HASHIM (Company Secretary Trainee) (28 Points)
19 July 2012Dear friends,
We would like to Incorporate a New Private Company. All the Promoters/ Directors are NRI's. Is there any approval required from RBI or any other government bodies ?. Please share your views.
Thank you in advance.
Hashim Wafa
Jatin
(Proprietor)
(39 Points)
Replied 19 July 2012
Approval from RBI or govt. bodies is nt required by signatures on MoA/AoA should be witnessed by indian embassy in country of their residence. secondly, for receiving foreign investment RBI guidelines on FIRC and FC-GPR should be complied..
CS MOHIT SALUJA
(PRACTICING CS Jalandhar 9914558709)
(5155 Points)
Replied 01 September 2012
Well said Jatin. i would like to add that if the Promoters who are NRI sign the MOA/ AOA and that is witnessed by the Professional in india, it would be sufficint if while applying the incorporation of company documents, the applicant also produce the proof of residing in India at time of incorporation i.e. visa or the lease or rent deed of their home at India where they are living.
Moreover as Jatin Said, at time when the money is being transferred from Foreign to the bank account of the company, then the company will have to file teh Form FIRC AND FCGPR as per teh requirements of the RBI
CAclubindia
