Thursday, July 16, 2015

Resident Director must for all Companies

Section 149(3) of the Companies Act, 2013 (Act) requires every company to have at least one director who has stayed in India for a total period of not less than 182 days in the previous calendar year. On a proportionate basis, the number of days for which the director(s) would need to be resident in India, during calendar year 2014, shall exceed 136 days.Regarding newly incorporated companies it is clarified that companies incorporated between 01.04.2014 to 30.09.2014 should have a resident director either at the incorporation stage itself or within 6 months of their incorporation. Companies incorporated after 30.09.2014 need to have the resident director from the date of incorporation itself.

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