For one of our client, 2 Indian individual residents have incorporated a company in hong kong, at that time as founder members they took 50-50 shares each worth Rs. 900 for 100 shares when they were in hong kong only and no UIN was generated, Now they want to buy equity in the same company worth $150000 each of two. The quiry is will it be shown as First Remmitance as we dont have UIN or can we show it second remmitance by any other means?
18 August 2016
what was the mode of acquiring first 50 50 shares, without having UIN?...was it through official banking channels? If yes, then this can be your SECOND remittance.... If no......then what was that channel? Can you disclose?
CAclubindia
