Fc gpr new company

Hello Deepak Jee,

Point wise reply to your query :

1. what is the due date for filing FC GPR with RBI, we have not issued any shares till now.

Form FC GPR is filed after allotment of shares. In your case foreign company is subscriber of MOA. Hence there is no formal allotment. So you should file form FC GPR within 30 days of incorporation of company.

2. should a newly formed company allot shares immediately after receipt of funds or can it issue within 180 days.

Shares can be issued within 180 days. There is no need to allot shares immediately. If company is not able to issue shares to foreign investor within 180 days, it should refund the amount to the foreign investor.

3. Which are the authorised dealers who will file this form on our behalf. and what are their charges.

Authorised dealer is your banker where you are maintaining your bank account in which you have received foreign remittance.

4. Is a CA certificate for valuation compulsory for new company

Yes it is compulosry. CS certificate is also compulsory.

5. Who will issue the KYC certificate

You have to approach your banker for KYC certificate of foreign investor, who in turn will approach and coordinate with banker of foreign investor for issuing KYC certificate.

With Regards,

CS Neha Jain

Hi Neha jee,

Thanks for your reply , but funds of the foreign investor has come one month after the incorpoartion then how is the filing of FC-GPR within time would be possible.

I understand. 

But pls appreciate that when funds are received in case of new company incorporation from foreign investor then date of incorporation is the deemed date of allotment becasue virtually it can not be any other date other than incorporation date. Right.

So you should file form FCGPR now without unreasonable delay and in convering letter pleade for late filing due to unavoidable circumstances.

If you require,. I can mail you the letter for condonation of delay in filing form FCGPR.

Regards,

CS Neha Jain

It would be great if you can mail me the letter djbafna @ gmail.com

Thank You so much

Mailed to you. 

Regards.

kindly mail me the letter for condonation of delay of filling fof form FPGPR

at sunnysuman @ gmail.com

thanks

Shishir Kumar
 

Mr. Shishir Kumar,

Email sent to you.

kindly mail me the letter for condonation of delay of filling fof form FPGPR at aagarwal.aakshay @ gmail.com

we are also acing the same problem and it will be very helpful if you forward me the letter asap.

Thanks

Akshay Agarwal

Dear Akshay,

Letter mailed to you.

Regards

Hi Neha jee,

I have one more doubt in this regard.

Whether Advance reporting to RBI (which is to be made within 30 days from the date of receipt of consideration ) is necessary in case PIO/NRI/Foreigner is subscriber of MOA? or we can directly file FCGPR within 30 days from the date of incorporation with out filing advance reporting .

If we file directly FCGPR within 30 days of incorporation without filing Advance reporting, then how will we get allotted UIN (Unique Identification Number) which has to be mentioned in the  FCGPR form

Please Neha jee clarify me. 

Dear Mr. M Yasar,

Advance reporting to RBI (which is to be made within 30 days from the date of receipt of consideration ) is MANDATORY in case PIO/NRI/Foreigner is subscriber of MOA. 30 Days will be reckoned from the date of incorporation since it is treated as deemed date of receipt of consideration.

You can not directly file FCGPR within 30 days from the date of incorporation with out filing advance reporting.

Regards

Neha

 

Dear Neha jee,

THANK YOU FOR YOUR VALUABLE REPLY. I HAVE ONE MORE DOUBT IN THIS REGARD. PLEASE CLARIFY ME.

Date of incorporation is treated as deemed date of allotment and hence FCGPR has to be filed within 30 days from the date of incorporation. But it is not practically possible to file FCGPR within 30 days. Because we have to file ADVANCE REPORTING with RBI and then got UIN - Unique Identification Number allotted. Therefore it will take nearly 2 - 3 months to got UIN - Unique Identification Number allotted from RBI. After that only we are in a position to file FCGPR SINCE WE HAVE TO MENTION UIN IN FORM FCGPR.  THEREFORE THERE MIGHT BE DELAY IN FILING FCGPR AND COMPANY HAVE TO FACE PENAL ACTION.

PLEASE NEHA JEE CLARIFY ME.  

I appreciate your query.

You can file FC GPR within time by writing in the column provided for UIN - NOT YET ALLOTTED

I have done this in one of my case. So you can follow without doubt and worry.

Regards

Neha

Thank You Neha Jee for your  valuable reply.