inclusion of NRI as a promotor
This query is : Resolved
22 February 2010
Mr. A & Mr. B wants to incorporate a Pvt. Ltd. Company and an NRI Mr. C (Resident of India but now he is living in abroad) provides the finance to this co. to start the business.
Whether Mr. C NRI (Resident of India but now he is living in abroad) can be a promoter of a Pvt. Ltd. Co. or not?
If Yes then what other laws will be applicable?
If no then what treatment will be available to this co?
plz rply
its very urgent
Whether Mr. C NRI (Resident of India but now he is living in abroad) can be a promoter of a Pvt. Ltd. Co. or not?
If Yes then what other laws will be applicable?
If no then what treatment will be available to this co?
plz rply
its very urgent
22 February 2010
Yes. Mr. C can be a promoter/subscriber to incorporate a pvt ltd company.
Provisions of FEMA may be looked into since he is investing in the company.
Provisions of FEMA may be looked into since he is investing in the company.
22 February 2010
thanks sir but i have a confusion that the funds received from that promoter or money received through issue of shares then what treatment should have been done with these fund. and whether any affidavit from NRI should be obtained that all the fund is under automatic route????
22 February 2010
Pl visit www.fema.rbi.in and down load Master Circular On Foreign Investment In India (1852 KB) and study it carefully which will clear your confusion on the cited issue.
22 February 2010
I HAVE READ THAT CIRCULAR BUT I M STILL CONFUSED ABOUT THE TREATMENT OF AMOUNT RECEIVED ON SHARE AT THE TIME OF INCORPORATION BECAUSE NOTHING IS SPECIFICALLY MENTION IN THIS CIRCULAR REGARDING INCORPORATION OF COMPANY WHERE THERE IS A NRI PROMOTER.
09 March 2011
The provisions of FEMA shall be applicable as the money is coming from an NRI .Kindly check whether the same are on repartition basis or non repatriation basis.
Anuj
9810106211
Anuj
9810106211
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