The objective of establishing a foreign company in India is to enable the Indian owners to undertake business activities in India, without having to report to the tax authorities of their home country. In addition, it allows for the ease of doing business by making certain administrative changes at the time of incorporation.
Foreign Entity
A foreign entity is a company registered in a foreign country. It can be registered as an international company or an Indian company, depending on the nature of its business and whether it has acquired any rights in India.
It may also be possible for a foreign entity for setting up a business in India as a branch office or subsidiary company of another legal entity, which would result in that branch/subsidiary being considered as part of the parent organization.
There are two types of registration: private limited companies and public limited companies (limited liability).
Digital Signature
A digital signature is a type of identification that allows you to attach your name and other personal information, such as an address, to electronic documents. It’s also called a self-authenticating certificate (SAC).
A digital signature can be used for many purposes:
- Signing contracts and agreements electronically;
- Verifying the identity of individuals; and
- Encrypting sensitive data sent via email or text message.
Open Bank Account
- Open a bank account in India.
- Have a PAN card, TAN card and GST registration.
- File the DIR-3 KYC form with ROC.
- Appoint a statutory auditor for your company
PAN,TAN and GST Registration
- PAN and TAN
- GST
PAN is a unique identification number which is issued on the basis of your Aadhaar or any other document issued by Government. It’s a permanent ID, which can be used for making payments like opening a bank account, applying for loans and getting mobile phone connections etc. The process to get PAN card is simple if you have an Aadhaar Card or any other proof of identity that matches with your name as well as address details in India. The process takes about 10 days from the time you apply for it until it gets verified by UIDAI (Unique Identification Authority). Once approved, there are no further requirements to use this particular form of identification unless there are some changes made later on in life such as marriage or divorce etc., then again there may be some additional steps needed before new documents come into play like birth certificate etc.
File DIR-3 KYC Form With ROC
The company has to file DIR-3 KYC form with ROC. The DIR-3 KYC form is a one-time process and it needs to be filed by the company with the ROC before starting any business activity in India or for any other purpose.
Appoint Statutory Auditor For The Company
A statutory auditor is a person who is appointed by the government to perform certain duties. The term “statutory auditor” refers to those specialised professionals who are authorised by law to audit and evaluate the financial statements (profit and loss statement, balance sheet, cash flow statement etc.) of companies. A company must appoint at least one statutory auditor in order to file its annual return with the Registrar of Companies (ROC).
A good example of a statutory auditor would be your bank manager or an accountant who has been trained in auditing companies as well as prparing books of accounts according to Indian Accounting Standards (IAS). However, there are other types of accountants available for this purpose too including chartered accountants (CAs), chartered secretaries etc., but if you’re looking for someone with expertise specifically in auditing companies then it makes sense that they be qualified under IAS standards rather than some other set up like CA practice papers or CFA Level 3 qualifications which also provide useful knowledge but not necessarily applicable across all industries worldwide where different regulations apply depending on where each country falls under International Financial Reporting Standards (IFRS) standards vs IFRS American accounting standards being used globally instead!
Learn About How To Register a Foreign Business In India
Foreign Company Registration In India
There are different types of companies that can be registered in India. The most common way is to register a company as a limited liability company (LLC). A foreign company needs to get registered with the Registrar of Companies, Ministry of Corporate Affairs (MCA) before starting its business operations in India. Here are some steps you need to follow:
Obtain an application form from any MCA office and fill it out completely with all required details including address, name of person signing on behalf of your client/company etc., along with details about yourself (you may want to include an email address where we can contact you). You will also have to submit copies of relevant documents such as passport or visa stamps; proof that you have enough capital invested into said company; etc., depending upon what type Of FDI project does this apply for!
Conclusion
The company registration process in India is quite simple and can be completed within a few days. If you need to register a business, then simply follow these steps:
Begin by finding a reliable accountant. They will help you with the paperwork and give you advice on how best to run your new venture.
Once you have selected your accountant, complete all necessary documents and send them back to ROC India for processing before submitting them for filing with the Registrar of Companies (ROC). You may also want to hire legal or other professional assistance if required during this time period as well!
