Private limited incorporation - foreign subscribers

Please refer teh new provisions of Compaies Act, refer Companies Act 2013. It has been speciofied that one of the promoters has to be necessarily an Indian. 

Rest of the requirement will remain the same. 

As perSection 149(3) of new Companies Act, 2013:

Every company shall have at least one director who has stayed in India for a total period of not less than one hundred and eighty-two days in the previous calendar year. 

So if you are complying the such provision then you can start registration proceeding. In addition, the subcriber sheet of MOA & AOA will be notarise by Indian embassy of the country or from a country they are residing.

NON-RESIDENT INDIAN AS SUBSCRIBER TO THE MOA/AOA

The Reserve Bank of India had given general permission under section 29(1)(b) of the former FERA, 1973 to NRI to subscribe to the MOA of an Indian company and to take shares as a subscriber .(Notification No. FERA 143/93-RB, dated 26-4-1993 issued by RBI, Mumbai in this regard is reproduced hereunder:

“The RBI has given general permission to NRI to subscribe to the MOA/AOA of Indian Company for the purpose of Incorporation of the company subject to the condition that:-

1. the total face value of the shares to be taken by NRI does not exceed Rs. 10,000
2. the company is being manly formed  for undertaking industrial activities
3. the MOA of such company does not permit the company to take up any agriculture/plantation activities  and to deal in real estate business other than developing real estate, and
4. such company shall file a declaration in the prescribed form with the RBI regarding particular of such shares issued within 900days from the date of incorporation of the company.

DCA Circular dated 16-2-1995 clarifies that there can not  be any restriction for incorporation of a company whether all the subscriber to the MOA/AOA/  proposed directors are residing abroad, being either foreign nationals, or NRI subject to the approval of RBI, where necessary.

The RBI may issue such a general permission also under FEMA, 1999 also. The FEMA(Permissible Capital Account Transactions) Regulations, 2000 allow persons resident outside India to invest in an issue of security by body corporate or an entity in India.

Now, it has been decided  by RBI through Circular No. 36 dated 26.09.2012 that in cases, where non-residents (including NRIs) make investment in an Indian company in compliance with the provisions of the Companies Act, 1956, by way of subscripttion to Memorandum of Association, such investments may be made at face value subject to their eligibility to invest under the FDI scheme.

For more details go to the following link:

https://rbi.org.in/scriptts/BS_CircularIndexDisplay.aspx?Id=7590

Dear Sir,

Noted. Thanks for your reply.  Yesterday i have enqired about the requirement in ROC office.  They said that if a person comes to india on multiple visa means no need to get signature from Indian embassy.

Thanks in advance