hello experts!
one of my clients is involved in share trading short and long term gains, future and options and also having significant gambling income, he wants to incorporate a company with all these objectives Can the company be involved in gambling or winning like online poker etc? can company's core objectives be share trading and derivatives??
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Can Company have Gambling Income?
Replies (4)
1. No for gambling. objective.
2. Yes, it can be incorporated for shares trading & investment. But if income exceeds 50% from the financial asets, registration with RBI as NFBC mandatory.
When a company is incorporated with the main objective of trading, it comes under the purview of RBI since the company would be deriving more than 50% revenue from its financial assets, hence such company would have to take an NBFC license.
Depends on the nature of income.
Sure, I do. I typically spend my money on wants rather than needs. Geometry Dash
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