S.No. | Types of Compliances | Compliance Particular | Time Period |
1 | Opening of Bank Account | The Money received from Foreign Subscribers shall be deposited in bank account | within 30 days of issue of Shares |
2 | Receipt of Subscription Money | Receipt of inward remittance through banking Channels. The recepient Bank shall issue Foreign remittance Certificate | within 30 days of issue of Shares |
3 | Entity User Registration | Registration of entity user on FIRMS application with following attachment:- 1. Letter of Authorization for creation of Entiry User. | within 30 days of issue of Shares |
4 | Entity Master Registration | Registration of Entity Master in FIRMS application of RBI | within 30 days of issue of Shares |
5 | Business User Registration | Registration of Business user on FIRMS application with following attachment:- 1. Letter of Authorization for filing in FIRMS application | within 30 days of issue of Shares |
6 | FC-GPR | Reporting of FC-GPR in Single Master form along with following attachment:- 1. Board resolution for issue of Share Certificate 2. Certificate of Company Secretary regarding receipt of foreign remittance 3. Undertaking to Comply with FDI Policy 4. Inward remittance certificate of Bank 5. Detail of remittance received 6. Declaration Regarding Not Accepting FDI from OCB 7. Board resolution for Compliance of FDI 8. Undertaking from Company Secretary regarding FC-GPR 9. KYC of foreign subscriber 10. Declaration to be filed by Authorised representative of Indian Company 11. Memorandum of Association | within 30 days of issue of Shares |
POST INCORPORATION RBI/ FEMA COMPLIANCES
After incorporating a Wholly Owned Subsidiary Company in India or any Company who receive foreign money as share application money, should report to RBI (Reserve Bank of India) to get its FEMA Compliance updated.