Dear all,
I have a query from one of my relatives:
Background:
Mr. X is doing business in India as proprietor and also in the name of his HUF. Now he wants to establish a company in singapore. He is not a director in a single company in India.
Suppose he establishes a company in Singapore with 99% shareholding. He will also get salary as a Director from Singapore Company.
Queries:
1)Whether Mr. X requires to apply for DIN in India?
2)What are the other provisions applicable in India with regard to Companies Act, Income Tax Act, FEMA, etc.?
3) Any other important aspects which needs to be borne in mind?
Please reply ASAP.
Thanks.
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Director in Singapore Company
Replies (1)
1) DIN will not be required because Directorship in "Company" reqires DIN & as per Companies Act, "Company" maens an existing Company & a Company registered under Co's Act, 1956.
2) Liability under Indian Income Tax Act will be determined according to Sec 5 (Scope of Income)
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