// How can you start Bit coin business. – Delhi vakil

Setting up Crypto-currency Related Business in India.

In order to carry out any business in India, a foreign person has to either operate through a branch, or through a subsidiary in India. An Indian person may choose to operate either individually, through a firm or as a body corporate.

In order to commence business in India, various structures/ entities (incorporated and unincorporated) may be adopted.

Incorporated entities in India are governed by the provisions of the Companies Act, 2013 and the rules there under. As per the Act, two kinds of entities may be established: (i) private limited company; and (ii) public limited company.

Requirements for setting-up of a Private Company:

  • minimum paid-up capital of INR 100,000;
  • number of shareholders must be a minimum of 2 and maximum of 200;
  • transferability of shares is restricted;
  • invitation to the public to subscribe to the securities of the private company is prohibited.

Requirements for setting-up of Public Company:

  • minimum paid-up capital of INR 500,000;
  • number of shareholders must be a minimum of 7, with no maximum prescribed;
  • shares of a public company are freely transferable;

Public company may invite the public to subscribe to its securities

Procedure for Foreign Private company to establish business in India

  1. Three directors, two being foreign nationals from parent company and one being a local Indian citizen.
  2. There are no requirements for minimum shareholding with the Indian Director, 100% of the shares of the Indian Company can be held by foreign nationals or entities.
  • An address in India is required to serve as the registered office of the Company.
  1. The city in which the registered office address of the company will be setup will also determine the legal jurisdiction applicable for the company.

Documents Required for Company Registration in India (as per Companies Act Rules,2013)

  1. To register the company, foreign nationals who will serve as Directors of the Company will have to submit a copy of their Passport along with an address proof (Drivers License, Bank Statement, etc.,). The copy of the original documents must be notarized by a Notary in the home country or by the Indian Embassy in the country of the foreign Director.
  2. In case of a corporate entity becoming a shareholder in the Indian Company, then Board Resolution from the foreign company authorizing the investment in the Indian Company would also be required. The Board Resolution must be attached with notarized copy of the certificate of incorporation of the foreign entity.

The presence of any of the foreign Directors is not required in India at any time during the incorporation process. Thus, foreign citizens can easily establish and operate a business in India without the hassles of travelling to India.

Cost for Registering a Company in India

The cost for registering a business in India is relatively inexpensive. Registration of a company in India can also be completed within a few weeks, making India an easy place to start a business.

Post Incorporation Formalities 

Post registration of the company in India, the Indian Director can help open a bank account for the company in India. Once the bank account is opened, the Company must make FDI reporting to the Reserve Bank of India. The procedure for reporting FDI inflow into the company is simple and can be completed easily by a legal or accounting professional in India. Completing the FDI reporting would ensure that the business is in compliance with all regulations in India and ready to operate.

Here’s the fastest way to get started with Bitcoin:
  1. Step 1: Create a Bitcoin Wallet. A Bitcoin wallet allows you to start buying Bitcoin right away. …
  2. Step 2: Put Some Bitcoin in Your Wallet.
  3. Step 3: Start Using Bitcoin.

How to get bit coin Account.

Create a digital currency wallet where you can securely store digital currency. Connect your bank account, debit card, or credit card so that you can exchange digital currency into and out of your local currency. Buy some Bitcoin, Ethereum, and Litecoin to begin using the future of money.

Blog by: Adv Priyanka Pandey.

 

 

 

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