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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reporting Income under Section 44ADA
- Itr 1 processing
- Building and other construction workers welfare cess act 1996
- ITR 1: Details for showing Exempt Income
- Bank Accounts in Balance Sheet for ITR 3
- ITR validation error - Balance sheet is not filled
- TDS ON CASH WITHDRAWALS...
- Query regarding TDS on EPFO Higher Pension Arrears*
- Bank accounts of Non resident
- ITR Filing Requirement for Partnership Firm Registered but Business Not Commenced
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Annual return of gst limit
- Delisted shares sold in off market/ Rebate u/s87A
- Error whiling application of GST REFUND (ANNEXURE B)
- While filing GSTR9 accountant couldn't entered the ITC values in Table 6, in 9C it is not accepting
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
