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1. The Background:
How to Register Real Estate Business in India
If you are a good salesperson with knowledge and strong convincing power, then this business can turn your financial condition for good. Office space with a good location is the only investment required with experience/knowledge of types of properties and documentation processes. Honest public relations and impressive communication will help you become a successful real estate agent/broker/builder/financer, etc.
2. How to Register Real Estate Business in India
With a population of more than one billion and still growing, India offers companies a large, built-in and dynamic potential market to explore. If you are interested in conducting business in this market, you need to establish your company’s legal presence in India by registering your business and filing the appropriate forms with the proper Indian authorities.
3. Acquaint yourself with India and its culture.
Before you register your company in India, it’s a good idea to acquaint yourself with some basic facts about the country, its population and business practices if you aren’t familiar with the country or haven’t visited.
- If you’re not familiar with the general landscape in India, from information on its society and customs to business practices, getting to know the landscape will smooth the process of registering and conducting your business in the country.
- Companies in the United States, for example, often conduct business on the basis of transactions, while Indian business is still largely relationship-based. Knowing the right network of people is likely to further your business more than focusing on specific transactions.
- Knowing cultural differences is important, too. For example, cows are considered holy animals in India. Thus, if you’re interested in selling beef in India, you would want to know if and where this type of business is possible.
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4. Acquaint yourself with the Indian business authorities if you have little or no information about them.
All companies in India fall under the Companies Act of 1956, which allows the government to regulate all aspects of a business from its establishment to liquidation.
- To register your company, you will file your completed application online with the Indian government’s Registrar of Companies, or RoC. The RoC, which is under the jurisdiction of the Ministry of Corporate Affairs, oversees the incorporation of new companies and the administration of businesses under the statutory regulations of the Companies Act.
5. Choose possible names for your company.
- It’s a good idea to have at least four potential names for your company in case some other entity registered under that name with the RoC.
- By performing due diligence on the language and culture if you’re not familiar with either, you can avoid choosing names that might offend possible Indian clients or be rejected by Indian authorities.
- For instance, you may not use a name that implies any connection to government or international organizations.
- Consider customizing the name to the Indian market to attract more clients.
6. Check online to see if your choice of company name is available.
- The Indian Ministry of Corporate Affairs maintains a website where you can check whether other companies registered under a certain name.
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7. Apply online with the Ministry of Corporate Affairs for the DIN (Director Identification Number).
- The forms DIR-3 and DSC, which you can find online at the Ministry of Corporate Affairs’ website, will allow you to apply for the DIN online. For both documents, you’ll need information including your passport, proof of address, educational qualifications and current occupation. You also need a passport-sized photograph.
8. Register online for a DSC (Digital Signature Certificate).
DSCs are the digital equivalent of physical or paper certificates and can be presented to prove your identity, to access information or services on the Internet or to sign certain documents digitally.
- You can register for your DSC online at the Ministry of Corporate Affairs’ website.
- The Ministry of Corporate Affairs requires that all companies have a DSC because companies will file all applications online.
- You need the same identification documents to obtain a DSC that you do for the DIN, including passport and proof of address
9. Gather your application materials.
After you’ve checked company names and obtained your DIN and DSC, you’re ready to prepare the company’s registration application for filing online with the RoC.
- All of the required forms that you will file online with your completed application you can find online as well at the Ministry of Corporate Affairs website.
10. Complete e-Form 1A.
This form governs the naming of your company.
- You should list a minimum of four possible names and a maximum of six in order of preference.
11. File eForm 1A online to apply for the company name.
The RoC will approve the company name based on availability and appropriateness.
- The RoC usually takes two days to approve one of your name choices.
- You will have to pay a fee of 500 rupees when filing this form.
- After the RoC approves your company name, you have six months to file online for the registration of your company.
12. Draft the Memorandum of Association (MoA) and Articles of Association (AoA).
- The Memorandum of Association contains the company’s business objectives.
- The Articles of Association contain details on the company’s daily operations, including its management.
- Each document must be signed by at least two members of the company in their own handwriting. It is also required that one witness be present for the signatures.
13. File online to vet the MoA and AoA by the RoC.
14. Print the MoA and AoA.
15. Have the MoA and AoA notarized.
- Once you have a notarized copy, you can scan these documents and file them online with your other completed application materials.
16. Pay the registration and filing fees online.
- The required fee is based on your company’s capital assets.
17. Find the corresponding RoC office to file your application.
- The RoC maintains offices across India that are responsible for specific states and regions.
18. Gather your completed application documents.
You’ll need to have the documents you prepared ready to upload to the Ministry of Corporate Affairs’ website to file the registration of your company with the RoC. Remember, you’ll be registering your company online at the Ministry of Corporate Affairs’s website.
- The RoC considers a complete application to consist of the following documents, in duplicate: a stamped MoA; a stamped AoA; a copy of any agreements referred to in the articles; a copy of the letter from the RoC on the availability of the company name; the e-Form No. 1 for the incorporation of the company; and receipts of payment for the registration and filing fees.
19. File your application one with the RoC.
Now that you’ve gathered all of the required application materials, you’re ready to electronically file with the RoC to register your company.
- You will file on the website of the Ministry of Corporate Affairs. It has a prompt for you to upload all application materials; from the DNI and DSC to the MoA, AoA, and receipts of payment for registration fees.
20. Collect the Certificate of Incorporation.
The RoC will vet your application and issue the Certificate of Incorporation if the documents are satisfactory.
- If the RoC does not find the application satisfactory, you will be informed as to what documents are missing or of any other information you need to provide on the application forms.
- You can re-file your application when you’ve made the necessary corrections
21. Conduct business!
Once the RoC issues your Certificate of Incorporation, you are ready to start conducting business in India.