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http://companiesinn.com/companyregistrationindia/LLP_Annual_Filing_2012.php
Tuesday, 21 February 2012
LLP Annual Filing 2012
http://companiesinn.com/companyregistrationindia/LLP_Annual_Filing_2012.php
Sunday, 19 February 2012
FDI Compliance Requirements
An Indian
company receiving FDI either under the Automatic route or
the Government route is required to comply the following:
1. Report to RBI, the details of the receipt of the amount towards issue shares
through an AD Category –I Bank, together with copy of the Foreign Inward
Remittance Certificate (FIRC) evidencing the receipt of inward remittances
along with the Know Your Customer (KYC) report on the non-resident investors
from the overseas bank remitting the amount within 30 days from the date of
receipt of inward remittances.
2. Indian company is required to issue the shares within 180 days, from the
date of receipt of inward remittance.
3. After issue of shares, the Indian company has to file the Form FC-GPR
with the required documents toReserve
Bank of India through an AD Category –I Bank within 30 days of issue of shares
to the non-resident investors.
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India)
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Entry routes for investments in India
Entry routes for investments in India
A. Foreign Direct Investment (FDI
in Limited Company
B. Foreign Direct Investment (FDI
in Limited Liability Partnership (LLP)
Foreign Direct Investment is freely permitted in
almost all sectors. Under the Foreign Direct Investments (FDI) Scheme,
investments can be made by non-residents in the shares / convertible debentures
/ preference shares1 of an Indian company, through two routes:
1. Automatic
Route
Under the Automatic Route, the
foreign investor or the Indian company does not require any approval from the
Reserve Bank or Government of India for the investment
2. Government
Route
Under the Government Route, prior
approval of the Government of India, Ministry of Finance, Foreign Investment
Promotion Board (FIPB) is required.
An Indian company may receive Foreign
Direct Investment (FDI) under the following routes:
1. Automatic Route
FDI is permitted under automatic route
up to 100 per cent subject to sectorial caps as stipulated in the Consolidated FDI
Policy of India.
FDI in sectors /activities to the
extent permitted under the automatic route does not require any prior
approval either of the Government or the Reserve Bank of India.
2.
Government
Route
FDI in activities not covered under the
automatic route requires prior approval of the Foreign Investment Promotion
Board (FIPB).
An Indian company having FDIapproval
through FIPB route do not require any further clearance from the Reserve Bank
of India for receiving inward remittance and for the issue of shares to the
non-resident investors.
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Foreign Direct Investment (FDI) in India
Foreign Direct Investment (FDI) in India is
governed by the FDI Policy announced by the Government of India and the
provisions of the Foreign Exchange Management Act (FEMA), 1999.
FDI Policy is formulated by the Government of
India. FEMA Regulations prescribe the mode of investments i.e. manner of
receipt of funds, issue of shares / convertible debentures and preference
shares and reporting of the investments to the Reserve Bank.
A foreign company planning to set up business operations in
India may:
·
Incorporate a company under the
Companies Act, 1956, as a Joint Venture or a Wholly Owned Subsidiary.
·
Incorporate an Limited Liability Partnership
In India and investment is subject to Foreign
Investment Promotion Board (FIPB)
·
Set up a Liaison Office /
Representative Office or a Project Office or a Branch Office of the foreign
company. Such company can undertake only
those activities permitted under the Foreign Exchange Management
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What is Director Identification Number (DIN)
What is Director Identification
Number (DIN)
Directors Identification Number or DIN is an
identification number issued by the Ministry of Corporate Affairs, Government
of India to a director of a company or a Designated Partners of LLP. For obtaining a DIN, an online application has
to be made to the Ministry of Corporate Affairs with a copy of Identity and Address
Proof of the Applicant. The DIN Application has to be signed by a Practising
Company Secretary / Chartered Accountant / Cost Accountant.
List of Documents acceptable as Identify and
Address Proof
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Documents
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Identity
Proof
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Address
Proof
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PAN Card (Mandatory for Indian Nationals)
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Yes
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No
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Passport (Mandatory for Foreign Nationals)
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Yes
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Yes
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Driving License
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Yes
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Yes
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Voters ID
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Yes
(if DOB is
available)
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Yes
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Telephone Bill / Electricity Bill /
Bank Account Statement.
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No
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Yes
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Notes:
a.
Copy of ID and Address proof must be self
attested in case of Indian Nationals. In case of Non-Indian Nationals, the
documents should be Notarised in the home country. In case the Non Indian
National visits to India, the documents can be notarised in India.
b.
The Telephone Bill / Electricity Bill / Bank
Account Statement, must be in the name of applicant and should not be older
than 2 months.
c.
In case of proofs which are in languages
other than Hindi / English, the proofs should be translated in Hindi / English
from professional translator carrying his details (name, signature, address)
and seal. In the case of foreign nationals, translation done by the notary of
home country is also acceptable.
Concept of Limited Liability
The concept
of Limited Liability is often misunderstood in the corporate world as no
responsibility.
A Company or Limited Liability Partnership (LLP) is an incorporated entity having separate legal identity in the eyes of law. The Shareholders and Partners are the owners of the organisation. The Director or Designated Partner is a representative of the legal entity appointed by the owners to have a human interface with the regulators and all other stakeholders.
Usually in small Company, a shareholder becomes Director and in LLP, a Partner becomes designated partner. In their capacity as owners and representatives, they are different roles to play.
Limited liability means that the personal financial liability of a shareholder or a partner is limited to the extent of a fixed amount that he has agreed to invest in a company or a limited liability partnership. In other words, the investor is not personally liable for the business debts and liabilities of the organisation. In the unfortunate event of winding up of the incorporated business, their financial liability is limited to the unpaid amount of agreed contribution by shares or otherwise. On the contrary, the liability of sole proprietors and partners in general partnership are unlimited and even their personal assets are exposed to pay off the business debts and other business liabilities.
The Directors of the company are the persons liable to run the day to day business of Company and are liable to comply with various legal requirements. In case of LLP, Designated Partner is responsible for the legal compliances. In case of default to comply with any legal requirements they are personally responsible for the same. In their role as a Director or Designated partners, the liability is unlimited and are exposed to penal provisions under the law for the noncompliance of respective regulations.
A Company or Limited Liability Partnership (LLP) is an incorporated entity having separate legal identity in the eyes of law. The Shareholders and Partners are the owners of the organisation. The Director or Designated Partner is a representative of the legal entity appointed by the owners to have a human interface with the regulators and all other stakeholders.
Usually in small Company, a shareholder becomes Director and in LLP, a Partner becomes designated partner. In their capacity as owners and representatives, they are different roles to play.
Limited liability means that the personal financial liability of a shareholder or a partner is limited to the extent of a fixed amount that he has agreed to invest in a company or a limited liability partnership. In other words, the investor is not personally liable for the business debts and liabilities of the organisation. In the unfortunate event of winding up of the incorporated business, their financial liability is limited to the unpaid amount of agreed contribution by shares or otherwise. On the contrary, the liability of sole proprietors and partners in general partnership are unlimited and even their personal assets are exposed to pay off the business debts and other business liabilities.
The Directors of the company are the persons liable to run the day to day business of Company and are liable to comply with various legal requirements. In case of LLP, Designated Partner is responsible for the legal compliances. In case of default to comply with any legal requirements they are personally responsible for the same. In their role as a Director or Designated partners, the liability is unlimited and are exposed to penal provisions under the law for the noncompliance of respective regulations.
Contat info@companiesinn.com
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LLP
Compliance requirements for Company
Compliance requirements for Company
The management of a
company is vested with the Board of Directors. The Board of Directors manages
the day to day affairs of the company subject to the provisions of the
Companies Act and as per the Memorandum and Articles of Association. The
decisions at the meeting of directors are carried by way of resolutions. There
are certain decisions that require the approval of shareholders by way of a
resolution.
The compliance process in a company is ensured by
way of meetings of directors and shareholders, maintenance of Minutes,
Registers and Records, appointment of company secretary, maintenance of
accounts and audit and filing of periodic and event based returns to Registrar
of Companies and other regulatory authorities.
Board of Directors and Meetings
Directors are appointed by shareholders and the
day to day management of company is vested with the Board of Directors. The
Board carry out the management through decisions taken at their meetings. The decisions at the
meeting of directors are carried by way of resolutions. The Board of Directors
has to meet at least once in every three months and at least 4 meetings shall
be held in every year. Minutes of Board Meeting should be recorded and kept
signed by the Chairman of the meetings. Though the day to day affairs are
managed by the board of directors, there is certain decision that requires the
approval of Shareholders meetings.
Shareholders and Meetings
Shareholders are the
ultimate owners of the company and thus they are the ultimate decision making
authority for matters such as appointment of directors etc. Every year, the
company has to convene an Annual General Meeting (AGM) of the shareholders for
adopting the Annual Accounts and appointment of Auditors for the following
year. Any meetings of shareholders other than the Annual General Meeting are
called Extra Ordinary General Meetings (EGM). Minutes of General Meetings of
the company should also be recorded and kept signed by the Chairman of the
meetings.
Company Secretary
Every company having a
paid up capital of Rs.5 Crore or more shall appoint a whole time Company
Secretary and every company having a paid-up share capital of Rs.10.00 Lakhs to
Rs.5.00 Crores shall obtain the Secretarial Compliance Certificate from a Company
Secretary in whole-time practice and have to file the same with the Registrar
of Companies.
Minutes / Registers / Records and
Common Seal
A company is required to maintain and preserve a set of records as
required under Companies Act as follows:
1.
Statutory Registers
such as Register of Members, Register of Directors, Register of Directors
Shareholding, Register of Charges etc.
2.
Share Certificate
3.
Minutes Book
4.
Common Seal
Filing of Returns with office of
Registrar of Companies (ROC)
Compliance mechanism under
Companies Act mandates a company to file documents and Returns to office of
Registrar of Companies (ROC) from time to time. Compliance related filing of
returns / documents with the office of Registrar of Companies can be broadly
classified in two categories;
1.
Annual Statutory Compliances
a. Annual
Accounts.
Every company has to prepare financial accounts consisting of Balance
Sheet and Profit and Loss account on a yearly basis duly audited by a Chartered
Accountant and the same has to be placed before the Annual General Meeting
(AGM) of the company. Copy of the Annual Accounts has to be filed with the
Registrar of Companies within 30 days from AGM.
b. Annual
Return.
Every year a company shall file a return with the Registrar of Companies
within 60 days of AGM containing the particulars such as address of registered
office, register of its members, register of its debenture holders, shares and
debentures, indebtedness, members and debenture holders, past and present, and
directors, managing directors, past and present.
c.
Secretarial Compliance
Certificate.
In case of companies having paid-up share capital of Rs.10 Lakhs to Rs.5
Crore shall file the Secretarial Compliance Certificate with the Registrar of
Companies within 30 days from AGM.
2. Event Based Compliances
The following are few major events that require a filing of a return / document with the Registrar of Companies.
a. Allotment of Shares
b. Increase Authorised Capital
c. Change of Company Name
d. Creation / Modification /
Satisfaction of Charges
e. Change in Registered Office of the
company
f.
Filing of certain
Resolutions Passed by the Board / General Meetings and Agreements entered by
the company
g. Appointment of Directors /
Managing Director and changes among them.
h. Conversion of Private Company to
Public and vice versa
Company Registration India
Company Registration
India
Company
form of organization is most common incorporated business structure in India.
Company form of business structure started in India during the British period
and after Independence, Government of India reframed the law. The present law
governing company formation and administration is Companies Act, 1956.
Till 2006, company registration was possible only by filing physical documents with Registrar of Companies is each State or region. To catch up the requirements of time, the system of incorporation of company switched to electronic filing using digital signature. Document filing for company registration and other regular filings are being done through the Ministry of Corporate Affairs website http://www.mca.gov.in. Now company registration in India is paper less and all documents are filed electronically online. Registrar, register company and issue certificate electronically with the digital signature.
Registering a company is a complex process and it required detailed knowledge of law and practical experience. CompaniesInn.com, simplified the company registration process with the help of internet and technology. Our research team, developed process to deliver incorporation with quality documents in time for an affordable cost.
Company Registration Process
CompaniesInn.com unique company
registration process helps you to get your company incorporated for an
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Our Company Registration Products
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Logon to the website http://www.companiesinn.com and place an order. Creating
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Our simplified Company
Registration Processes
Submission
of Documents. Once
you choose for Company Registration, our team guide you the process of company
registration. The first step is obtain DIN (Director Identification
Number) for every proposed director by filing online application certified by
professionals. The documents required for applying DIN are self-attested copy of
PAN card in case of Indian nationals and any valid address proof. All other
nationals shall produce copy of passport and valid address proof notarized.
Verification of
Information and filings. Companiesinn.com
believes in quality. Soon after receipt of required documents and information,
our process team verify and confirm the documents and information before filing
same for approvals with government authorities.
Obtain DIN number and
file name. Once,
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can be fixed immediately if approved by professional. It is you choice to
select a name which is within the name guidelines.
Document Execution. After approval of name, the
next step is execution of documents for company registration such and
Memorandum of Association (MOA) and Articles of Association (AOA) by proposed
promoters. Since it is a vital document, we ensure you this document with
required quality.
Document
Submission: Submit
executed documents with CompaniesInn.com for preparing final company
registration forms and filing. Our team shall file all necessary forms and
documents with registrar and get your company registered.
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About www.companiesinn.com
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·
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CompaniesInn Highlights
Ø Registered the First Limited
Liability Partnership (LLP)
Ø Helped more than 2500 entrepreneurs
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