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Doing business outside of India and growing business internationally is an essential part of a company’s business expansion policy. If you as a business enterprise are looking for a way to set up a business outside of India, along with the legal requirements of that country a few of the Indian legislation and statutory requirements have to be kept in mind as well.
Know every thing about what are the advantage of company over partnership or any other forms of businesses registered in India.
A promoter is a person who undertakes to form a company with reference to a given project and sets it going and takes the necessary steps to accomplish that purpose.
The dividend of a company has to be declared according to the Section 123 of Companies Act 2013. Recently, with an amendment to Companies (Audit and Auditors) Rules, 2014, it has been made compulsory for the auditor’s report to include comments on whether the dividend was declared or paid in compliance with Section 123 of the Act, in the financial year.
On 24th March 2021, the Ministry of Corporate Affairs made certain changes in the manner in which companies are required to disclose their annual accounts and made it mandatory to use accounting software having audit trail features that cannot be disabled throughout the year.
Various foreign entities are opting for various methods to set up their entities in India such as set-up a subsidiary in India with Foreign Company as holding, Project Office, Liasoning Office, Branch Office, Direct Investment in Indian Companies etc.
Provisions related closure of Project Office/Liaison Office/Branch Office are regulated by Foreign Exchange management Act read with FEM (Establishment in India of Branch or Office or Liaison office or a project office or any other place of business) Regulations, 2016 and Master Directions No. 10/2015-16 dated 1st Jan, 2016.
From a foreign company’s point of view, India is one of the booming country’s to start a business in India. India is in the developing stage in terms of economy, growth, infrastructure, and technology. There are many untapped businesses where India has not yet stepped in or some of them are being outsourced. Business set up in India is all set to grow tremendously in all facets of areas, the major factors being changing Governmental policies, boost for international trade, welcoming culture of India, spending habits of the population, huge market base. 1. Advantages for Foreign companies Though India is a developing country yet
Considering the special reasons of COVID-19 and in pursuance of power given under section 96(1) of the Companies Act, the Registrar of the company has extended the due date of holding AGM by 3 months for the year ended on 31.03.2020 without any requirement of filing GNL-1.
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