Private Limited Company
When setting up a private limited company, there are certain documents
that need to be submitted by the directors and shareholders. These
documents are essential for the incorporation of the company and include
important information such as the company's name, registered office
address, share capital details, and other pertinent information.
The documents that need to be submitted by directors and shareholders of
a private limited company include Articles of Association, Memorandum of
Association, application for registration, declaration of compliance
with all applicable laws and regulations, appointment forms for
directors and secretary (if needed), share allotment forms and other
relevant documents. It is important to ensure that all these documents
are properly filled out and submitted in order to ensure a successful
incorporation process.
Annual Compliances to be complied by Private Limited companies (PLCS)
:
Private Limited Companies (PLCs) are required to comply with several
annual compliances in India. Here is a list of some of the major annual
compliances for Private Limited Companies:
Annual General Meeting (AGM) : PLCs are required to hold an AGM
every year, within six months from the end of the financial year. The
AGM is a forum for shareholders to discuss matters related to the
company's performance, elect directors, and approve financial
statements.
Annual Return Filing : PLCs are required to file their Annual
Return in Form MGT-7 with the Registrar of Companies (RoC) within 60
days from the closure of the financial year. The Annual Return contains
details such as the company's name, registered office address,
directors' details, and the financial position of the company. Financial
Statements Filing: PLCs are required to prepare and file their Financial
Statements for the financial year ending on March 31st in Form AOC-4
with the Registrar of Companies (RoC) within 30 days from the due date
of Annual General Meeting (AGM). The Financial Statements include the
Balance Sheet, Profit and Loss Account, and the Statement of Changes in
Equity.
Statutory Audit : PLCs are required to get their accounts audited
by a Chartered Accountant every year. The audit report must be attached
with the Financial Statements while filing Form AOC-4.
Income Tax Filing : PLCs are required to file their Income Tax
Return (ITR) every year in Form ITR-6 with the Income Tax Department.
The due date for filing ITR for PLCs is September 30th of the following
financial year. PLCs are also required to obtain a Tax Audit Report from
a Chartered Accountant if their turnover exceeds Rs. 1 crore.
GST Filing : PLCs registered under the Goods and Services Tax
(GST) Act are required to file their GST Returns regularly. The
frequency of GST Return filing depends on the turnover of the PLC.
TDS Filing : PLCs are required to deduct Tax Deducted at Source
(TDS) while making payments to their vendors or suppliers. They are also
required to file TDS payments to be done on monthly basis and Returns
Quarterly basis.
It is important for PLCs to comply with these annual compliances to
avoid penalties and legal implications. PLCs can seek professional help
Company Secretaries to ensure timely compliance with these requirements.
Documents to be submitted by Directors & Shareholders
- PAN Card (Compulsorily)
- Voter's ID/Passport/Driver's License (Only any One as ID Proof)
-
Copy of Latest Bank Statement (not older than 2 months old, to be used
as Address Proof)
-
Telephone or Mobile Bill/Electricity or Gas Bill (Utility bills) (to
be used as Address Proof)
- Passport-size photograph (Soft copy)
-
Copy of Specimen signature (Document shall be shared by us, and to be
signed Directors Only)
NOTE: In case of Having a Valid DIN by the Directors only PAN and
Adhaar is sufficient, it is only for Indian Resident Directors.
In case Directors residing outside India and Foreign nationals to
incorporate a company in India, we urge to speak with professionals.
Our Team of professionals are happy to assist you or guide you.
-
Self-attestation must be done by any one of the directors for the
first three documents.
-
For the foreign nationals, apostilled or notarized copy of the
passport has to be submitted mandatorily. All documents submitted
should be valid.
-
All the documents must be notarised (if NRI is currently in India or a
Commonwealth country). All the documents must be notarised and
apostille or attested by an Indian embassy (if in a non-Commonwealth
country).
Documents regarding registered office
- copy of Latest Electricity or Water Bill
- copy of rental agreement Notarized in English
- copy of No-objection certificate from the property owner
-
copy of sale deed/property deed in English (in case of owned property)
Establishing up of Foreign Subsidiary:
Establishing a foreign subsidiary of a private limited company is an
important step for business growth and expansion. It helps the company
to expand its operations and access new markets, as well as to benefit
from various tax advantages. The process of company incorporation
involves numerous steps such as selecting the jurisdiction, registering
the company, obtaining necessary licenses, and setting up the
appropriate corporate structure. Additionally, companies must also
consider different legal requirements such as taxation laws and labour
regulations in order to ensure compliance with local laws.
Establishing a foreign subsidiary of a private limited company is an
important step for businesses looking to expand their operations abroad.
It allows the parent company to benefit from local resources, access new
markets and increase its global presence. Company incorporation involves
setting up the legal framework for the foreign subsidiary, including
registering it with local authorities, obtaining necessary permits and
licenses, and establishing a corporate structure. With the right
guidance and expertise, businesses can make this process simpler and
more efficient.
Setting up a foreign subsidiary in India involves several steps and
legal procedures. Here's a general overview of the process :
Choose the type of subsidiary : There are various types of
subsidiaries that can be set up in India, including wholly-owned
subsidiaries, joint ventures, and limited liability partnerships. Choose
the type that best suits your business needs.
Reserve a company name : You'll need to reserve a unique name for
your subsidiary through the Ministry of Corporate Affairs (MCA) website.
Obtain Director Identification Number (DIN's) and Digital Signature
Certificate (DSC's) :
The directors of the subsidiary will need to obtain a DIN and DSC from
the MCA.
Obtain approval from the Reserve Bank of India (RBI) : Depending
on the sector you operate in, you may need to obtain approval from the
RBI for foreign investment in India.
Register the subsidiary : Once the above steps are completed,
you'll need to register your subsidiary with the Registrar of Companies
(ROC).
Obtain tax registration : Register your subsidiary with the tax
authorities and obtain a Permanent Account Number (PAN) and Tax
Deduction and Collection Account Number (TAN), these shall be given at
the time of Incorporation. These numbers will be given or mentioned in
the Certificate of Incorporation (COI) itself.
Register for Goods and Services Tax (GST) : If your subsidiary
will be engaged in the sale of goods or services in India, you'll need
to register for GST.
Open a bank account : Once the subsidiary is registered, open a
bank account in India.
Obtain necessary licenses and permits : Depending on the nature
of your business, you may need to obtain additional licenses and permits
from the relevant authorities.
It is highly recommended to consult with a legal professional or a
business consultant to ensure that all the legal procedures and
requirements are met while setting up a foreign subsidiary in India.
Note: For Detailed Deliberations reach us at your ease time or leave
a message.
Documents to be submitted by Directors & Shareholders
- PAN Card (Compulsorily)
- Voter’s ID/Passport/Driver’s License (Only any One as ID Proof)
-
Copy of Latest Bank Statement (not older than 2 months old, to be used
as Address Proof)
-
Telephone or Mobile Bill/Electricity or Gas Bill (Utility bills) (to
be used as Address Proof)
- Passport-size photograph (Soft copy)
-
Copy of Specimen signature (Document shall be shared by us, and to be
signed Directors Only)
NOTE: In case of Having a Valid DIN by the Directors only PAN and
Adhaar is sufficient, it is only for Indian Resident Directors.
-
Self-attestation must be done by any one of the directors for the
first three documents.
-
For the foreign nationals, apostilled or notarized copy of the
passport has to be submitted mandatorily. All documents submitted
should be valid.
-
All the documents must be notarised (if NRI is currently in India or a
Commonwealth country). All the documents must be notarised and
apostille or attested by an Indian embassy (if in a non-Commonwealth
country)
Documents regarding registered office
- copy of Latest Electricity or Water Bill
- copy of rental agreement Notarized in English
- copy of No-objection certificate from the property owner
-
copy of sale deed/property deed in English (in case of owned property)