kulandaivelu kiruthiga (namakkal) (22 Points)
20 June 2022Hello All!
Is FC 1 filing mandatory for Foreign Subsidiary Company. If Yes, please share the format of declaration to be submitted with regard to RBI approval.
As per 2(42) of the Companies Act, 2013, "foreign company" means any company or body corporate incorporated outside India which,—
(a) has a place of business in India whether by itself or through an agent, physically or through electronic mode; and
(b) conducts any business activity in India in any other manner.
FC-1 is to be filed by Foreign Companies within thirty days of the establishment of its place of business in India. I don't know what you mean by foreign subsidiary company, but if it doesn't come under the definition above, it is not required to file FC-1.
For details on branch office approval from RBI, please see below link,
Chirag
(Professional)
(1979 Points)
Replied 30 July 2022
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