Online Company Registration in Patna2021-10-11T15:51:53+05:30

Company Registration in Patna

Private Limited Company is one of the popular options to start a business amongst startups and emerging business. It is a corporate entity which is easy to register, manage and run. Private Limited Company can induct up to 200 shareholders wherein liability of each member is limited.

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    Online Company Registration

    A private limited company, is a type of privately held small business entity, in which owner liability is limited to their shares, the firm is limited to having 200 or fewer shareholders, and shares are prohibited from being publicly traded. A company becomes an independent legal structure when Online Company Registration happens. Private limited online company registration is governed by the Ministry of Corporate Affairs, Companies Act, 2013 and the Companies Incorporation Rules, 2014

    Private Limited Company, the most popular legal structure for businesses, should be chosen by anyone looking to build a scalable business. It is one of the most popular legal structure option for businesses in India. A Private limited company registration requires a minimum of two members and a maximum of two hundred members. A director of a private limited company has limited liability to creditors. In case of a default, banks / creditors can sell only company’s assets but not the personal assets of a directors. A Private limited company is considered one of the most popular corporate entity amongst the small, medium and the large businesses in India due to its various advantages. Start-ups and growing businesses choose for online company registration in India because it allows outside funding to be raised easily, limits the liabilities of its shareholders and enables them to offer employee stock options to attract top talent. As these entities must hold board meetings and file annual returns with the Ministry of Corporate Affairs (MCA), they tend also to be viewed with more credibility than a Limited Liability Partnership (LLP), One Person Company (OPC), or General Partnership.

    About Service

    The process for Online Company Registration is governed by the Ministry of Corporate Affairs, Companies Act, 2013 and the Companies Incorporation Rules, 2014. A natural person can be a director and as well as shareholder, where a corporate legal entity can only be a shareholder. In addition to that, foreign nationals, foreign corporate entities or NRIs are also allowed to be the Directors and/or Shareholders of a Company with Foreign Direct Investment, making it the preferred choice of entity for foreign promoters.

    Advantages Of Online Company Registration

    • Limited Liability

      Businesses often need to borrow money. In a General Partnership, partners are personally liable for all this debt. So if it cannot be repaid by the business, the partners would have to sell their personal possessions to do so. In an LLP, only the amount invested in starting the business would be lost; all personal property would be safe.

    • No limit on owners of business

      An LLP requires a minimum 2 partners while there is no limit on the maximum number of partners ; this is in contrast to a private limited company wherein there is a restriction of not having more than 200 members.

    • Dividend Distribution Tax (DDT) not applicable

      In the case of a company, if the owners to withdraw profits from company, an additional tax liability in the form of DDT @ 15% (plus surcharge & education cess) is payable by company. However, no such tax is payable in the case of LLP and profits of a LLP can be easily withdrawn by the partners.

    • Reduced Compliance

      An LLP only requires audited annual returns to be filed if it has a turnover of greater than Rs. 40 lakh or capital contribution of over Rs. 25 lakh. It also needs to communicate fewer business transactions and structural changes than a private limited company.

    • Owning Property

      A LLP being an artificial judicial person, can acquire, own, enjoy and sell, property in its name. No Partner can make any claim upon the property of the LLP – so long as the LLP is a going concern.

    Minimum Requirements For Online Company Registration

    • Minimum 2 Shareholders

    • Atleast 1 of the designated partners shall be an Indian Resident

    • Minimum 2 Partners

    • DPIN & DSC’s for all the Designated Partners

    • Minimum Contribution of 2 Rupees

    What Is Included In Our Online Company Registration Package?

    • DIN for 2 Directors

    • Name search & approval

    • Company PAN /TAN Card

    • Company Master File Kit

    • DSC for 2 Directors

    • MOA and AOA

    • Company Registration Certificate

    • Supporting Document for opening Bank Account

    Procedure For Online Company Registration

    • Application of DSC DIN

      First of all, the partners have to apply for Digital signature and DPIN. Digital signature is an online signature used for filing and DPIN refer to Directors PIN number issued by MCA. If the directors already have DSC and DPIN, then this step can be skipped.

    • Name approval

      You need to provide 2 different options for your company name to MCA of which one will be selected. Names provided should ideally be unique and suggestive of company business

    • MOA & AOA drafting & submission of forms

      Once name is approved, one needs to draft Memorandum of association and Articles of Association. All required details are filed to MCA in Spice forms once the drafting is completed.

    • Get incorporation certificate, PAN and TAN

      It typically takes 7-12 days for company registration and get the incorporation certificate. Incorporation certification is a proof that company has been created. PAN and TAN will be received from Income Tax department physically in 15-20 days approximately.

    • Bank Account

      You can submit the Incorporation certificate, MOA, AOA with a bank to open your bank account.

    Documents Required For Online Company Registration

    • Identity and Address Proof

      Identity and the address proof will be needed for all the directors and the shareholders of the company to be incorporated. In case of an Indian national, PAN card is mandatory. For the foreign nationals, apostilled or notarised copy of the passport has to be submitted mandatorily. All documents submitted should be valid. The residence proof documents like the bank statement or the electricity bill must be less than 2 months old.

    • Registered Office Proof

      All companies should have a registered office in India. To prove admittance to the registered office, a recent copy of electricity bill or gas bill or water bill or telephone bill must be submitted. Along with the rental agreement, utility bill or the sale deed and a letter from the landlord with her/ his consent to use the office as a registered office of the company should be submitted.

    • List of documents to be submitted by the Director and the Shareholders

      Scanned copy of PAN Card or Passport (Foreign Nationals & NRIs)
      Scanned copy of Voter’s ID/Passport/Driver’s License
      Scanned copy of Latest Bank Statement/Telephone or Mobile Bill/Electricity or Gas Bill
      Scanned passport-sized photograph

    • For the Registered Office

      Scanned copy of Latest Telephone or Electricity or Gas Bill or Water bill
      Scanned copy of Notarized Rental Agreement in English
      Scanned copy of No-objection Certificate from property owner
      Scanned copy of Sale Deed/Property Deed in English (in case of owned property)

      Note: Your registered office need not be a commercial space; it can be your residence, too.

    FAQ

    How much time is needed for setting up a Private Limited Company by conversion of Sole Proprietorship in India?2022-01-24T12:08:36+05:30

    On average, it takes 15-20 days for conversion, 2 different approvals (Name Approval & Final Approval) are required from government bodies. However, this is dependent on the workload of the Central Registration Centre (CRC), MCA.

    Do I need to be physically present during this process?2022-01-24T12:07:51+05:30

    There is no such requirement, all the required documents are filed electronically, so you would not need to be physically present. You would just need to send us scanned copies of all the required documents and forms.

    Who can be a member of a Private Limited Company in case of conversion?2022-01-24T12:07:04+05:30

    Any individual or organization can become a member/shareholder of the private limited company, including foreigners/NRI. However, such a person must be 18+ above in terms of age and should have a valid PAN card. Therefore, the sole proprietor along with any other person can become member of the Company.

    How many directors are required for a Private Limited Company?2022-01-24T12:05:27+05:30

    There should be a minimum of 2 directors in a Private Limited Company, out of which atleast 1 director should be a permanent resident of India.

    Can the sole proprietor become a director of company on conversion?2022-01-24T12:01:27+05:30

    Yes, the sole proprietor may become a director in the company on conversion.

    How should I choose a name for a Private Limited Company?2022-01-24T12:00:35+05:30

    For incorporation of a company, a unique name of a company must be reserved with the Ministry of Corporate Affairs (MCA). The applicant may keep the name of sole proprietorship concern with the word “Private Limited” if such name is not resembling any existing company/LLP/trademark and such name should qualify guidelines as prescribed by MCA. To know more about name approval guidelines, refer to our article – https://www.registrationarena.com/name-approval-guidelines-as-per-companies-act-2013/

     

    What is the minimum capital needed to form a Private Limited Company?2022-01-24T11:59:29+05:30

    There is no minimum capital required as such prescribed. However, one needs to start a company with a minimum capital of Rs. 02.00 if there are 2 shareholders.

    Is the consent of sole proprietor required for conversion into company?2022-01-24T11:57:51+05:30

    Yes, the consent of sole proprietor is mandatory for conversion into company.

    What is the difference between a director and a shareholder?2022-01-24T11:56:59+05:30

    A shareholder or member is an owner of a company who holds certain shares in the company and his name is entered in the register of members of the company. Whereas, Director is a person who manages the day-to-day function of a business. Director and shareholder may or may not be the same person.

    What is Memorandum of Association (MOA) and Articles of Association (AOA)?2022-01-24T11:56:20+05:30

    The Memorandum of Association (MOA) is a document that sets out the constitution of a company and is therefore the foundation on which the structure of the company is built. It defines the scope of the company’s activities and its relations with the outside world.

    The Articles of Association (AOA) are the company’s bye-laws or rules and regulations that govern the management and internal affairs and the conduct of its business. Both the documents are required to be registered with the Registrar of Companies at the stage of incorporation of the company.

    Is it required to have a company’s books audited?2022-01-24T11:55:26+05:30

    Yes, a private limited company should get its book audited and file the same with the Registrar of Companies (ROC) every year.

    Whether Capital gain is applicable on conversion of sole proprietorship to company?2022-01-24T11:54:31+05:30

    Capital gain on conversion of sole proprietorship firm is not applicable only if the conditions as per Income Tax Act 1961 is satisfied, otherwise a sole proprietor has to pay capital gain tax.

    What is a slump sale agreement ?2022-01-24T11:53:40+05:30

    Sump Sale is a sale of business venture/undertaking as a whole for a lump sum consideration without values being assigned to the individual assets or liabilities. A slump sale agreement is executed between the seller and purchaser to complete sale/transfer of business.

    Can a minor person become a director or shareholder of a Private Limited Company?2022-01-24T11:52:35+05:30

    No, a minor cannot become a director or shareholder in a company. However, a minor can become a member/shareholder of a company through gift and/or inheritance, but he cannot enter into an agreement to buy shares.

    Can I register a Private Limited Company on my home or residential address?2022-01-24T11:50:43+05:30

    Yes, you can register the company at your residential address. You need to submit the utility bill of your home address along with the No Objection Certificate from the owner of the premises.

    Is there any renewal of Private Limited Company?2022-01-24T11:49:47+05:30

    No, there are no renewal required, registration of company is one time process, however yearly annual compliances are required to be followed.

    Is there any stamp duty required for company formation and how it is paid?2022-01-24T11:46:56+05:30

    Yes, there is a stamp duty to be paid during incorporation. The stamp duty depends on authorized capital, and it is different for each state. The stamp duty is generally paid online during the incorporation process.

    How will I get documents like Certificate of Conversion, MoA, AoA, PAN, TAN, etc.?2022-01-24T11:46:15+05:30

    You will receive these documents in soft copy via email as well as we shall send you a printout of these documents at your address.

    What are the mandatory compliances for Company?2022-01-24T11:45:29+05:30

    Know about mandatory compliances here – https://registrationarena.com/annual-compliance-for-private-limited-company/

    How much time is needed for conversion of company into an LLP in India?2022-01-22T14:52:42+05:30

    On average it takes 1-2 months of time for completion of conversion, 3 different approvals are required from government bodies, one for name confirmation, second for incorporation and conversion, and last one for LLP Agreement. However, this is dependent on the approval from Government Authorities.

    Do I need to be physically present during this process?2022-01-22T14:52:11+05:30

    There is no such requirement, all the required documents are filed electronically, so you would not need to be physically present. You would just need to send us scanned copies of all the required documents, forms, and LLP agreement.

    Is it mandatory for all shareholders to become partner in the LLP?2022-01-22T14:51:37+05:30

    Yes, all the shareholders/members of the Company shall become the partners of the LLP on conversion.

    How many minimum shareholders are required in the company to convert into LLP?2022-01-22T14:51:12+05:30

    There should be a minimum of 2 shareholders/members in the company for conversion into an LLP, if there are more than 2 shareholders than all the shareholders/members of the Company shall become the partners of the LLP on conversion

    Who can be a designated partner of an LLP on conversion?2022-01-22T14:50:42+05:30

    The partners of LLP shall have to nominate minimum 2 designated partners amongst them.

    What is the difference between a partner and a designated partner?2022-01-22T14:50:11+05:30

    A partner is a person or body corporate who has invested capital towards LLP and agrees to share profits and losses, risks, and rewards amongst each other as per the LLP agreement. On the other hand, designated partner can be only an individual who has a valid DIN and is recognised as such in LLP agreement, who shall oversee the day-to-day functions of the LLP, similar to the role of director in a company.

    Can a company with open or unsatisfied charge convert into LLP?2022-01-22T14:49:30+05:30

    No, a company with open or unsatisfied charges cannot convert itself into LLP.

    Is it required to file Balance sheet, annual return and Income Tax Return (ITR) before conversion of company into LLP?2022-01-22T14:48:57+05:30

    Yes, at least one balance sheet and annual return should have been filed by the company after its incorporation and all the pending filings has to be completed.

    Does an LLP have continuous existence?2022-01-22T14:47:38+05:30

    Yes, similar to a private limited company, LLP shall have perpetual succession as per law. However, it is pertinent to note that statutory annual compliances are required to be completed by LLP mandatorily. In case of non-compliance Registrar of Companies (ROC) shall be bound to strike off the name of LLP.

    Can I convert my private limited company into LLP with a completely different name or new name?2022-01-22T14:46:52+05:30

    No, private limited company or unlisted public company can be converted into LLP with the same name as that of the company at the time of conversion.

    Is the consent of secured creditor required for conversion of company into LLP?2022-01-22T14:46:21+05:30

    Yes, the consent of secured creditor is mandatory for conversion of company into LLP

    What is an LLP Agreement?2022-01-22T14:45:51+05:30

    LLP Agreement means any written agreement between the partners of the LLP or between the LLP and its partners which determines mutual rights and duties of the partners and their rights and duties in relation to that limited liability partnership. It defines the roles, responsibilities, rights, and powers of the partners to LLP and to each other, it clarifies the managerial, operational as well administrative responsibilities and sets clear methodologies for decision making, adding a new partner and disassociation of existing partner, etc.

    Is it required to have an LLP’s books audited?2022-01-22T14:45:13+05:30

    There is no mandatory audit required for LLP. It is required only in those cases where the turnover of the company exceeds Rs 40 lakhs or where the contribution exceeds Rs 25 lakhs.

    Do the partners need to pay capital gain tax on conversion of Company to LLP?2022-01-22T14:44:35+05:30

    On conversion of Company to LLP, capital gains tax shall not be applicable if the transfer satisfies the conditions prescribed under Income Tax Act 1961.

     

    Is it required to execute a contract or deed for transferring the movable or immovable properties of the government?2022-01-22T14:43:37+05:30

    No, as per LLP Act movable, immovable and intangible property of the company including all assets, interests, rights, privileges, liabilities, obligations relating to the company and the whole of the undertaking of the company shall be transferred to limited liability partnership (LLP) without any contract or deed.

    Whether LLP is required to file a yearly annual return?2022-01-22T14:42:56+05:30

    Yes, LLP is required to file annual returns (LLP Form 11) and a Statement of Account & Solvency (LLP Form 8) every year with ROC. Also, a designated partner holding DIN/DPIN is required to file DIN KYC with ROC every year.

    How will I get documents like Certificate of Conversion, PAN, TAN, LLP Agreement, etc.?2022-01-22T14:42:11+05:30

    You will receive these documents in soft copy via email as well as we shall send you a printout of these documents at your address.

    What are the mandatory compliances for LLP?2022-01-22T14:38:31+05:30

    Know about mandatory compliances here – https://registrationarena.com/annual-compliance-of-llp/

    How much time is needed for setting up a Wholly Owned Subsidiary (WOS) in India?2022-01-20T00:35:07+05:30

    On average, it takes 12-15 days for completion of registration of Wholly Owned Subsidiary (WOS), 2 different approvals (Name Approval & Final Approval) are required from government bodies. However, this is dependent on the workload of the Central Registration Centre (CRC), MCA.

    Do I need to be physically present during this process?2022-01-20T00:34:07+05:30

    No, company registration is a completely online process. All the required documents are filed electronically, so you would not need to be physically present at all. You would just need to send us scanned copies of all the required documents & forms.

    Who can be the shareholder/member of a Wholly Owned Subsidiary (WOS) Company?2022-01-20T00:33:16+05:30

    A Foreign Company can incorporate a Wholly Owned Subsidiary (WOS) Private Limited Company with majority stake, while the remaining stake shall be issued to a person/body corporate/trust nominated by a foreign company who shall hold the share in beneficial interest on behalf of the company. This is in order to satisfy the minimum shareholder criteria of number two (2) in case of Private Company and seven (7) in case of Public Company as per the Indian Companies Act.

    How many directors are required for the formation of a Wholly Owned Subsidiary (WOS) in India?2022-01-20T00:31:06+05:30

    There should be a minimum of 2 directors for the formation of a Wholly Owned Subsidiary (WOS) Private Limited Company or 3 directors for the formation of a Wholly Owned Subsidiary (WOS) Public Limited Company, out of which at least 1 director should be a permanent resident of India.

    Does a Wholly Owned Subsidiary (WOS) Company in India have continuous existence?2022-01-20T00:30:16+05:30

    Yes, Wholly Owned Subsidiary (WOS) Company in India shall have perpetual succession as per law. However, it is pertinent to note that statutory annual compliances are required to be completed by company mandatorily. In case of non-compliance, Registrar of Companies (ROC) shall be bound to strike off the name of company.

    How should I choose a name for a Wholly Owned Subsidiary (WOS) Company?2022-01-20T00:29:29+05:30
    • For incorporation of a company, a unique name of a company must be reserved with the Ministry of Corporate Affairs (MCA). The name should qualify guidelines as prescribed by MCA. To know more about name approval guidelines, refer to our article –https://www.registrationarena.com/name-approval-guidelines-as-per-companies-act-2013/
    • The foreign company can use its name or registered trademark as coin word for the name of Wholly Owned Subsidiary (WOS) Company. It can also add the word “India” in its name.
    • The Foreign company may also keep a unique or completely different name for its Wholly Owned Subsidiary (WOS) Company.
    How many names can I submit for name reservation to MCA?2022-01-20T00:28:49+05:30

    Initially, you can submit 2 names for name reservation to MCA, out of which 1 name will be approved based on availability. If the initial 2 names are rejected, then one more chance of re-submission for applying fresh 2 names is provided. So, in total, 4 names can be applied in a single application.

    What is the minimum capital needed to form a Wholly Owned Subsidiary (WOS) Company?2022-01-20T00:28:03+05:30

    There is no minimum capital required. However, in order to start a Wholly Owned Subsidiary (WOS) Company a minimum capital of Rs. 02.00 (In case of Private Limited Company) and Rs. 07.00 (In case of Public Limited Company) shall be required.

    Can directors and shareholders be the same person in the company?2022-01-20T00:27:22+05:30

    Yes, directors and shareholders can be the same person in a company. But if you want to have separation in ownership and management, then you can appoint a different individual as shareholders and directors.

    Can a minor person become a director or shareholder of a Wholly Owned Subsidiary (WOS) Company?2022-01-20T00:25:39+05:30

    No, a minor cannot become a director or shareholder in a company. However, a minor can become a member/shareholder of a company through gift and/or inheritance, but he cannot enter into an agreement to buy shares.

    What is Memorandum of Association (MoA) and Articles of Association (AoA)?2022-01-20T00:24:57+05:30

    The Memorandum of Association (MOA) is a document that sets out the constitution of a company and is therefore the foundation on which the structure of the company is built. It defines the scope of the company’s activities and its relations with the outside world.

    The Articles of Association (AOA) are the company’s bye-laws or rules and regulations that govern the management and internal affairs and the conduct of its business. Both the documents are required to be registered with the Registrar of Companies at the stage of incorporation of the company.

    While incorporating a Wholly Owned Subsidiary (WOS) Company, what is the maximum number of shareholders and directors that I can keep?2022-01-20T00:22:19+05:30

    You can incorporate a Wholly Owned Subsidiary (WOS) Company with a maximum of 200 shareholders and 20 directors (In the case of Private Limited). In the case of Public Limited Company, there can be upto 20 directors and there is no upper limit on the number of members.

    Is it required to have Company’s books audited?2022-01-20T00:21:33+05:30

    Yes, a company should get its book audited and file the same with the Registrar of Companies (ROC) every year.

    Can I register a Wholly Owned Subsidiary (WOS) Company on my home or residential address?2022-01-20T00:20:58+05:30

    Yes, you can register the company at your residential address. You need to submit the utility bill of your home address along with the No Objection Certificate from the owner of the premises.

    Can NRIs/Foreign Nationals become Director and Shareholder in a Wholly Owned Subsidiary (WOS) Company in India?2022-01-20T00:20:20+05:30

    Yes, NRIs and Foreign National can become directors and shareholders in a Wholly Owned Subsidiary (WOS) Company along with the required documents, also they can hold majority shares in the company. However, at least one Director on the Board of Directors should be a permanent resident of India.

    Can I induct any other Company, Body Corporate LLP, as a shareholder in my company?2022-01-20T00:19:19+05:30

    Yes, you can induct or allot shares to any other Private Limited Company, Public Company, LLP, Body Corporate, Registered Society.

    How will I get my Incorporation documents like Certificate of Incorporation, MoA, AoA, PAN, TAN, etc.?2022-01-20T00:18:28+05:30

    You will receive these documents in soft copy via email as well as we shall send you a printout of these documents at your address in India.

    How can I verify whether my Company is registered or not?2022-01-20T00:17:49+05:30

    You will receive a certificate of Incorporation of Company approved by Government, alternatively, you can also check the Corporate Identification Number (CIN) and the name of the company on the Ministry of Corporate Affairs (MCA) portal under “View Company/LLP Master Data” option.

    Is GST mandatory for a Wholly Owned Subsidiary (WOS) Company?2022-01-20T00:17:06+05:30

    GST registration is required for those businesses whose aggregate turnover crosses the prescribed limit or such business that does the inter-state supply of goods/services, etc. So, every company has to check whether it supplies goods to different states or qualifies for the prescribed turnover limit or any other conditions as specified under GST laws. For more information, you can visit – https://registrationarena.com/gst-registration/

    How is a public limited company different from a private limited company?2022-01-20T00:16:23+05:30

    A public limited company is a company that is not a private limited company and can be formed for any lawful purpose by 7 or more persons. The securities of a public company may be quoted on a Stock Exchange. Its number of members is not limited to 200 and can induct unlimited members.

    Is there any renewal process for a Wholly Owned Subsidiary (WOS) Company?2022-01-20T00:14:31+05:30

    No, there is no renewal of a Wholly Owned Subsidiary (WOS) Company, once it’s registered it will be valid for a lifetime. However, you have to do mandatory compliance every year.

    Can I change the registered office address of the company later on?2022-01-20T00:13:51+05:30

    Yes, you can change the registered office address of the company after the company is registered, by following the prescribed procedure as per law.

    Can I keep the virtual office or Co-working space as the registered office address of my company?2022-01-20T00:13:06+05:30

    Yes, you can keep virtual office or co-working space as registered office address of the company by providing utility bill of such office premises along with No Objection Certificate (NOC) from the owner. However, you have to make sure that you have the facility to receive and acknowledge letters, notices, and documents from various authorities at that address. Also, you have to paint or affix the company’s name and address outside the office.

    Is there any stamp duty required for the incorporation of a company and how it is paid?2022-01-20T00:12:28+05:30

    Yes, there is a stamp duty to be paid during incorporation. The stamp duty depends on authorised capital, and it is different for each state. The stamp duty is generally paid online during the incorporation process.

    What are the prohibited sectors for a Wholly Owned Subsidiary (WOS) Company as per Foreign Direct Investment (FDI) Rules in India?2022-01-20T00:11:47+05:30

    In India, FDI is prohibited in the following sectors :

    1. Lottery Business including Government/private lottery, online lotteries, etc.
    2. Gambling and Betting including casinos etc.
    3. Chit funds
    4. Nidhi company
    5. Trading in Transferable Development Rights (TDRs)
    6. Real Estate Business or Construction of Farm Houses (‘Real estate business’ shall not include development of townships, construction of residential /commercial premises, roads or bridges and Real Estate Investment Trusts (REITs) registered and regulated under the SEBI (REITs) Regulations 2014.)
    7. Manufacturing of cigars, cheroots, cigarillos and cigarettes, of tobacco or of tobacco substitutes
    8. Activities/sectors not open to private sector investment e.g.(I) Atomic Energy and (II) Railway operations (other than permitted.
    9. Foreign technology collaboration in any form including licensing for franchise, trademark, brand name, management contract is also prohibited for Lottery Business, Gambling and Betting activities.
    Is FEMA Compliance and RBI reporting required even if the Foreign Direct Investment (FDI) is through the Automatic Route?