One of the most famous states called Goa is situated in the south-west of India. The Indian economy is developing more and more every year, so for foreign entrepreneurs the opportunity to register a closed/open form of company organization in Goa is opened.
Foreign companies, planning to do business in Goa, should pay particular attention to structuring companies in accordance with Indian law to minimize the taxation required by state laws and international tax treaties. It is possible to register a company in India in accordance with the Companies Act, adopted in 2013, and the Rules, which are administered by the Ministry of Corporate Affairs of India. If you want to establish a firm in Goa, you must indicate the address of the registered office of the company in Goa.
To establish a company in India is possible as follows:
- Limited Liability Company (LLC);
- A branch of a foreign company (A branch);
- A society with an unlimited liability (Unlimited Company);
- Individual Private Enterprise (Sole Proprietorship);
- Private Limited Company (PLC);
If you want to register an LLC company in Goa, the registered capital must be $2,000. The document, that coordinates the work of registered commercial companies in Goa is the Federal Companies Act in India (The Companies Act). Doing business in Goa allows businessmen to register companies of open/closed types in Goa. In order to register a firm in Goa, that corresponds to the business structure of a Limited Liability Company, the permissible number of founders must be at least two legal entities. Currently, dividend tax in India is 15%. If you are the owner of a registered company in Goa, then a corporate tax rate of 30% is levied on the income received by the corporation or company. If you want to set up a branch in Goa, then taxation exceeds 40%.
If you plan to open a company in Goa, then the enterprise must submit an annual income report to the Register of Enterprises. Also, a tax return is filed annually with the tax office. Companies in Goa are exempted from auditing, its revenue is less than 5,000,000 Indian rupees (approximately $ 75,000). It is also worth noting that the State Bank of India requires the advice of the bank’s customers who have decided to open an account in Goa.
Documents required to register a company in Goa:
- A tax number;
- A document confirming the identity of the legal entity and all participants of the company;
- Documents for the company;
You want to open a company in India? Contact YB Case experts, who can provide you with legal advice on registering a company in Goa.