Project office rbi registration#
Certificate of incorporation/registration or MOA & AOA attested by Indian Embassy/Notary public in the country of registration and in English language.The following documents are required to be submitted for the purpose of opening a project office:Īn application must be filed by a no-resident entity in Form FNC to the designated Authorized Dealer Category-1 Bank (identified by the applicant with whom they intend to pursue banking relation) along with the prescribed documents. India has relaxed guidelines since previous years to promote inclusion of foreign companies in the Indian market and now the process is time efficient and easy to proceed with. That these accounts are closed after the completion of the projects.And these accounts are subjected to scrutiny by the concurrent auditor It is the responsibility of the concerned AD to ensure that only approved debit and credits are permitted in the foreign currency account.These accounts may be used only for payment of expenses related to project and receive foreign currency from the authority which sanctioned the said project and remittances parent company abroad or bilateral/multilateral international financing agencies.Each project office is permitted to open two foreign currency accounts – one with denomination in USD and the other in the home currency of the project awardee and both of the accounts shall be maintained with the same Authorized Dealer category – I bank.That it is specified in the contract governing the project for payment in foreign currency.That the project office has been established as per applicable Indian regulations.NON-INTEREST-BEARING foreign currency accounts can be opened with Authorized Dealers Category-I bank subject to the following conditions: If desired PO relates to defense sector, if contract has been awarded by/entered into with the Ministry of Defense or Service Headquarters or Defense Public Sector Undertakings, no separate reference or approval of the Government of India is required. If the principal business is in regard of telecom/defense/private security/information and broadcasting sector. Otherwise, Authorized Dealer Category-1 bank’s approval is sufficient enough.
However, if any parent company is incorporated in Pakistan, Bangladesh, Sri Lanka, Iran, Afghanistan, Macau, China and Hong-Kong are desired to establish a project office in Andaman and Nicobar Islands, North Eastern States and Jammu & Kashmir, approval of RBI must be with the consultation with the Government of India. The appropriate authority has cleared the project,Ī bank in India or a Public Financial Institution has granted a term loan to the company or entity in India awarding the contract.įor the purpose of project office in India, a company must satisfy the above-mentioned conditions to the RBI.The project is funded multilateral or bilateral International Financing Agency,.The project is funded by inward remittance from abroad,.Registration of a project office in India by a foreign company is said to be done when: Secure contact with an Indian company to start a project and compliance with ROC, as prescribed under the Companies Act, 2013 and RBI Guidelines. Now, the establishment of a project office can be achieved with ease as doing business in India can be done with ease and even the non-residents can set up a place without any hassle. In lieu of this decision, the government has delegated some powers of the RBI to AD Bank in order to make the process of establishment of project office time efficient and transparent. India is one of the fastest growing economies, have made efforts to make India one of the better places for the purpose of doing business. It is essential that the company establish a project office here in India must do it with the purpose of executing a specific project. A company having the object of presence for a limited period of time is an ideal method to set up a business presence in India. Overview Eligibility Documents Required Procedure FAQ Introduction to Project Office RegistrationĪ project office is a place of business for foreign companies to represent its interest in executing a project in India.
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