The information contained in this document is marketing material and for informational purposes only. The information contained in this document is presented without any warranty or representation as to its accuracy or completeness and all implied representations or warranties of any kind are hereby disclaimed. Recipients of this document, whether clients or otherwise, should not act or refrain from acting on the basis of any information included in this document without seeking appropriate professional advice. The provision of the information contained in this document does not establish any express or implied duty or obligation between Citco and any recipient and neither Citco nor any of its shareholders, members, directors, principals or personnel shall be responsible or liable for results arising from the use or reliance of the information contained in this document including, without limitation, any loss (whether direct, indirect, in contract, tort or otherwise) arising from any decision made or action taken by any party in reliance upon the information contained in this document. © The Citco Group Limited, December 2023.
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.