Through this blog, we would like to highlight the procedure / concerns for FDI from Russia. We have tried to share our experience in forming a company for Russian Investors / Entities.
For updated FDI Policy in India, please visit…. Updated-Fdi-Policy-in-India
At the outset, we would like to convey that incorporating a company in India has become very simple and very fast. Indian laws have now introduced a concept of consolidated filing in the form of INC-29 where one single application can be filed for DIN (Directors Identification Number), Name availability and Incorporation. Indian Government has proposal to integrate Tax registration (PAN), etc through this single filing.
Given below are the basic requirements to incorporate a private company in India by Non resident:
|1. Directors||Minimum two(One Resident)|
|2. Shareholders||Minimum two(Both can be NR)|
|3. Monetary Capital||Nil|
|4. Registered Office||Every Indian Company which is registered in India must have a registered office in India for all the communication purposes.|
For more information on company incorporation in India, please visit Company-Incorporation / Formation-in-India
Coming to the specific case of FDI from Russia, the one primary challenge we faced is to get the documents certified in the home country i.e. from notary public or get it apostilled. The procedure will be simple in English speaking countries, but becomes a bit complicated in here because the official language is not English. In Russia, it might take some time to understand what exactly is required to be done.
We will try to provide clear step-by-step instructions, so it will be easier for you to go through the process.
‘Zagran’ or local passport and other documents:
The documents which needs to be attested:
Russian legal system:
Where to get the documents certified in Russia:
Generally there are three authorized offices where one can get the documents certified. It is only then that the documents will be admissible for company incorporation in India:
Trade Chamber, honestly speaking, is the best way, since they are mostly aware of the international laws. But there are downsides too:
Indian Consulate will not certify documents in Russian language, and therefore you will have to get your passport and other documents translated first, and attested by notary. Moreover, it might take few days to get it done. So, going via the Consulate is a lengthy process too.
Below are the general steps to be taken for getting the job done:
Issue with DSC (Digital Signature form):
The issue might come up with Digital Signature Form, since it is not exactly applicable to the Russian Law. Therefore, in order to attest this form you might need to take the following steps:
If your notary cannot certify the authenticity of the signature on any of the documents, and only attests the translation, you might need to seek help of either the Indian Consulate or Trade Chamber.
These were a few major issues we faced while incorporating a company in India. Once the above issues are resolved, incorporating a company in India is an easy and simple process.
Zeerion Consulting Pvt Ltd
+91 9953 122071