Joint Venture Company

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CBIC is working on biometric authentication of risky entities under GST as it looks to crack down on fraudsters who are misusing the PAN and Aadhaar of other people to obtain GST registration. CBIC is working on biometric authentication of risky entities under GST as it looks to crack down on fraudsters who are misusing the PAN and Aadhaar of other people to obtain GST registration, CBIC chief Vivek Johri said.

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joint-venture-company
joint venture company in india ?

As per Companies Act, 2013, Joint Venture (JV) means Joint Arrangement between two or more parties having Joint Control and Rights of the entity to run a business or to fulfill a commercial objective.

The JV can take various forms ; such as equity based or contractual, long term business or limited period project, entirely new business or existing business, formal contractual agreement or informal understanding between the parties, etc. It is an effective business strategy for enhancing marketing, positioning, sunergy and client acquisition. This type of entity is most prevalent in sectors like high-technology, high-capital or high-technical capabilities sectors, e.g., insurance, asset management, oil and gas, infrastructure and defence sectors.

Benefits of joint venture in india
  • 1. Access to existing distribution, marketing and advertising channels of the Indian associate.
  • 2. Access to existing monetary resources of the domestic partners.
  • 3. Access to existing contacts of the domestic partners.
Documents required for joint venture :
  • 1. Joint Venture Agreement: This is a written agreement that sets out the terms of the joint venture, including the purpose of the joint venture, the contributions of each party, the governance structure, and the terms of sharing profits and losses.
  • 2. Proof of Registered Office: This is a document proving that the joint venture has a registered office in the country or state in which it is located. This can be a lease, utility bill, or other document that shows the joint venture has a physical address
  • 3. Identity Cards for All Parties: This is a document proving the identity of all parties involved in the joint venture. This can be a passport, driver's license, or other government-issued ID.
  • 4. PAN card – This is a document proving the permanent bank account number (PAN) of all parties involved in the joint venture. PAN is a unique identification number issued by the Indian Department of Income Tax
  • 5. Bank Account Details –This is a document that confirms the bank account details of all parties involved in the joint venture. This could be a bad check or a bank statement
  • 6. Articles of Incorporation and Bylaws:–These documents define the corporate purpose, management structure, and internal management procedures
  • 7.Certificate of Incorporation: -This is a legal document that certifies the company's registration in the commercial register
  • 8.Non-Objection Certificate (NOC): -This is a document from the owner or proprietor of the premises where the business is to be conducted
  • 9.Licenses and Permits: -You may also be required to provide any licenses or permits required for the joint venture to operate, e.g. B. a GST registration

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