POST INCORPORATION RBI COMPLIANCES FOR WHOLLY OWNED SUBSIDIARY

 

S.No.Types of CompliancesCompliance ParticularTime Period
1Opening of Bank AccountThe Money received from Foreign Subscribers shall be deposited in bank accountwithin 30 days of issue of Shares
2Receipt of Subscription MoneyReceipt of inward remittance through banking Channels. The recepient Bank shall issue Foreign remittance Certificatewithin 30 days of issue of Shares
3Entity User RegistrationRegistration 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
4Entity Master RegistrationRegistration of Entity Master in FIRMS application of RBIwithin 30 days of issue of Shares
5Business User RegistrationRegistration 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
6FC-GPRReporting 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.

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