Greetings to all visitors!

I, Mr.Kunjan Shah answer below frequently asked questions, for forming a new private limited company in India.:-

Steps :-

The Steps are stated on our website http://www.canaresh.com/services/register-new-company ,

Costs to you

Our fees –We don’t charge our fees in advance. But as per Institute of Chartered Accountant’s rules, we cant specify our fees on website. Please email us for knowing our fees, if you wish.

Statutory costs – Approximately Rs. 8000 , assuming your company has authorized capital of Rs. 100000 (one hundred thousand Indian rupees). Please note every company must have Rs.  100000 as its minimum authorized capital. This Rs. 8000 is payable upfront to us in any mode stated on our site http://www.canaresh.com/home/online-pay-to-us .

Company’s Bank a/c. – This is to be opened in any bank of your choice, after company is formed. Preferably, we don’t advice cooperative banks as they may or may not have online banking facilities as company must have online banking to pay off their taxes etc. as per Income tax act, 1961.

What about this Rs. 100000 of capital?

This Rs. 100000 promoters/shareholders of your choice, will have to pay to company’s bank a/c. after company is formed. If promoters are from outside India  (as is your case), while bringing in this money, you will need FIRC (foreign inward remittance certificate which your banker will give you stating words “equity contribution.”)

What if 100000 isnt enough after company is formed?

For now you can form company with Rs. 100000. IN future, your company can raise and bring in more capital anytime you want. Also, your company can also take loan but from your Indian friends / associates if you need funds.  If your company want to take loan from outside India, your company will require permission of Reserve Bank of India, this is called External Commercial borrowings.)

What is next?

A)     1st, you need to decide who will be shareholders in this new company. Will it be your foreign based existing company (if any) or will it be you and your relative (atleast 2 persons are required) or will it be your foreign company as shareholder and you and your relative as directors?

B)      Ideally, if you want to make this Indian company as subsidiary of foreign foreign company, this foreign company will have to have atleast 50% shareholding in this new Indian company. This is advisable ifyour foreign  company has a brand which it wants to continue in Indian market as well.

C)      Next step is to think of a name of this new private limited company. Getting a name isn’t easy as many companies are formed in India and name may be taken already. But we can just add few words to the name of your choice and apply so that ROC * *  dosent object and allots the choice of your name, available for you.

D)     If you wish to start, please email in colour scan, any 2 persons of your choice, (individuals) passport as non-resdients must have a passport to be director in Indian company and inform us what capital you wish to keep of your company. 

 

About us – Ours is a family CA firm. We are practicing chartered accountants. My father CA Naresh Shah is actively practicing even today. (he is doing this CA practice since 1969) J

I will be handling your entire company affairs (ofcourse you can freely communicate with any of our partners CA Naresh Shah or CA Nikunj Shah ) or any of our staff members for any querry.

Services after company is formed?  - We offer range of direct and indirect taxation and auditing and various certification services and related value added services.

 

Coming to generally asked questions :-

 

Accounting  and Tax deduction returns – This is routinely done by your in-house accountant. We charge on a per day basis for this.

 Tax return and Auditing – This happens yearly . Our fees are payable after audit report is issued to you.

 

Service tax – Your services have to be registered under service tax if their receipts cross Rs. 9 lakhs. But it is routinely taken by all new companies before this 9 lakh is crossed as service tax number is a common business norm. We charge Rs. 5000 for service tax registration.

VAT - Sale tax registration involves statutory costs of Rs.31000 approximately for new companies in Maharashtra State.

 Pan card – We will help you acquire your company’s pan card. We don’t charge for this as it part of our company formation 

service.

Share certificates – We will acquire, stamp and issue share certificates to shareholders of your new company. This is also forming part of company formation service.

 

FCGPR form – In case of non-resident shareholder, this form is to be submitted to your banker after capital comes into Company’s bank a/c.

 

Please call me or email me for any clarification.

Regards, CA Mr.Kunjan Shah, www.CAnaresh.com , +91-9222922292 , (10 am to 10 pm Indian time), senior CA aged 38, Male, Mumbai, Son of CA Naresh Shah.