What are the basic operating statutory and accounting requirements for Private Companies in India?
A foreign company operating in India and registered in India is treated as a Local Indian company. Following are the basic information for your information:-
Subsidiary of Foreign Company need to take RBI Approval for investment made in India.
Company need to Maintain its books of Accounts.
Company need to get its accounts audited every year. Company need to file its tax return annually.
Company need to file annual account with authorities annually.
Income tax rates applicable to Companies on Net profit @30%.
Company need to have various Business registration with authorities like PAN, TAN, VAT, CST, Services Tax, Profession Tax, Central Excise, Import Export Code , Shop Act etc depending on the applicability.
Regular Monthly/Quarterly/Six Monthly Return shall be filled for above registration as per applicability.
Company should have a board meeting every quarter.
Every year one meeting of shareholders shall be kept i.e Annual General Meeting.