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|12th November 2009, 10:27||#1|
Registering a company in India
Does anyone know the procedure/ costs involved in registering a company in India ? It is for doing outsourced jobs from Singapore.Do we have to register it as a company or is there any other option that is available.
|12th November 2009, 12:20||#3|
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So your call center is ready Huh? Congrats and best of luck, there are a lot of forums which discuss about callcenter operations right from registration. Please use google if you have any difficulties PM me i will try to help you.
|12th November 2009, 12:23||#4|
|12th November 2009, 12:59||#5|
Join Date: Aug 2008
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Joe, like Samurai has already mentioned, you definitely need to take services of a CA or CS.
a) Sole Proprietorship
c) Private Limited Company
In simple terms -
(i) Have you decided on a name for your entity?
(ii) The name should include the nature of business
(iii) You need to have minimum of 2 Directors, and 1 lakh to apply.
(iv) You can register only after you get a sanction letter for the name application.
(v) You need to apply for DIN - Director Identification Number
|12th November 2009, 13:12||#6|
Join Date: Apr 2006
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Kindly refer to :: Ministry of Corporate Affairs ::
For registering a company in India there are following options
1. You can get a company registration process on line, you would be requiring digital signature which you can get at a cost around 1900 rs.
You can read all details in respect to registration from the above website.
2. Option 2 contact CA : he would charge you 25000 rs for registration.
In my option read the details get it registered yourself.
You have to get it registered at Registrar of Companies that comes under ministry of corporate affaire.You have to build MOU(MEMO RANDOM OF UNDERSTANDING)
In case you need any further help pm me.
|13th November 2009, 01:03||#7|
Join Date: Oct 2008
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hey, all forms are mostly online filings now. Use the MCA website and get going. If you are not registering a private company then you need to have a couple more compliances.
CS is really not required at this stage.
|13th November 2009, 08:10||#8|
I am sorry but can anyone explain a bit as to what exactly is sole proprietorship ? I would assume my case would fall under this.The person who plans to start the company is the sole owner. In this case, is the registration process different ?
The only reason why he wants to register a company is because , his client in Singapore, wants a company in India for outsourced jobs so that payments can be taken care of without any legal issues. In such a setup, which would be the best solution ( in terms of registering the company) ?
|13th November 2009, 09:06||#9|
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Best setup would be Private Limited Company. This gives company an Identity that is independent of owners.
If company gets bankrupt or get into litigation, it would not have impact on personal wealth of owners.
"sole proprietorship" makes the company part of your personal financials. ANY loan taken by company can be recovered from your personal accounts.
Setting up a company costs 15k and roughlt the same amount to keep it running. Most of it would go to CA to manage documentations.
Last edited by NetfreakBombay : 13th November 2009 at 09:08.
|30th April 2010, 17:38||#11|
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|1st May 2010, 12:12||#12|
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best to start off by registering as a Sole Proprietorship or Partnership. Private Limited is beneficial only when revenue exceed a certain amount, so unless you are planning on something big, best to save money and headaches by having a Partnership or sole proprietorship.
Also go in for a foreign currency denominated (in this case Singapore Dollar) account. ICICI has a number of options.
Check with your CA.
|1st May 2010, 12:54||#13|
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Sole proprietorship - I run my business; nobody else contributes capital, I take all profits, and am solely liable for all lossess. This is the least legal hassle method. The big question is, will your clients deal with you as a sole proprietorship?
Partnership - the partners contribute capital, participate in losses. No problems if it is not registered; only you cannot sue other persons. Registration is a cakewalk. You can draw salary as a partner.
Limited Liability Partnership - Dunno
Private limited company. You contribute the capital; get profits when the company declares dividend. You draw a salary. Your liability is limited to the amount you contributed. (too simplistic; but still, if your shares are fully paid up, you will not have any liability as an investor); you still will have laibilities as a director. Remember to file annual statements, about 8 or 9 of them every year, or make the annual pilgrimage to magistrate's court.
I had estimated expenses for incorporating a company with about 5 lakh authorised capital, and expenses for paperwork and incorporation was around 40K INR, in Kerala. Remember that authorised capital and paidup capital are different. (so, the guy said "you need at least 1 lakh is a bit wrong, and a bit right - the minimum authorised capital is 1 lakh, IIRC).
Each model has its own legal advantages and disadvantages, and tax implications too.
I could explain the difference here, but you may be better off taking to a CA. You will need to, anyway, you may need to obtain clearance under the FEMA from RBI.
|1st May 2010, 13:34||#14|
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Lot's of information is already there
Adding a few more things as I recently converted my firm in my wife's name to a pvt. ltd. one
- Get yourself a Sole-Proprietorship / Partnership Firm in begining. If business starts making grooming, convert the same into a Pvt. Ltd. one.
- Fees will float around 25-30K in Delhi for formation.
- Do take care of Firm's name while forming a Pvt. Ltd. one as you may be getting difficulty while registering domain name.
Any immediate query you can PM me
|2nd May 2010, 18:31||#15|
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Also, under some cases, liability may extend to personal assets of partners.
Last edited by mithun : 2nd May 2010 at 18:32.
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