Hi Friends,
An Indian Company incorporated on 7 September 2009, wants to open a wholly owned subsidiary in US. As per RBI master circular on Investments outside India date 1/07/2009, an Indian Party can invest upto 400% of its Networth (as per last audited balance sheet) in WOS outside India. The business falls under Automatic Route.
My Query:
Indian party is newly incorporated, its first F.Y. is not yet completed. So it does not have a audited Balance Sheet. As per circular, the B/S has to be attached with the form for submission to RBI. Can I attach a Networth certificate from a CA to satisfy this requirement? or is there any other alternative?
Please provide views.
Regards
Malav
CAclubindia
