Making a Significant Change in Your Foreign Company in India? Remember to Inform the ROCApril 7, 2023
For Foreign companies looking to enter the Indian market, knowing their way around the legal system in the country is crucial. The process of incorporating and running a company in India is a comprehensive one that records all the details at multiple stages. But what happens when any of this fundamental information changes?
Maybe you shifted operations from one state to another. Sometimes there’s a change of personnel at the director level. In rare cases, you may need to change your organisation’s name for some reason. The government realises this and has made provisions for such updates. However, it is required that you keep the Registrar of Companies (ROC) informed at all times. And for that purpose, they have created a process to intimate the authority of any change in company information.
The Steps You Need To Take
A company needs to inform the ROC of any notable alteration made in the organisation within 30 days of the event. To update your data with the authorities, just follow these steps:
Step 1: The first step is to apply for a digital signature certificate for all representatives of the foreign company. The DSC is mandatory for filling out many forms the government needs to register your organisation and help it run smoothly.
Step 2: The next step is to file for Director Identification Number through form DIR 3. All board members need to apply for their unique identification with respect to the company.
Step 3: After getting a Digital Signature Certificate and the DINs for directors, the company can begin the process of registering any change in the company with the e-form FC-1. FC-1 needs to be filed within 30 days of any change in the following details:
- The name and location of the foreign company’s office
- The registered office address in India
- The directors and their particulars
- The authorised representative and their particulars
- The shareholding pattern of the foreign company
- The financial year of the foreign company
Fill in all the relevant and accurate information and submit the form.
Step 4: Before the ROC gets the notification, the company must pay the fees for intimation. The form requires you to pay a stamp duty of ₹100 if the company is based in Delhi and ₹50 if they operate out of any other state.
Step 5: After submitting the application and paying the stamp duty, the application reaches ROC’s table. The Registrar then carefully reviews the submission and verifies the data provided. If everything is alright, they sign off on the change, and you are good to go.
It’s important for an organisation to keep the authorities notified of any changes that occur in its business. Not only to fulfil your legal obligations but also to ensure the company’s smooth operations.
Sometimes it can be hard to keep up with all the compliances. This is where Corporate Leaps can help. We not only ensure that all the compliances are duly adhered to but also ensure that the changes are duly updated with the ROC on your behalf.