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Shell Companies
April 27 , 2019
1911 days
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- The central government is likely to extend the deadline and relax the rules for submission of INC-22 forms by firms.
- INC-22 forms required companies incorporated on or before December 31, 2017 to provide details regarding the location of their offices, directors, and proof of business.
- This had been done in an attempt to weed out shell companies.
Shell Companies
- A shell corporation is a company or corporation that exists only on paper and has no office and no employees.
- But it may have a bank account or may hold passive investments or it may be the registered owner of assets, such as intellectual property, or ships.
- Shell companies include multiple layers of companies that have been created for the purpose of diverting money or for money laundering.
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