Setting up a Project Office of a Foreign Company in India and RBI Compliance become very easy now. To discuss your case with Ozgian, simply schedule a tele-appointment and/or please email to: ask@fema.in
Required Documents / Checklist:
1) Copy of the Certificate of Incorporation / Registration attested by the Notary Public in the country of registration [If the original Certificate is in a language other than in English, the same may be translated into English and notarized as above and cross-verified/attested by the Indian Embassy/ Consulate in the home country].
2. Latest Audited Balance sheet of the applicant company. [If the applicants’ home country laws/regulations do not insist on auditing of accounts, an Account Statement certified by a Certified Public Accountant (CPA) or any Registered Accounts Practitioner by any name, clearly showing the net worth may be submitted]
3. Bankers' Report from the applicant’s banker in the host country/country of registration showing the number of years the applicant has had banking relations with that bank.
Procedure -
1) Filing of Application with RBI through AD Bank -
The application for registration of a Project office of a foreign company is filed in Form - FNC to the reserve bank of India through AD Bank. Ozg Documentation Centre associated AD banks in India across the country can help you in filing your application to the RBI.
The RBI conducts due diligence and considers various aspects, including but not limited to, sources of funds, nature of the activity, compliance with KYC norms, etc.
Once satisfied, the RBI approves establishing a branch office.
2. Issuance of Unique Identification Number (UIN) from RBI -
The AD Category-I bank submits a copy of the form and details of approval to be granted to RBI. Once satisfied, RBI issues a UIN. Once a UIN is received, the bank issues an approval letter to the applicant.
3. Registration of the Branch Office in India with the Registrar of Companies (ROC) -
The branch office shall submit the e-form FC-1 along with the documents required under Section 380 of the Indian Companies Act, 2013 to the Registrar within 30 days of the establishment of a place of business.
An acknowledgment email is sent to the company’s email id once the e-form is completely processed. A system-generated Certificate for the establishment of business in India and a Foreign Company Registration Number (FCRN) will be issued shortly. For smooth services, please use Ozgian Filing Services, available with 24/7 support chat.
4) Other Registration and Licenses -
After the Project office is operational, there are various other compliance-related activities, which depend on the nature of the business and the state-specific laws, which apply to all entities doing commercial activities. For example registration under the shops and establishment act, Goods and Services Tax (GST), etc.
Note:
1) Working with an Ozgian (that is an Ozg RBI Compliance Expert) will be an added advantage. It will save a huge time and cost. To discuss your case, simply schedule a tele-appointment and/or please email to: ask@fema.in
2) If you shift office to another place within the city, you should intimate the designated AD Category - I bank and the Reserve Bank. In the event of shifting the Office to any other city in India, prior approval of the Reserve Bank will be obtained.
