1. What is Form FC-3?
Form FC-3 is used for annual accounts and lists of all principal places of business in India by a foreign Company along with they required to prepare a balance sheet and profit & loss account in such form, having such particulars, and to annex the papers as prescribed under Rule 4 to the balance sheet and profit & loss account for each calendar year. Section 128 applies to a foreign company to the extent that it requires it to maintain its record for the major place of business in India.
Every foreign firm is required to display the name of the firm and the nation in which it is formed outside every office or place of business in India, as well as in all business letters, billheads and letter paper, as well as in all notices and other official publications.
2. Why is it important?
Form FC-3 assures the place of litigation, the principal location of a business is critical. When a plaintiff lives in a different state than the defendant, which is a business, and the plaintiff sues the defendant, this is known as "diversity of citizenship," and it might affect which court the lawsuit can be brought in. And Balance sheet of profit and loss will show the nature and health of a business
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