arun sharma (student) 04 December 2009
Our client has made a Company in 2007. There are only two directors in the Company both are Indian but for last 5 years having taken the green card at Malashia and residing there. At the time of incorporation of the Company , they have disclosed their status as resident and not NRI.
After that, they have purchased the
Now we have to do the Audit and prepare the ROC record of the Company, pls inform us that
1. whether there is any requirement to obtain the permission from the RBI to transfer and invest the amount into
2. Whether NRI can become the director of the Company without any permission or there is any requirement to obtain the permission to Incorporate the Company in
Waiting for the reply
CA. Anuj Gupta (Practices in NRI Int.Tax FEMA TP FDI/FIPB & FCRA) 26 March 2011
As per FEMA NRI or PIO's are not permitted to invest in agricultral property either directly or through the Company route.
So now you need to go to RBI in the present case.
Also if the NRI invest in India on non reptriation basis then there is no need for any compliances.