Main Objects Of Import Export Company
Articles of Association (AOA) and Memorandum of Association (MOA) are two important doucments of every company. Memorandum of Association (MOA) states structure of company, scope of companies operations, powers and rights and any act violating MOA will be treated as void and ultra-virus. While drafting Main Objects Of Import Export Company need to ensure all areas realted to business are covered in object.
According to section 4 of Companies act 2013, Memorandum of Association (MOA) shall state object fro which company is proposed to be incorporated and other matters in relation to that specifying objects and its scope in object clause of MOA will help shareholders to assure that their funds are properly used and also help to people who delas with company to know whether that transaction is within scope of company.
Important points to Consider for Drafting Main Object clause for Import Export Company :
Object clause of MOA is primarily divided into 2 main parts- main objective and ancillary/incidental objective.
It should cover all details related to mian business activities carried out by company such as-
- About all principle activities carried out by company
- To include supporting related activities to main business
- To include clause that state related activities to help to diversify business
- All activities necessary to main objective of company
It is important to include proper object clause in MOA which clearly states object of company formed.Hence, it is important to draft clauses very precisely and in brief way. It is always advisable to take professional help for such legal documents. A N Bhutada & Co. provides services of company registrations,drafting of legal documents, tax and law compliances,etc.
Sample Draft of Object clause for Import-export company
- To carry on business of manufacture, buy, sell, import, export, preserve, job work, transport or deal as wholeseller, retailer, agent, principle, stockist, of all kinds of goods , raw materia, semi finished goods, articles, agricultural products, machinery, equipments, handicrafts, capital goods, chemicals, electronic goods
- To act as an import -export house or agent and to conduct all functions connected with including obtaining, dealing in license, certificates and other rights.
- To provide services consultancy, advisory and licensing services related to above mentioned work to any individual, company, firm, local a=or government authority ,reserach centres in or outside India.
- To provide assistance, consultancy to any body corporate, individual or government authority related foreign collaborations, project formultions and to act as agent or representative of such domestic/foreign company for that purpose.
Can I Amend / Change Main Objects Of Import Export Company?
At time of company registration, shareholders or promoters decide the objective of company which states purpose and scope of companies activities. But there may cases where changes are to be made to objective clause of company, may be due to extension or diversification of business. Changes or amendment in object clause require to follow specific procedure and sharaeholders & ROC approval.
Procedure to change/ammend object clause of MOA of import-export company includes-
- Conduct a Board meeting: A notice of board meeting should sent to all directors atlest 7 days before date of meeting. Such notice should be accompanied with agenda of meeting ,notes and draft of resolution.
- Board resolution: In convenedboard meeting, board resolution for proposed changes/ammendment in object clause should get passed. Also, board shall fix dete, timing and place for general meeting to pass special resolution.
- Notice of General meeting: Notice of extraordinary general meeting (EGM) shall be given atlest 21days before actual date of EGM. Notice shall give details about place, date and time of meeting, statement of business transacted at meeting. Company can conduct EGM on short notice also provided it fulills prescribed conditions.
- Extraordinary General Meeeting: To conduct and proceed meeting, quorum should be fulfilled. Proposed resolution to change/ammend object clause of MOA of import-export company should approved by special resolution i.e. by 3/4th majority of members.
- ROC Filing: Once the Special Resolution is passed, Company has to submit the resolution passed for the alternating process of object clause in MOA of import-export company with the authorized Registrar in form MGT- 14 with the prescribed fee amount within 30 days of passing such special resolution.Following documents are to attached with form:
i)Certified True Copies of the Special Resolutions along with explanatory statement
ii)Copy of notice of meeting alog with annexures send to members
iii)Printed copy of altered MOA
iv)Certified True Copies of the Board Resolutions
v)Details of persons attended general meeting (Attendance sheet)
- Approval by ROC: On receiving application for change/ alternating process of object clause in MOA of import-export company, registrar shall after proper verification and correctness approve the change/alteration and grant registration certificate within 30days of filing and submitting SR of shareholders. Alteration/ change shall be complete and effective only when cerificate is issud by ROC .
Documents required to change/alter object clause of MOA:
Following documents are necessary to change object clause of Import Export Company registration. We will provide start to end assistance.-
- Current Certificate of Incorporation.
- MOA and AOA in Word Format
- List of Directors and Shareholders
- Proposed Main Object of the Company
- Digital Signature of the Authorised Director
- Letterheads (approx 10) and rubber stamp of director
Frequently Asked Questions for Import Export Company Object Clause:
1) Who can draft Main Objects Of Import Export Company ?
A N Bhutada & CO Chartered Accountant have expertise to draft Main Objects Of Import Export Company for Private Limited Registration.
2. How long it take to register import export company ?
Import Export Private Limited company registration takes appx. 10-15 days. Contact us At 80555 66789 for registration.
3.Can main object of Import Export Company be changed?
Yes, as per provisons of section 13 of Companies act,2013 object clause of Import Export Company can be changed by a special resolution.