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Liaison office Closing : Closing up non-compliance’s for fast closer
Events
- Developing the Indian Market: Effective strategies for Italian companies in the industrial machinery sector
- Sales Networking Meet – Gurugram, 25th Aug 2022
- Business Opportunities for Indian Companies in Brandenburg
- India: From outsourcing to sales markets
- Key Highlights of Budget 2021 – How will it impact doing business in India?
- How Indian subsidiaries can Finance & do business in India
- Ammann becomes a market leader with its Indian joint venture partner
- A strong sales team in India is half the price
- Building a Winning team in India & How to motivate and retain employees
- Dealing with Indian Government & Impact of rising technical regulations in India
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M+V is very professional in India HR market. They were able to provide us with strong support in our recruitment. We are satisfied with their service.
Incubation solution
With the incubation solution from Maier + Vidorno , we successfully placed our products in the Indian market and established valuable product market presence, which we can now build on further with our subsidiary
BIS registration project
The BIS registration project went smooth and efficient. We are very satisfied with the way the documentation, communication and inspection on-site was handled from the Maier+ Vidorno Team. We are happy to recommend working with M+V in India – with the expert’s advice you will need.
Competent Partner
India has great investment potential for foreign companies if you manage the highly complex business environment professionally. Our experience shows – Maier+Vidorno is a competent partner to efficiently set up and run business.
Market Presence and Profitability
The cooperation of JUMO and Maier+Vidorno is a success story in India since 2008. Our sales, market presence and profitability in India shows constant growth. M+V knows about the challenges foreign companies face while doing business in India – and provides hands-on solutions.
Business Diagnostic and Implement Improvement
Maier+Vidorno understands business challenges in the Indian business environment and provides solutions with the help of its experts. M+V has experience in running business diagnostics and implement improvement and expansion strategies in various industries in India.
Closing a company should be as simple as possible so that you can move on quickly. In India, it has become less complicated in the last few years, but you still must know what you are doing.
COMPLIANCES NEEDS TO BE DONE BEFORE INITIATING CLOSURE OF Liaison Office
Before initiating the process for closure of the Liaison Office, the company has to comply with the following in advance:
1. Filings in regards with the Registrar of Companies (ROC)
- Filing of the annual financial statement of Indian LO needs in e-form FC-3 from incorporation till the date of closure
- Filing of Annual Return of Indian Liaison Office in e-form FC-4 from incorporation till the date of closure
2. Documents and Compliances required with the AD Bank / The Reserve Bank of India (RBI)
- Verification of the extension letter of the LO to check the validity period. On the expiry of the period of extension, an application is made with the AD Bank for renewal of extension.
- Verification of the Annual Activity Certificate (AAC) and financial statement as filed to the AD Bank from incorporation till the last financial year immediately preceding the date of closure.
3. Compliances in regards with the Director-General of International Taxation (DGIT) and Director General of Police (DGP)
- Verification of the Annual Activity Certificate (AAC) and financial statement as filed to the Director-General of International Taxation (DGIT) from incorporation till the last financial year immediately preceding the date of closure.
- Verification of the Annual filing of Form 49C (various details pertaining to LO) to the Director-General of International Taxation (DGIT) from incorporation till the last financial year immediately preceding the date of closure.
- Verification of the Annual Activity Certificate (AAC) and Annual Report as filed to the Director-General of Police (DGP) till the last financial year immediately preceding the date of closure.
Back in 2016, a European Company in Mumbai decided to close its Liaison Office (LO). The company got stuck because there were a lot of non-compliances to clear up with the ROC and RBI. They had help from a certified CA, but the paperwork wasn’t moving.
In 2019 the company approached M+V for help. We resolved the non-compliances step by step. The RBI closed the Liaison Office (LO) last month, and the parent company has bank balance back in its accounts.
For more details, please contact Dhrub Thakur