Company Formation in Bangalore
Updated on Wednesday 17th April 2019
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Bangalore, also known as Bengaluru, is one of the most developed cities in India. Bangalore represents the third largest city, after New Delhi and Mumbai, and it is one of the fastest growing cities at a global level. Thus, investors who want to open a company in India can find numerous business opportunities in this city, which is characterized by a wide range of economic sectors.
For example, local and foreign businessmen can invest in business sectors such as telecommunications, ITC, banking, finance, pharmaceuticals and biotechnology fields, automotive, mining, steel and cement production or the production of textiles and garments, India being one of the main global providers of such products. Our team of consultants in company registration in India can assist local and foreign businessmen in the formalities of opening a business in Bangalore; investors can request legal advice on the incorporation documents and the procedures for registering with the institutions in Bangalore.
What is the procedure for opening a company in Bangalore?
The procedure on how to form a company in India in the city of Bangalore follows the same steps that are available at a national level. The incorporation has to be done as prescribed by the latest version of the Companies Act, which stipulates the types of legal entities available here, the minimum conditions for each company type, the capital requirements and others. The procedure in itself starts by verifying if the trading name wanted by the investors is available. The following should be considered:
- the proposed company name has to be selected in accordance with the Companies Act 2013, Section 4(2) and Section 4(3);
- the company’s trading name also has to comply with the regulations of the Company (Incorporation) Rules 2014;
- one of the main registration steps is to obtain a Director Identification Number (DIN);
- the company is also required to apply for a Digital Signature Certificate;
- register online with the Registrar of Companies, the main institution which oversees the implementation of the provisions of the Companies Act.
What types of companies can one register in Bangalore?
Foreign businessmen can select one of the legal entities prescribed by the country’s law. There are numerous ways to open a company in India and investors can choose to register a private limited company, a limited liability partnership, or a one person company, these types of companies being incorporated in Bangalore in a period of approximately 10-15 days. Our team of consultants in company formation in India can advise on the characteristics of these business forms.
In the case of foreign companies seeking to expand their business activities in Bangalore, the branch office and the subsidiary are also available; however, the registration of these structures can last longer than in the case of the above mentioned types of companies, taking approximately one month.
Can one obtain a virtual office in Bangalore?
Yes, our team of specialists in starting a company in India can easily represent investors in selecting the services of a virtual office. The virtual office is a simple way of obtaining a business address, which is a compulsory requirement when starting a local business. The virtual office can be used for completing the company registration procedure, the investor gaining more time in finding a suitable for his/her office. The prices for the services of a virtual office range depending on the selected facilities, but investors can obtain discounts if they pay the rent on an annual basis.
What are the tax obligations of a company in India?
In the case of a company registered in Bangalore, India, there are several tax obligations that have to be met throughout the financial year. Besides the compulsory registration with the tax authorities, the company incorporated in Bangalore is also legally required to complete a set of declarations and forms on a quarterly and yearly basis.
According to the regulations of the Income Tax Department of India, a domestic company is required to pay the income tax and to submit the return on income. The return on income file has to be completed on the online platform of the institution, under the digital signature that is obtained by the company during the incorporation procedure.
The due date for filing the form is 30th of September of each financial year, and investors are invited to contact our team of consultants in company formation in India for further advice on any other tax requirements available for Bangalore companies. Our representatives can assist with further advice on the accounting procedures available for a local company, but also on the business permits necessary when developing a business activity.