What is the duration within which the Limited Liability Partnership needs to be formed, post getting the name approved?
The approved name of LLP shall be valid for a period of 3 months from the date of approval.
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In case of an overseas Subscriber and Director, are the documents required to be Notarised and Apostilled for incorporation of a company?
As per Rule, 13 of the Companies (Incorporation) Rules, 2014, where the subscriber to the Memorandum of Association (“MOA”) or a Director to be appointed is a foreign national residing outside India, the MOA, Articles of Association (“AOA”), proof of identity as well as address proof shall be attested in the following manner which is based on the country where the Subscriber/Director reside or the registered office is situated in case of a body corporate being the subscriber:
- Residing in a country which is part of the Commonwealth – by a Notary (Public) in that part of the Commonwealth;
- Residing in a country which is party to the Hague Apostille Convention, 1961 – by a Notary (Public) and duly apostilled in accordance with the said Hague Convention; and
- Residing in a country which is not party to the Hague Apostille Convention, 1961 – the documents shall be notarized before the Notary (Public) of such country and the certificate of the Notary (Public) shall be authenticated by a Diplomatic or Consular Officer empowered in this behalf under Section 3 of the Diplomatic and Consular Officers (Oaths and Fees) Act, 1948 (40 of 1948) e. attested by Public Notary and authenticated by Indian Embassy in the country of residence. Some of the counties which falls under the list of Hague Convention are: United Kingdom of Great Britain and Northern Ireland United States of America, Singapore, Switzerland, Malaysia, Australia, China, People's Republic of, Japan, Germany.
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Can AGM (Annual General Meeting) be held at a place situated outside the limit of city, town or village in which the registered office is situated?
AGM of an unlisted company may be held at any place in India if consent is given in writing or by electronic mode by all the members in advance. However, AGM cannot be held outside India.
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Whether AD bank can approve for extension of the project account after the tenure of the project?
The AD Bank has the power to approve for extension of the project account after the tenure of the project for genuine reasons like completion of warranty period, statutory works like Income tax assessments, VAT/Service tax/GST assessments, to make arrangements for the sale of assets, etc.
However, requisite intimations shall be required to be sent to Reserve Bank, FED, CO Cell, Sansad Marg, New Delhi 110001.
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What are the documents required to be filed by a LLP annually?
LLP is required to file LLP Form 8 (Statement of Account & Solvency) and LLP Form 11 (Annual Return) annually. The ‘Annual Return’ is required to be filed within 60 days of close of the financial year and ‘Statement of Accounts & Solvency’ shall be filed within 30 days from the end of six months of the financial year to which it relates. Every LLP has to maintain uniform financial year ending on 31st March of a year.
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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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Is it mandatory to appoint Company Secretary in an Indian subsidiary?
Any company having a paid-up share capital of Indian INR 50 million or above is required appoint a whole-time Company Secretary.
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Who is authorized to allot the DIN?
Central Government (Office of Regional Director (Northern Region), Ministry of Corporate Affairs) allots the DIN upon processing the form DIR-3 filed by the applicant.
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In SPICe AoA (INC-34) if additional Article is required, how to enter the same?
SPICe AoA (INC-34) has facility for adding, modifying, and deleting Articles.
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What are the key pre-requisites for setting up Indian subsidiary in India?
- Minimum two directors – mandatory one resident director but not required to be a citizen of India
- Minimum two shareholders – shareholders may be either corporates or individuals or resident or non-residents
- No minimum capital threshold, however, should have atleast two shares, if the proposed company will be limited by shares
- Physical space to be identified as a registered office
In case of a newly incorporated company, the requirement will apply proportionately at the end of the financial year in which it is incorporated.
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What are the permitted activities if I want to set up a Branch office in India?
Companies incorporated outside India and engaged in manufacturing or trading activities are allowed to set up Branch Offices in India with specific approval of the Reserve Bank. Such Branch Offices are permitted to represent the parent / group companies and undertake the following activities in India:
i. Export / Import of goods
ii. Rendering professional or consultancy services
iii. Carrying out research work, in areas in which the parent company is engaged
iv. Promoting technical or financial collaborations between Indian companies and parent or overseas group company
v. Representing the parent company in India and acting as buying / selling agent in India
vi. Rendering services in information technology and development of software in India
vii. Rendering technical support to the products supplied by parent/group companies
viii. Foreign airline / shipping company.
Profits earned by the Branch Offices are freely remittable from India, subject to payment of applicable taxes.
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How is IDR holder informed about the duration of fungibility window?
IDR holders can look for such announcements made by the company in leading English and Hindi national daily newspapers with wide circulation as well as the websites of the stock exchanges.
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What is to be done after the investment is made under the Automatic Route or with Government approval?
On receipt of the foreign direct investment (FDI), the Indian company receiving the investment for issuing shares/ debentures should report the details to the Regional Office concerned of the Reserve Bank of India (RBI) within 30 days from the date of receipt in the Advance Reporting Form in Section 1, Annexure 6
Steps for reporting of investment varies for shares, depository receipts and other instruments.
To know more about the detailed process of reporting, refer to section 2, Annexure 6 of the Consolidated FDI Policy, 2017.
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How is India-Bangladesh trade relationship?
India and Bangladesh signed their first trade agreement in 1972 and have engaged in multiple trade arrangements whenever the two countries recognise any opportunity in terms of comparative advantage. India has 'revealed comparative advantages' in many products that Bangladesh needs. Bangladesh has been provided duty free quota free access by India on all tariff lines except tobacco and alcohol under SAFTA. India’s exports to Bangladesh for the year 2017-18 (April to March) stood at US $ 8.46 billion and imports from Bangladesh during the financial year 2017-18 stood at US $ 0.68 billion.
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What are the legislatures governing IDRs?
Central Government notified the Companies (Issue of Indian Depository Receipts) Rules, 2004 (IDR Rules) pursuant to the section 605 A of the Companies Act. SEBI issued guidelines for disclosure with respect to IDRs and notified the model listing agreement to be entered between Stock Exchange and the foreign issuer specifying continuous listing requirements.
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How to commence business in India?
A foreign investor can commence business in India as:
- Indian Company
- Foreign Company
- Limited Liability Partnership
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What are the requirements for investing in IDRs?
Following are some of the requirements for investing in IDRs:
- IDRs can be purchased by any person who is resident in India as defined under FEMA
- Minimum application amount in an IDR issue shall be INR. 20,000
- Investments by Indian companies in IDRs shall not exceed the investment limits, if any, prescribed for them under applicable laws
- In every issue of IDR -
- At least 50% of the IDRs issued shall be subscribed to by QIBs;
- The balance 50% shall be available for subscription by no institutional and retail
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What are the guidelines for the issue price of shares against FDI received for a company listed in India?
The price of shares issued to persons residing outside India under the FDI Policy, should not be less than the price worked out with the Securities and Exchange Board of India (SEBI) when shares are listed on a recognized stock exchange in India.
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What is the highlight of India-Bangladesh bilateral relationship?
India was the first country to recognize Bangladesh as a separate and independent state and, shortly after its independence in December 1971, established diplomatic relations with the country. Bangladesh is the one of the main development partners of India today. India has extended three Lines of Credits to the said nation in the last 8 years of worth US$ 8 billion.
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Who are eligible to issue IDRs?
The eligibility criteria given under IDR rules and guidelines as mentioned under:
The foreign issuing company shall have the following:
- pre‐issue paid‐up capital and free reserves of at least $ 50 M and have a minimum average market capitalization (during the last 3 years) in its home country of at least $ 100 M
- a continuous trading record or history on a stock exchange in its home country for at least three immediately preceding years
- a track record of distributable profits for at least three out of immediately preceding five years
- listed in its home country and not been prohibited to issue securities by any Regulatory Body and has a good track record with respect to compliance with securities market regulations in its home country
Note: The size of an IDR issue shall not be less than INR. 50 Cr
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