer the duty to the State Government within the time period specified in the Stamp Act and Rules made thereunder?

    The collecting agents have to transfer collected stamp duty to the State Government within three weeks of the end of each month. Any collecting agent who fails to collect the stamp duty or fails to transfer stamp duty to the State Government within fifteen days of the expiry of the time specified, shall be punishable with fine which shall not be less than INR 1,00,000, but which may extend up to 1% of the collection or transfer so defaulted.

    For more information on Indian Stamp Act, 1899, click here. For more details about the amendments, refer here.

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  • What is the basic framework being created through the amendments to the Indian Stamp Act, 1899?

    Through the said amendments, the Central Government has created the legal and institutional mechanism to enable States to collect stamp duty on securities market instruments at one place by one agency (through the Stock Exchanges or Clearing Corporations authorised by the Stock Exchange or by the Depositories) on one instrument. A mechanism for appropriate sharing the stamp duty with relevant State Government based on State of domicile of the buying client has also been included. In the extant scenario, stamp duty was payable by both seller and buyer whereas in the new system it is levied only on one side (payable either by the buyer or by the seller but not by both, except in case of certain instrument of exchange where the stamp duty shall be borne by both parties in equal proportion).

    For more information on Indian Stamp Act, 1899, click here. For more details about the amendments, refer here.

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  • If the international group does not prepare the MF, as the jurisdiction in which it operates (other than India) does not have any legislative requirement to prepare/file the MF, will the CEs operating in India still be required to maintain and furnish the MF?

    Yes. The CEs operating in India will be required to file Part A of Form 3CEAA and Part B (if the applicable criteria are satisfied).

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  • How would a Foreign corporation be taxed in India?

    A wholly owned Indian subsidiary of a Foreign corporation is taxed on its global income. A Foreign corporation is taxed only on income sourced in India, i.e. received in India, or accrues or arises, or is deemed to accrue or arise, in India.

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  • What is e-PAN?

    e-PAN is a digitally signed PAN card issued in electronic form and it is a valid proof of allotment of PAN.

    For more information, click here.

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  • What is e-payment of taxes?

    Taxpayers are provided with the facility to make income tax payments online using Net-banking/Debit card of the selected bank, this facility is termed as e-payment of taxes.

    For more information, click here.

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  • What is a Mutual Agreement Procedure (MAP)?

    MAP is a dispute resolution facility provided under the MAP article in India's DTAs. It is a facility through which Indian Revenue Authorities and the competent authorities would mutually negotiate based on facts and legal and technical positions regarding the application of the DTAA. Illustratively, MAP may be invoked in case of the disputes that could arise from a transfer pricing adjustment, characterization of income, or dispute relating to existence of PE in one of the contracting state, to list a few.

     

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  • What is a deemed international transaction?

    A transaction entered into by an enterprise with a person other than an associated enterprise shall be deemed to be an international transaction entered into between two associated enterprises, if:

    • There exists a prior agreement in relation to the relevant transaction between such other person and the associated enterprise
    • The terms of the relevant transaction are determined in substance between such other person and the associated enterprise where the enterprise or the associated enterprise or both of them are non-residents irrespective of whether such other person is a non-resident or not

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  • Why have amendments been made in the Indian Stamp Act, 1899?

    The amendments have been carried out with respect to securities market transactions. The present system of collection of stamp duty on securities market transactions has led to multiple rates for the same instrument, resulting in jurisdictional disputes and multiple incidences of duty, thereby raising the transaction costs in the securities market and hurting capital formation.

    For more information on Indian Stamp Act, 1899, click here. For more details about the amendments, refer here.

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  • When and how will the stamp duty be transferred to each State?

    The collecting agents shall within three weeks of the end of each month and in accordance with the Rules made in this behalf by the Central Government, transfer the stamp-duty collected to the State Government where the residence of the buyer is located and in case the buyer is located outside India, to the State Government having the registered office of the trading member or broker of such buyer and in case where there is no such trading member of the buyer, to the State Government having the registered office of the participant. The collecting agent shall transfer the collected stamp-duty in the account of concerned State Government with the Reserve Bank of India or any scheduled commercial bank, as informed to the collecting agent by the Reserve Bank of India or the concerned State Government.

    For more information on Indian Stamp Act, 1899, click here. For more details about the amendments, refer here.

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  • What is the procedure for import of items which is governed through exclusive or special privileges granted to State Trading Enterprises (STE)(s)?

    Any goods, import of which is governed through exclusive or special privileges granted to State Trading Enterprises (STE(s)), may be imported by STE(s) as per conditions specified in ITC (HS). DGFT may, however, grant an Authorisation to any other person to import or export any of these goods under CHAPTER 2 of the Foreign Trade Policy 2015-2020. More details can be obtained from : Link

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