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All Indian Subsidiary companies are needed to comply with Companies Act, the Income Tax Act, FEMA guidelines, transfer pricing guidelines. Time to time, they are liable to file an income tax return with the income tax department, annual return with the registrar of companies and other mandatory filings with the reserve bank of India or securities and exchange board of India etc. However, the requirement is based on the type of industry, turnover, and the number of employees.
Indian Subsidiary Companies are required to comply with Income Tax Act, Companies Act, transfer pricing guidelines and FEMA guidelines. From time to time, they had to file income tax return with the Income Tax Department, annual return with the Registrar of Companies and other mandatory filings with the Reserve Bank of India or Securities & Exchange Board of India (SEBI). They would also have to comply with other regulations such as TDS regulations, GST regulations and ESI regulations etc. The requirement is also based on the type of industry, number of employees and turnover.
Of course, the Indian Companies Act requires that there should be at least two shareholders and foreign companies hence must hold 99.99% of shares of an Indian subsidiary. Besides, minority balance holding is nominated and held under the Indian Companies Act in the name of an individual.
The reserve bank of India has some guidelines that define activities for foreign Companies under the following broad categories:
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