Doing Business in India | Incorporating Company in India | India Business Guide
Although India’s economic growth is unlikely to cross 6 per cent during the current fiscal due to the global uncertainties, it is still an extremely attractive place for foreign investors due to its higher disposable incomes, rising middle class, investment friendly policies and progressive reforms.
To set up business operations in India, first step is to incorporate a company, which includes: obtaining director identification number (DIN), obtaining digital signature certificate, reserving the company name with the Registrar of Companies (ROC) on-line, paying stamp duties online, filing all incorporation forms and documents online and obtaining the certificate of incorporation. Thereafter, it is required to get the company’s seal made and obtain a Permanent Account Number (PAN). Based on the nature of business, it may further be required to obtain a tax account number for income taxes deducted at source (TDS). Subsequently, additional requirements may include registration for Value Added tax (VAT), registration with Employees’ Provident Fund Organization, registration for medical insurance (ESIC), and the like.
For incorporating a company in India, there is a series of steps required for incorporating a private or public limited company in India. These steps work according to the guidelines provided by The Company’s Act, 1956.
1. The very first step of formation for incorporating a company is to get the name of the company registered at the Registered of Companies (ROC) in the territory of the company’s registered office. The company’s name should not match any existing name. ROC at least takes a week from the date of registration of the name to assure that the name does not exist before. After the completion of this process, the company has to file a Memorandum of Association and Articles of Association with ROC itself. For a public company, the company’s name should end up with “Limited” and for a private company; the company’s name should end up with “Private Ltd”.
2. After submitting the Memorandum of Association and Articles of Association, ROC issues an incorporated certificate only after receiving a mandatory registration fees.
3. After these steps, the next main step is to get the address of the registered office. It is not mandatory for the registered office to be the same building from where all the work is being carried out.
4. Foreign companies need to fill up a FNV-5 form with the Reserve Bank of India to get the permission to start the manufacturing and trading activities in India without an Indian partner.
5. For incorporating a Public Company, a minimum of three directors and seven shareholders are required and for incorporating Private Company, a minimum of two directors and two shareholders are required.
6. After the registration and certification, each company needs to designate an Auditor. He has a very important duty to perform in the company. All the balance sheets, company’s documents and company’s meetings are scrutinized by him.
7. Every company should have an account book and written records of all the directors, shareholders and the employees. Account book takes care of all income, including profits and losses and the records register takes care of all the past and present work of the people associated with the company.
8. At last, each company should have a different logo, and a stamp of that logo which is imprinted on each written record and each written document of the company.
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By Rahul Dev
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