Dear All,
Anyone have a format of ultimate beneficial owner under SBO rules ?
Kindly share.
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Dear Experts,
Many professionals registers housing society / owners association as section 8 company.
Which type of company is advisable to register ? Company ltd by shares or guarantee ?
Need your valuable inputs.
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In case of change of shareholding of the beneficial owner, is it possible to file subsequent BEN-2 of same company?
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As per sec-90 significant beneficial owner needs to give the declaration in FORM-BEN-1, who holds more than 10%. my company is a wholly owned subsidiary co. of a foreign company and there is no such individual found who holds more than 10%, in such case senior managing official has to give the declaration. so my question is senior managing official of the reporting entity or the parent co. needs to give the declaration in FORM-BEN-1? Another ques of mine is that there is no such definition of senior managing official given in the section and the rules...so who will be treated as the senior managing official?? '
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The assessee is a partnership firm engaged in construction activity. In has purchased land during the year 2006-07, and has started construction in 2012 and has done work to the extent of Rs. 50,00,000. Later on due to funds scarcity, it has entered into a development agreement with other company for the construction of flats in 2014. Construction was completed in the year 2018 and land owner has received his share of flats and started selling its share. How to treat the same in the books of landowner who is engaged in same business. Whether to calculate capital gains or business income. Kindly explain.
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Hello All
I am having one Holding and its 4 Subsidiaries, For BEN-2 will be the reporting company and the shareholders of Holding Company who are having 10 or more than 10% shares they have to give ben-1 declarations to reporting company.
My query is while filing the form-BEN-2 I kept For the declaration of Significant Beneficial Ownership under Section 90
Number of Significant Beneficial Owners for whom the form is being filed -03
Details of First SBO got filled in the Form but while filing the details of Second SBO the CIN of the Holding Company is not getting filled and showing an error message of this.
If anyone knows the solution kindly share.
error
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As per sec-90 significant beneficial owner needs to give the declaration in FORM-BEN-1, who holds more than 10%. my company is a wholly owned subsidiary co. of a foreign company and there is no such individual found who holds more than 10%, in such case senior managing official has to give the declaration. so my question is senior managing official of the reporting entity or the parent co. needs to give the declaration in FORM-BEN-1? Another ques of mine is that there is no such definition of senior managing official given in the section and the rules...so who will be treated as the senior managing official?? '
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If one of my individual member hold 5% shares in a company which further holds 90% stake in the other company?
Is there any requirement to file any form?
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Dear Members
Is there any specific requirement to transfer the ownership of section 8 company or just to transfer the share to new members and to appoint new directors and file resignation of old directors.
my second query is two director are enough to incorporate section 8 company??
With Regards
CS Shilpi Soni
+91-9968137076
As per the circular from MCA ,
Significant beneficial ownership is defined as :-
"significant beneficial owner” means an individual referred to in sub-section (1) of section 90 (holding ultimate
beneficial interest of not less than ten per cent.) read with sub-section (10) of section 89, but whose name is not
entered in the register of members of a company as the holder of such shares"
Now the question is if any natural person holds 10% share of the company then he shall be regarded as beneficial owner or not?
(as the definition says SBO are those who have 10% or more interest in company and whose name is not mentioned in the register of member of the company.
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Please clarify When is a Company required to identify Significant Beneficial Ownership (SBO) ?
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Dear Members, A WOS has 99.99 percent holding with ABC Inc and one share with an Indian director as a nominee of ABC Inc. Now ABC Inc wants to transfer 01 minority share to another entity who will hold that share in its independent capacity and not as a nominee. My question is: 1. Do we need to file both Form MGT-4 ( required from the registered owner in whose name shares are not beneficially held) and MGT-5 ( required from beneficial owner) in case the new structure doesn't have any nominee arrangement as such.IN MY OPINION ONLY MGT-5 will suffice and the Indian Company can file MGT-6 basis that. 2. does transfer of share from Indian nominee registered owner to new foreign shareholder requires FC-TRS compliance - IN MY OPINION - NOT REQUIRED.
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