Some additional notes on types of compaies

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Some additional notes on types of compaies

  1. 1. Some additional notes on types of compaies:Foreign Companies:It is a company incorporated outside India, having a place of business in India. Place of business means to establish a sufficient presence within the country or jurisdiction for service of process. When a foreign company posted a representative in India only for the purpose of eliciting orders from the company’s customers, that was held to be NOT establishing a place of business in India. The court said that there should be a fixed and definite place where business like operations are carried on for a reasonably long period of time. Every foreign company which establishes a place of business in India must within 30 days of the establishment of such place of business, file with the Registrar of Companies (ROC) at New Delhi and also with the ROC of the state in which such place of business is situated, the following documents/information, namely:a) a certified copy of the charter, statutes or memorandum and articles of the company. If the instrument is not in English, a certified translation thereof will have to be filed. b) the full address of the principal office of the company and of the place of business in India. c) The list of directors of the company and its secretary with full particulars of their names, nationality, their addresses and business occupations. d) the names and addresses of one or more persons resident in India who are authorized to accept services of process, notices or other documents required to be served on the company. A separate Balance sheet and Profit and loss Account in respect of company’s Indian business should be prepared and submitted alongwith a copy of the company’s world business. In case of a foreign company having a place of business in India, if fifty one percent (51%) of the PAID UP SHARE CAPITAL, whether preference or equity is held by one or more citizens of India or by one or more bodies corporate Incorporated India

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