12/01/2008

News / New apostillisation arrangement to help foreign players

New Delhi, Nov 23: At present if a foreign player wants to open a company in India, then he will have to go through a long-tiring procedure of getting it approved by the Indian embassy. But this would not be a problem anymore as the ministry of corporate affairs has come out with a solution for to promote business in India.

Jitesh Khosla, joint secretary, ministry of corporate affairs(MCA) told FE that they has come up with a new arrangement of apostillisation under the Hague convention.

Apostillisation under the Hague convention (1961) involves recognized apostillised authorities who will authenticate the documents filed by the foreign company for opening a company in India. Once the documents get an authentication by the apostillised authorities then the Indian Registrar of Companies (ROC) will recognise them.

Hague Convention will prove useful for the Indian companies as it is targeted towards relieving the duty of officials of international activity.

According to MCA officials, with the coming of this new concept, there will be a more simplified procedure for the foreign companies. It would not mean that now that the documents would not require certification but the legalization aspect would be further eased.

An Apostille is a convenient method of certifying a document for use in another country. With this certification , the foreign organisations are entitled to recognition in the country of intended use, and no additional certification by the embassy of the country is required.
http://www.financialexpress.com/news/New-apostillisation-arrangement-to-help-foreign-players/389747/

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