1) Minimum partners are required in an LLP, out of which at least one partners must be a resident Indian. Indian Resident means any person who has stayed in India for more than 182 days in the previous calendar year.
2) Foreign Investment should be allowed in that Industry
3) After the LLP is set up and bank account is opened. The foreign investment which comes into India needs to be reported to the Reserve Bank of India (RBI).
Documents Required to register a LLP in India:
If you want to register a wholly owned subsidiary, then we need the holding company’s documents
Foreign Company Documents:
- The registration certificate of the foreign company
- Memorandum and Articles of the foreign company
- A board resolution Authorizing the foreign company to invest in India
Foreign Director
- Passport
- Utility Bill
- Drivers License
- Passport Size photographs for directors (4 each)
Indian Resident Director:
- Pan copy is mandatory for the Indian Resident
- ID Proof – Driver’s License/Passport/Voter’s ID
- Address Proof – Bank Statement/Telephone bill
Registered Office documents:
- Address Proof of place of business (Electricity Bill or Water Bill with full address)
- No Objection Letter from property owner of the office
FDI Reporting to Reserve Bank of India:
Every time a foreign company or a foreign individual invests money into India by setting up a business or investing in an existing business, FDI reporting to Foreign Exchange management department or RBI is mandatory.
The foreign company or foreign national investing in the Indian company must transfer the funds in foreign currency to the Indian Bank account. While doing the bank transfer, you will have to select the purpose code as “Investment” or “Equity investment” or anything similar.
Once the funds reach the Indian bank, the bank will issue a Foreign Inward Remittance Certificate (FIRC). With which we have to do the FDI reporting to the RBI
Post Incorporation Licenses:
After the LLP is registered, it may have to get certain licenses deepening on the nature and size of business. Here are the list of licenses which is required if a company is registered in Bangalore, Karnataka
1) Karnataka Shops and commercial establishment – All companies registered must get this license from the department of labour.
2) Professional Tax enrolment – All companies registered must get this license from the department of professional tax.
3) Employee Professional Tax – (required only when salary payable is more than Rs 15,000 per month to employees)
4) Import Export License – (Required if you are importing or exporting)
5) GST registration – (Required if Company is into export of goods or service, turnover is more than Rs 20 lakhs per year)
To know more or to register your company in India, Please call 080-393-45666 or send email to info@indiastartup.in.