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Foreign Indivudual as Member in Company

Saliq Ansari (CA_Final Student) (885 Points)

22 January 2010

Can a Foreign Individual get DIN & could he form a company in India, What's the procedure for the same.

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8 Replies

CourseCart.in (Mentor at SHAYVIDZ Academy) (3756 Points)
Replied 22 January 2010

Yes..

Same Procedure...

Saliq Ansari (CA_Final Student) (885 Points)
Replied 25 January 2010

For obtaining DIN the Procedure is same I Agree

But could he form a Company in India, is there any other thing to be done for incorporation

CourseCart.in (Mentor at SHAYVIDZ Academy) (3756 Points)
Replied 25 January 2010

Dear Saliq...

Ofcourse he is eligible... no other formalities...

but ROC/MCA can ask him for a represatives address etc in India...

Adarsh

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CS Ankur Srivastava (Company Secretary & Compliance Officer) (17848 Points)
Replied 25 January 2010

No matter , he is fully eligible to form a Company under Companies Act, 1956 and the formalities would be same.

Saliq Ansari (CA_Final Student) (885 Points)
Replied 25 January 2010

Is there any provisions of Companies Act that a Foreigner should get approval from RBI before becoming Member in an Indian Company

CourseCart.in (Mentor at SHAYVIDZ Academy) (3756 Points)
Replied 25 January 2010

No approval is required as per my knowledge...

Also consider the views of other learned member....

Reason behind this is ROC gets all the proof (copy of passport) of that Foreign Nation..

CA Archana (Mamager Finance & Accounts) (365 Points)
Replied 27 May 2010

Yes I am convinsed with Adarsh no such approval is required main things are DIN No. of the person and he can make a company.In case he is not haveing DIN no. then co. can be started on indian promoters name and later on all the shares can be transfered to the foreign national.

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raspreet kaur (job) (55 Points)
Replied 01 June 2010

There is a difference between a member & a director. For becoming a member a person has to subscribe for shares of the comapany & if any foreign national invests in any India company, the company issuing the shares has to comply with the guidelines relating to FDI issued by RBI.

1 Like