There are certain steps associated with the incorporation of a Limited Liability Partnership for foreign nationals:
The Structure: The firm needs to have a minimum of two partners and among the partners, it is must to have at least one of Indian origin i.e. both citizen and resident of India. There can be a combination of Foreign Nationals or Foreign Companies holding 100% shares of the Indian Limited Liability Partnership.
The Digital Signature Certificate needs to be obtained for the partners and the proposed partners of the LLP because without DSC you cannot obtain the DIN(Designated Identification Number). The DSC must be signed by the Foreign Nationals and the copy of documents must be attached to it.
Documents to be attached for Foreign Nationals are:
For a foreign national all the documents are to be notarized by the authorized professionals.
For the foreigners residing in India, the documents required are:
All the above documents are to be signed by Individual's Embassy. The graphical representation below will help you in understanding the filing of DSC form. Click here to know more about DSC(Digital Signature Certificate)
According to the LLP Act, 2008, a Designated Partner Identification Number(DPIN) should be obtained for the partners of the LLP. Once the DSC(Digital Signature Certificate) is obtained it is easy to get the DPIN for the designated partners. There must be a minimum of two DPIN numbers, to go to the next step which is Name Approval. Click here to know more about DPIN(Director Identification Number)
An application of LLP is made with the Ministry of Corporate Affairs(MCA) once the DIN is obtained for two partners. There need to be six options for names based on preference based on the LLP Act 2008. The Name must not be generic and needs to have a distinct & unique structure according to the MCA regulations, and once the name is approved the incorporation is done within 60days.
The partners can file the LLP application with MCA along with the required documents including the subscriber's sheet. Once the application is approved, the Certificate of Incorporation is provided and the partners can commence with their business.
Finally, after receiving the incorporation certificate, the LLP agreement is signed and filed by the partner within 30 days. In case, the LLP Agreement is not filed then heavy penalty charges and imposed on the partners.