April 2, 2024 | CA B K Goyal & Co LLP

In FY24, India witnessed a remarkable surge in company registrations, with a 16.3% increase in companies and a staggering 62.7% rise in limited liability partnerships (LLPs) compared to the previous year. Data from the Ministry of Corporate Affairs (MCA) revealed this positive trend, underscoring growing optimism about India’s long-term growth prospects despite external challenges. The MCA disclosed that a record-breaking 1,85,314 companies were incorporated in FY24, up from 1,59,339 in the preceding year. Similarly, LLP registrations soared to an unprecedented 58,990, a significant jump from 36,249 in the previous fiscal period. This surge in registrations is attributed to growing aspirations of new India, awareness and hardwork of the citizens of new India. Projections from the International Monetary Fund (IMF) indicate a robust growth trajectory for India, with expected growth rates of 6.7% and 6.5% for the current and subsequent fiscal years, respectively—more than double the global average. The people of India have always aspired to do their own business. Before the year 2000, there were very less opportunities as far as corporate jobs are concerned and citizens of India either aspired to do their own business or join a government job. In case they failed to make a success at their own business or government job then they used to join private section jobs which were limited. Post 2000, the trend changes as MNC’s started showing their presence in India due to the liberalisation policies introduced in 1991 and gates for international organisations were opened. There started a trend within youth of India to join MNC for their corporate culture and lifestyle. Further, the middle class started aspiring to join MNC in the hope of getting jobs outside India in countries like USA, Britian etc. Post 2010, as the youth became familiar with the MNC corporate culture, they again started aspiring to do their own business. Business has always been in the blood of Indians for thousands of years. What has changed now is more awareness as to how the business can be scaled by running a business in the form of a private limited company which can scale to any limits due to the freedom it provides to raise capital, ease of doing business, credibility, separate legal entity and many more. As awareness has increased, more and more entrepreneurs are choosing Private Limited Company as their preferred form of business over proprietorship or partnership. As being spoken by CA Bhuvnesh Kumar Goyal at many occasions that Indians are all about risk and has always been about risk. As the awareness is increasing, he advises and suggests that every Indian shall and must incorporate his/her private limited company and try run his/here aspired business for atleast 3 years once in his/her lifetime. There is nothing to lose and sky is open to fly. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration | Trademark Registration | Copyright Registration | Patent Registration | Import Export Code | Forensic Accounting and Fraud Detection | Section 8 Company | Foreign Company | 80G and 12A Certificate | FCRA Registration |DGGI Cases | Scrutiny Cases | Income Escapement Cases | Search & Seizure | CIT Appeal | ITAT Appeal | Auditors | Internal Audit | Financial Audit | Process Audit | IEC Code | CA Certification | Income Tax Penalty Notice u/s 271(1)(c) | Income Tax Notice u/s 142(1) | Income Tax Notice u/s 144 |Income Tax Notice u/s 148 | Income Tax Demand Notice | Psara License | FCRA Online Company Registration Services in major cities of India Company Registration in Jaipur | Company Registration in Delhi | Company Registration in Pune | Company Registration in Hyderabad | Company Registration in Bangalore | Company Registration in Chennai | Company Registration in Kolkata | Company Registration in Mumbai | Company Registration in India | Company Registration in Gurgaon | Company Registration in Noida | Company Registration in lucknow Complete CA Services CA in Delhi | CA in Gurgaon | CA in Noida | CA in Jaipur | CA Firm in India RERA Services RERA Rajasthan | RERA Haryana | RERA Delhi | UP RERA Most read resources tnreginet |rajssp | jharsewa | picme | pmkisan | webland | bonafide certificate | rent agreement format | tax audit applicability | 7/12 online maharasthra | kerala psc registration | antyodaya saral portal | appointment letter format | 115bac | section 41 of income tax act | GST Search Taxpayer | 194h | section 185 of companies act 2013 | caro 2020 | Challan 280 | itr intimation password | internal audit applicability | preliminiary expenses | mAadhar | e shram card | 194r | ec tamilnadu | 194a of income tax act | 80ddb | aaple sarkar portal | epf activation | scrap business | brsr | section 135 of companies act 2013 | depreciation on computer | section 186 of companies act 2013 | 80ttb | section 115bab | section 115ba | section 148 of income tax act | 80dd | 44ae of Income tax act | west bengal land registration | 194o of income tax act | 270a of income tax act | 80ccc | traces portal | 92e of income tax act | 142(1) of Income Tax Act | 80c of Income Tax Act | Directorate general of GST Intelligence | form 16 | section 164 of companies act | section 194a | section 138 of companies act 2013 | section 133 of companies act 2013 | rtps | patta chitta

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The Companies (Significant Beneficial Owners) Rules, 2018.

Companies Act 2013 / CA Bhuvnesh Goyal / April 2, 2024

MINISTRY OF CORPORATE AFFAIRSNOTIFICATIONNew Delhi, the 13th June, 2018 G.S.R. 561(E).— In exercise of the powers conferred by Section 90 read with sub-section (1) of section 469 ofthe Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules, namely :-1. Short title and commencement.–(1) These rules may be called the Companies (Significant Beneficial Owners) Rules, 2018.(2) They shall come into force on the date of their publication in the Official Gazette.2. Definitions.-(1) In these rules, unless the context otherwise requires,-(a) “Act” means the Companies Act, 2013 (18 of 2013);(b) “form” means the form specified in Annexure to these rules;(c) “registered owner” means a person whose name is entered in the register of members of a company as the holderof shares in that company but who does not hold beneficial interest in such shares;(d) “section” means a section of the Act(e) “significant beneficial owner” means an individual referred to in sub-section (1) of section 90 (holding ultimatebeneficial interest of not less than ten per cent.) read with sub-section (10) of section 89, but whose name is notentered in the register of members of a company as the holder of such shares, and the term ‘significant beneficialownership’ shall be construed accordingly;Explanation I. – For the purpose of this clause, the significant beneficial ownership, in case of persons other thanindividuals or natural persons, shall be determined as under–(i) where the member is a company, the significant beneficial owner is the natural person, who, whether acting aloneor together with other natural persons, or through one or more other persons or trusts, holds not less than ten percent. share capital of the company or who exercises significant influence or control in the company through othermeans;(ii) where the member is a partnership firm, the significant beneficial owner is the natural person, who, whetheracting alone or together with other natural persons, or through one or more other persons or trusts, holds not lessthan ten per cent. of capital or has entitlement of not less than ten per cent. of profits of the partnership;(iii) where no natural person is identified under (i) or (ii), the significant beneficial owner is the relevant naturalperson who holds the position of senior managing official;(iv) where the member is a trust (through trustee), the identification of beneficial owner(s) shall includeidentification of the author of the trust, the trustee, the beneficiaries with not less than ten per cent. interest in thetrust and any other natural person exercising ultimate effective control over the trust through a chain of control orownership;12 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]Explanation II.—It is hereby clarified that instruments in the form of global depository receipts, compulsorilyconvertible preference shares or compulsorily convertible debentures shall be treated as ‘shares’ for the purpose ofthis clause;(2) Words and expressions used in these rules but not defined and defined in the Act or in Companies (Specificationof Definitions Details) Rules, 2014 shall have the meanings respectively assigned to them in the Act and the saidRules.3. Declaration of significant beneficial ownership in shares under section 90.-(1) Every significant beneficial owner shall file a declaration in Form No. BEN-1 to the company in which he holdsthe significant beneficial ownership on the date of commencement of these rules within ninety days from suchcommencement and within thirty days in case of any change in his significant beneficial ownership.(2) Every individual, who, after the commencement of these rules, acquires significant beneficial ownership in acompany, shall file a declaration in Form No. BEN-1 to the company, within thirty days of acquiring suchsignificant beneficial ownership or in case of any change in such ownership. 4. Return of significant beneficial owners in shares.-Where any declaration under rule 3 is received by the company, it shall file a return in Form No. BEN-2 with theRegistrar in respect of such declaration, within a period of thirty days from the date of receipt of declaration by it, alongwith the fees as prescribed in Companies (Registration offices and fees) Rules, 2014.5. Register of significant beneficial owners.-(1) The company shall maintain a register of significant beneficial owners in Form No. BEN-3.(2) The register shall be open for inspection during business hours, at such reasonable time of not less than twohours, on every working day as the board may decide, by any member of the company on payment of such fee asmay be specified by the company but not exceeding fifty rupees for each inspection.6. Notice seeking information about significant beneficial owners.-A company shall give notice seeking information in accordance with under sub-section (5) of section 90, in Form No.BEN-4.7. Application to the Tribunal.-The company may apply to the Tribunal in accordance with sub-section (7) of section 90, for order directing that theshares in question be subject to restrictions, including –(a) restrictions on the transfer of interest attached to the shares in question;(b) suspension of the right to receive dividend in relation to the shares in question;(c) suspension of voting rights in relation to the shares in question;(d) any other restriction on all or any of the rights attached with the shares in question.8. Non-Applicability.-These rules are not made applicable to the holding of shares of companies/body corporates, in case of pooledinvestment vehicles/investment funds such as Mutual Funds, Alterative Investment Funds (AIFs), Real EstateInvestment Trusts(REITs) and Infrastructure Investment Trusts (InvITs) regulated under SEBI Act. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration | Trademark Registration | Copyright Registration | Patent Registration | Import Export Code | Forensic Accounting and Fraud Detection | Section 8 Company | Foreign Company | 80G and 12A Certificate | FCRA Registration |DGGI Cases | Scrutiny Cases | Income Escapement Cases | Search & Seizure

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The Companies (Management and Administration) Second Amendment Rules,2018

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Corrigendum to Commencement Notification

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