Company Registration Services In India
We are leading Company Registration Service India
, lead by expert and knowledgeable Indian Chartered Accountants having industry experience of over a decade. Our vast knowledge, expertise and hub competence in various areas helps us to serve our client's varied needs and achieve Total Customer Satisfaction.
Our team have huge knowledge and professional experience, serving its clients and concentrate in the fields of accounting, auditing, taxation, foreign investments along with a host of other financial services with its base at New Delhi, India. The service model is flexible, and allows for intermittent change and re balancing. In addition, the company has transformed itself into an integrated enterprise which has improved overall productivity.
Right from days of East India Company foreign companies were incorporating companies in India. After the liberalization policy Indian companies also started incorporating subsidiaries outside India. Recently many foreign companies have shown interest to open branch office or correlation office to check their business in India. In case they opt to incorporate a subsidiary company in India they have to follow the procedures given under the Companies Act, and also the provisions of the act will apply in to after the company is incorporated.
Foreign Companies:
A foreign company is a company which is integrated in a country outside India under the law of that other country and has a place of business in India. Sections 591 to 602 of the Act deal with such companies.
Foreign Companies are of two classes namely:
Companies incorporated outside India, which have established a place of business in India after April 1, 1956; and Companies incorporated outside India, which have established a place of business in India before that date and continue to have an established place of business in India. A list of all places of business established by the foreign company in India with reference to which the balance sheet is made out should also be sent regularly.
In other words, the foreign company shall keep on books of accounts of its Indian business and file, every year, three copies of its world accounts (within nine months from the close of the financial year), Indian business accounts (within nine months from the close of the financial year) and a list of places of business established in India.
In respect of its Indian business, the foreign company is required to maintain at its principal place of business in India, proper books of accounts with respect to all sums of money expected and exhausted by the company and the matters in respect of which the receipt and expenditure take place, all sales and purchases of goods by the company, and all assets and liabilities of the company
Where the foreign company sets up a liaison office in India, it shall prepare a "statement of receipts and payments" and a "statement of goods and liabilities" instead of a balance sheet and profit and loss account. These shall be in the prescribed form and shall be duly audited, the auditor giving his report as to the truth and fairness of the receipt and payments during the financial year
The Government has granted several exemptions and made modifications in observe to the above, in the light of its general policy as to foreign companies. Exemptions are also given to liaison offices. Special clarifications are issued in regard to foreign shipping, airline and insurance companies and also trade and industrial activities of foreign companies.
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by: Chartered Accountants India
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