India turnkey company structure

Corporate structure of a India turnkey company

    Purchase Singapore shelf company

  1. Within 1 week of availing this solution, Healy Consultants will provide our Client i) the readymade company name and identification number (CIN) ii) a DBS India corporate bank account number and iii) a tax number (PAN). This solution will be highly beneficial for any Client who is in immediate need of a local company;
  2. The accompanying DBS India corporate bank account will be a multi-currency account offering our Clients option to receive funds in major global currencies including USD, Euro, Pound, Swiss Franc and Yen, thereby reducing forex costs. Currently, Mr. Aidan Healy is the sole signatory for this bank account;
  3. With this bank account, our Client will have the use of following facilities: internet banking, debit cards and check books. Furthermore, to support their business, our Client may apply for various other financial products including bank loans and trade finance tools like letters of credit and bank guarantees;
  4. Fund transfer costs for this account are low at just US$8 for incoming and outgoing transactions. For a complete list of tariffs, kindly refer to the attached webpage;
  5. Currently, the minimum required share capital of US$1,650 (INR 1,00,000) has been deposited into the corporate bank account. Before the corporate structure is changed, the Client will need to transfer US$1,650 to the existing shareholder’s account to prove to the Registrar of Companies (ROC) they are indeed the new shareholders;
  6. To comply with the local law, Healy Consultants Indian officer has been appointed as the resident director. After our Client has purchased the turnkey solution, they may either appoint another individual resident in India or request our officer to continue to serve in a passive capacity

Accounting & tax considerations

  1. The shelf company will be tax resident in India and will hence, be subject to annual income tax of up to 35%. Furthermore, the company will be required to submit tax returns and audited financial statements annually. For more information about Indian tax obligations, please refer to the attached webpage;
  2. It is important our Clients are aware of their personal and corporate tax obligations in their country of residence and domicile. Please let us know if you need Healy Consultants help to clarify your local and international annual tax reporting obligations.

Engagement steps delivery dates

No.StepsWeek
1.Our Client couriers i) the signed engagement letter and ii) corporate and personal due diligence information to Healy Consultants Singapore office;1
2.After our Client settles our fees, Healy Consultants emails the details of the turnkey solution including i) company name and identification number ii) Certificate of Incorporation iii) M&AA iv) DBS bank account number and v) permanent account number (PAN). Our Client can legally start their operations in India;1
3.The corporate structure of the new company is confirmed. Healy Consultants prepares the forms to appoint the new director and change the bank signatory. These include: i) DIN and DSC forms ii) DIR-2 and MBP-1 forms iii) DBS India forms and iv) board resolution signed by the existing company directors;2
4.The new shareholders wire the share capital amount to the personal account of the existing shareholders. Thereafter, a remittance certificate (FIRC) is issued by the existing shareholder’s bank;2
5.The new director(s) courier the signed and attested versions of the forms (referred to in point 3) along with i) passport copies and ii) proofs of address;3
6.Healy Consultants also emails our Client documents for the purchase of the shelf company for signature, notarization and apostille. These documents include i) FEMA declaration ii) FCTRS and iii) SH-4 forms;3
7.Healy Consultants applies for the Director Identification Number (DIN) for the new director and the Digital Signature Certificate (DSC) for the director and shareholders;3
8.The Indian authorities approve the DIN and DSC for the director and the shareholders;4
9.The bank forms are passed to the DBS India officer along with the requested KYC documents. These documents will now be reviewed by the bank’s Legal and Compliance Department;4
10.Healy Consultants performs a name search for the company at the Ministry of Corporate Affairs (MCA) website;5
11.DBS India’s Legal and Compliance Department concludes the due diligence check. Thereafter, the new bank signatory is approved;8
12.Healy Consultants reserves the new name for the company. We also i) file the apostilled share transfer forms and ii) update the director details with the ROC;9
13.The bank officer mails the new internet banking tokens and passwords to the Client;10
14.Healy Consultants updates i) the new corporate structure and ii) miscellaneous account details in the bank records;11
15.Healy Consultants appoints the new shareholders for the Indian company;12
16.Healy Consultants successfully completes the engagement.14

Contact us

For additional information on our turnkey solutions services, please email us at email@healyconsultants.com. Alternatively please contact our in-house country expert, Mr. Kunal Fabiani, directly:
client relationship officer - Kunal