Can a foreign company be wound up in India?

How can a foreign company close in India?

Closure of these foreign companies in India requires RBI approval and a report from ROC as to the state of compliances. These offices must be closed once the purpose of setting them up is completed for which approval has to be taken from Income Tax Department or Registrar of Companies and AD or Reserve Bank of India.

Can a body corporate incorporated outside India be wound up in India?

incorporated outside India which has been carrying on business in India, ceases to carry on business in India , it may be wound up as an unregistered company under Part II of the Chapter XXI of the Companies Act 2013. Therefore, Foreign Company can not be wound up voluntarily under the Companies Act 2013.

Does Companies Act 2013 apply to foreign companies?

“(1) Sections 380 to 386 (both inclusive) and sections 392 and 393 shall apply to all foreign companies: … This amendment clarified that Chapter 22 of the 2013 Act would be applicable to ‘all the foreign companies’ irrespective of any other condition.

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Why are foreign companies setting up their operations in India?

Foreign companies invest in India due to abundance of resource, presence of labour at relatively lower wages and special investment privileges such as tax exemptions, etc. For a nation where, foreign investments are being made, it also means achieving technical know-how and generating employment.

How do I close a foreign company?

During the winding up of Branch/Liaison offices the company must approach the designated AD Category – I bank with the following documents:

  1. A copy of the Reserve Bank’s permission/ approval from the sectoral regulator(s) for establishing the BO / LO.
  2. The Auditor’s certificate:

Can an Indian company open a branch office abroad?

Indian firms/companies executing contracts/projects abroad with the approval of the appropriate authority are permitted under a general permission granted by Reserve Bank to set up site/project offices abroad provided that such offices are maintained out of project receipts and remittances from India are not required.

Does Companies Act apply to foreign companies?

A foreign company is defined under section 2(42) of the Companies Act, 2013, such a company must follow regulations and rules established under multiple legislations and orders such as: Companies Act, 2013 – Income Tax Act, 1961. GST, 2017 – SEBI rules and regulations.

How a body corporate incorporated outside India may be wound up which has been carrying on business in India ceases to carry on business in India?

Where a body corporate incorporated outside India which has been carrying on business in India, ceases to carry on business in India, it may be wound up as an unregistered company under this Part, notwithstanding that the body corporate has been dissolved or otherwise ceased to exist as such under or by virtue of the …

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What is Section 8 company India?

A company is referred to as Section 8 Company when it registered as a Non-Profit Organization (NPO) i.e. when it has motive of promoting arts, commerce, education, charity, protection of environment, sports, science, research, social welfare, religion and intends to use its profits (if any) or other income for …

What is a foreign company in India?

“foreign company” means any company or body corporate incorporated outside India which,— (a) has a place of business in India whether by itself or through an agent, physically or through electronic mode; and. (b) conducts any business activity in India in any other manner.

Which are the foreign companies in India?

List of Foreign Companies Listed in India

  • 3M India Limited.
  • ABB Limited.
  • Abbott India Limited.
  • Agro Tech Foods Limited.
  • Ahlcon Parenterals (India) Ltd.
  • Akzo Nobel India Limited.
  • Alpha Graphic India Ltd.
  • Alstom India Ltd.

Can a foreign company operate in Singapore?

In Singapore, companies can be fully foreign-owned, which allows foreign companies to incorporate a subsidiary company and own 100% of its shares. Under Singaporean law, a subsidiary company is considered as a separate entity (from its foreign parent company) and is treated as a local Singapore company.