For making the changes in the tax status of the non-individual accounts, it is a process in which the tax status is registered as "Partnership Firm" which will be updated to "Private Limited"
Step 1: The Partnership client has to update the bank account status from the Partnership Firm account to the Private Limited account
Step 2: Once the bank account status is updated, the client has to complete the KYC registration process.
Step 3: After the registration of the KYC, the tax status needs to be updated in the folios as well, following are the documents required for updating the same in the folios:
- Request Form for change the status from Partnership firm to Private Limited Company.
- Copy of Company Pan card with seal and signature
- Copy of Partnership firm pan surrender letter with seal and signature
- Bank proof (Canceled cheque copy or bank account statement / Passbook copy) not more than 3 months with seal and signature.
- FATCA& UBO (with seal and signature)
- Change of bank forms AMC wise
- ROC (Registration of Certificate) with seal and signature
- Old Partnership firm Surrender letter with seal and signature
- MOA & AOA with seal and signature
- LLP to Private Limited Conversion letter with seal and signature
- Board Resolution and ASL(Authorized Signatory List) with with seal and signature
The TAT for the change of tax status to be updated is 6 to 10 working days.