Questions? 

SPICe Form INC-32, which is a Simplified Proforma for Incorporating Company Electronically -SPICe or Form INC-32, can help incorporate a company with a single application for reservation of name, incorporation of a new company and/or application for allotment of DIN.

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The company shall file form INC-4 in case of cessation of member of OPC on account of death, incapacity to contract or change in ownership. In the same form, user needs to provide details of the new member of the OPC.

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Yes. No person shall carry on money changing business without the possession of a valid licence issued by the Reserve Bank. Any person found undertaking money changing business without a valid licence is liable to be penalised under the Act ibid.

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To widen and allow easy access to foreign exchange facilities to residents and tourists while ensuring efficient customer service through competition is the major objective.

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A foreign entity is termed as JV (Joint venture) of the Indian Party/Resident Indian when there are other foreign promoters holding the stake of the entity along with the Indian Party.

In case of WOS (Wholly Owned Subsidiary), entire capital is held by the one or more Indian Party/Resident Indian.

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The list of activities provided by the RBI for the LO to undertake is as follows:

• Representing the parent company / group companies in India
• Promoting export / import from / to India
• Promoting technical/ financial collaborations between parent / group companies and companies in India
• Acting as a communication channel between the parent company and Indian companies

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The list for PO as follows:

• Non-resident companies are generally permitted to establish POs in India, provided they have secured a contract from an Indian company to execute a project in India
• Further, the project must have secured the necessary regulatory clearances and is funded directly by inward remittance from abroad or the project is funded by a bilateral or multilateral international financing agency, or a company or entity in India awarding the contract has been granted term loan by a public financial institution or a bank in India for the project

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Wherever the BO or PO is required to remit funds outside India, within the applicable guidelines under FEMA, they may do so not necessarily through the designated AD Bank but through any AD Bank of its choice subject to obtaining no objection certificate (NOC) from the designated AD Bank.

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The AD Bank has the power to approve for extension of the project account after the tenure of the project for genuine reasons like completion of warranty period, statutory works like Income tax assessments, VAT/Service tax/GST assessments, to make arrangements for the sale of assets, etc. 

However, requisite intimations shall be required to be sent to Reserve Bank, FED, CO Cell, Sansad Marg, New Delhi 110001.

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The key prerequisites for setting up an unlisted public limited company are the following: 

• Minimum three directors – mandatory one resident director but not required to be a citizen of India
• Minimum seven shareholders – shareholders may be either corporates or individuals  
• No minimum capital threshold, should have at least seven shares, if the proposed company will be limited by shares
• Physical space to be identified as a registered office

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