Opening of wholly owned subsidiary by an indian co. abroad

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anju (Querist)
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16 February 2013 Sir,
Please tell me the Provision & Procedure of setting up a Wholly owned subsidiary by an Indian company in Myanmar (Burma).
The company deals in veneers a form of plywood. The company is a private company.

Ajay Mishra

Ajay Mishra (Expert)
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17 February 2013 Hi

I will suggest you to Pass 2 and 3 Board Resolution for this:

1. Open an WOS out side India
2. Investment out of India
3. Opening of Bank A/c out of India
4. Authorisation to some one who deal overseas

Please also read ODI (Overseas Direct Investment) Guidelines, Issued by RBI for the same.

anju

anju (Querist)
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18 February 2013 Thank u Sir,
whether RBI permission is required.

Ajay Mishra

Ajay Mishra (Expert)
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18 February 2013 Yes, it will be required to take approval by submitting ODI Form with RBI.

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