Can NRI become a board member in a pvt ltd company

Anwar Syed (Cost Manager) (26 Points)

26 October 2009  

Folks,

Please clarify, can NRI become a board member in board of directors, in a pvt ltd company or in any form of company except public sector.

Most recently, one of my friend who is NRO now, established a company in india and his CA adviced him not to select NRIs friends as their partners/shareholders/onboard to run and do business in india.

Can NRI be a sole director/MD of a indian pvt ltd company to conduct international exports services by having EC and what tax exemptions are there for firms that managed by NRIs.