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New unit or division of existing company, how?? process?
New UNIT or DIVISION of EXISTING COMPANY, HOW??
We have a Pvt Company dealing in AGRO based products. Want to start new unit or division dealing in sericulture (silk) under same company. Sericulture is mentioned in MOA other objects, so that's no issue.
Wish to know what is the process and formalities involved in creation and starting of new unit or division of same company..... Can you guide please?? Not much matter is seen online on this matter. Your guidance will be appreciated.
Replies (1)
In company law there is no specific requirement except sign board and option of appointing separate statutory auditor for the branch, if necessary, and maintenance of books of account at registered office.
For setting up second unit at different location you have to take care of registrations under other laws as may be applicable in your case including filing of IEM, Factories Act, PF/ESI/Contract Labour Act etc. etc.
You have to prepare single consolidated Balance Sheet for both units and file single IT return since PAN will be same.
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