Partnership firm with foreign national

Agreement deeds 3366 views 1 replies

Akshat Madan

Articled Assistant

40 Points Joined December 2008

Hello all,

i am planning to start a data processing firm with a friend of mine who happens to be a foreign national.

is there any change in the procedure of opening the firm or the provisions are the same, also does it matter if he basically resides in his country and rarely comes to india?

quick responses will be obliged

thanks,

Akshat

Replies (1)

CA. Anuj Gupta

Practices in NRI Int.Tax FEMA TP FD

7024 Points Joined May 2007

As per FEMA you are not allowed to enter into partnership with a foreign national without approval of RBI. Hence kindly either open a pvt. ltd. company or obtain approval of RBI.