Saranya
Articled Assistant(Preparing for Final May 2013)
[ Scorecard : 298]
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Posted On 23 June 2012 at 12:31
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Dear Friends,
We are about to incorporate a Company. The query here is the company name contains 'Capital' in its name. Eg. XYZ Group Capital Limited. Do we require get RBI approval to use such word??? Pls help me resolve this query. Thanks.
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CS Rajveer Rai, Gurgaon
CS
[ Scorecard : 638]
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Posted On 23 June 2012 at 13:02
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no you may go for subsequent approval before starting business
Total thanks : 1 times
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Saranya
Articled Assistant(Preparing for Final May 2013)
[ Scorecard : 298]
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Posted On 23 June 2012 at 13:23
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Thanks for your reply sir. Before starting business we should get RBI approval. Is it so?? or its optional??? Will it hinder the formation process if we didnt get the approval beforehand???
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vaibhav
CA & CS
[ Scorecard : 523]
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Posted On 23 June 2012 at 13:24
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Hi,
the word " capital" are generally used by Financial companies.
As per law there is no restriction to have prior approval of RBI for selection of name with the word "capital". You can go ahead with filing form 1A with ROC.
Total thanks : 1 times
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Anshul Mittal
Articleship
[ Scorecard : 600]
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Posted On 23 June 2012 at 13:30
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Check this link for Further information,,,, See page no.5,,
http://www.mca.gov.in/Ministry/pdf/Circular_45-2011_08july2011.pdf
Total thanks : 1 times
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vaibhav
CA & CS
[ Scorecard : 523]
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Posted On 23 June 2012 at 13:39
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further solution to your query:
Follow following steps :
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Incorparate the company
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get the DSC of directos registered
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Before commencing the business take RBI approval ( if nature is of financial activity )
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file various statutory forms with other statutory bodies
Total thanks : 1 times
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Saranya
Articled Assistant(Preparing for Final May 2013)
[ Scorecard : 298]
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Posted On 23 June 2012 at 13:57
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Thanks Mr.Vaibhav. Sorry for asking too many questions. Pls tell me the procedure as to how to get RBI approval?? Doing all these for first time..
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vaibhav
CA & CS
[ Scorecard : 523]
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Posted On 23 June 2012 at 14:05
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Saranya u dont have to be sorry ......
Generally ther are 2 ways to get RBI approval:
1) By sending the details to authorised agent ( bank ) who in return file documents with RBI on company behalf.
2 ) By sending documents directly to RBI
I guess in your case you have to directly approch to the RBI for giving you the permission to start the business.
vaibhav_sisodiya @ yahoo.com
Total thanks : 1 times
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