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India – Requirement to maintain Register of Partners and file Declaration of Beneficial Interest in the LLP
India’s Ministry of Corporate Affairs (MCA) has amended the Limited Liability Partnership (LLPs) Rules by introducing a Register of Partners and a declaration rule for beneficial Interest.
When a beneficial owner is identified, LLPs must record declarations and file returns with the Registrar of Companies within 30 days, using Form No. 4D. The MCA has also introduced the format of Form No. LLP BEN-2 for determining Significant Beneficial Owners.
In February 2024, the MCA announced a relaxation of fees and extended the filing date for Form LLP BEN-2 and Form 4D.
These forms will be available on the MCA portal from the 15th of April 2024 and can be filed without additional fees until the 15th of May 2024.
A beneficial owner is a natural person who ultimately owns or controls an entity or asset, even if the title is held in the name of another person or entity. This can include individuals who own or control more than a certain percentage of a company’s shares, or who have significant influence over the management or partners of the LLP.
Click here for more information about Navigating Entity Management in India.
