Company Formationin Chennai

Company formation is the process of incorporating the business in a Companies house in a structured form. On incorporation it becomes a legal entity. If the business is insolvent, the shareholders are not held responsible. This is why it is called as company which has limited liability. There is financial protection, legal protection is ensured when you have your business in the form of company. Company formation in Chennai gives some advises how to constitute a company.

Requirements to form the company

• The Directors of the company should search for the name of the company. The name search is the first and foremost thing to be done. If the name is similar there arises problem of getting sued. Also if any other person starts a company in the same name of yours, then you also may sue. So name is very important and it should be unique.

• Then you should add company address. • They should give Director’s details, secretory details, articles

of association and supporting documents should be provided. • It needs minimum two members, one director and one

shareholder to form a company. Of course all the members should be more than the age of 18 to form the company.

Company formation in Chennai speaks about Offshore Company. An offshore company is a company that is set up at different countries other than the native.

Company formation in Chennai insists that the copies of residential address and identity proofs must be provided. Then you should submit the order form which includes the following details. They are kind of shares to be issued, the company Directors, shareholders, company secretory, and communication address along with payment should be produced.

Benefits of Offshore Companies

• Company formation in Chennai states the merits of setting up offshore companies. The first benefit is the tax benefit.

• Offshore companies are helpful in acquiring all the opportunities. Those opportunities include buying real estates, making investment in foreign market and trading foreign markets.

The demerits of offshore companies are the working timings will be different. So there will be difference in timings for the communications also. If there happens any problems, then there arise some resolution issues also. You need to hire a foreign lawyer in the foreign courts and this process will be costlier and time consuming.

STATE ENTERPRISE & PRIVATE ENTERPRISE

The state enterprise is also called as state owned enterprise. It is started by the government to take part in the commercial activities on behalf of the government. SOE is a global phenomenon.

They require following rules and regulations concerned with operations of the business types. The administration is bureaucratic and the development of the organisation is not the concern. The profit earned by these enterprises is kept in the state treasurer and the money is spent for the welfare of the public. Also the winding up procedure is dependent on the government only.

Company formation in Chennai discusses about the Private enterprise. It operates under the ownership of the individuals. So it means that it is free from Government. In these the individuals are motivated and encouraged to carry out various businesses. They are free to do any businesses that are legally permitted.

Now it has launched company fresh start scheme, CFSS (Company Fresh Start Scheme) 2020, gives one time prospectus for defaulting companies to file pending forms. It eliminates additional fees and seeks immunity from penalties. This scheme came into existence in the year 2020 April1 and it is about to end on September 30 the same year 2020.

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