Company setting up a Branch Office in Karnataka...
1) Need to act as Power of attorney /authorization in favour of Chartered Accountant/Consultant in India to follow up the approval matter and to represent the applicant company with the Reserve Bank of India.
2) Need to secure cheap working Visa for foreigner setting up branch office to work/assist in branch office for 3-4 months at a time, if needed.
3) Need to setup bank account so Foreign company can pay local branch workers salary.
No other type of company wanted, just Branch Office for now...
Background:
Foreign companies engaged in manufacturing and trading activities abroad are allowed to
set up Branch Offices in India for the following purposes:
- Export/Import of goods
- Rendering professional or consultancy services
- Carrying out research work, in which the parent company is engaged.
- Promoting technical or financial collaborations between Indian companies and parent or
overseas group company.
- Representing the parent company in India and acting as buying/selling agents in India.
- Rendering services in Information Technology and development of software in India.
- Rendering technical support to the products supplied by the parent/ group companies.
A branch office is not allowed to carry out manufacturing activities on its own but is permitted to
subcontract these to an Indian manufacturer. Branch Offices established with the approval of
RBI, may remit outside India profit of the branch, net of applicable Indian taxes and subject to
RBI guidelines Permission for setting up branch offices is granted by the Reserve Bank of India
(RBI).
Requirements to open a Branch/Liaison Office of a Foreign Company in India:
Reserve Bank of India considers the track record profitability, existing business in India and Financial position of the applicant company while granting approval. It may sometimes give conditional permission, so the Branch Office shall have to operate in India subject to compliance with such conditions.
Following Documents would be required to be filed along with the application:
- English Version of the Certificate of Incorporation /Registration or Memorandum &
Articles of Association of the applicant company attested by Indian embassy and Notary
public in the country of registration - Yes
- Latest audited Balance Sheet of the applicant (preferably Last 3 years ) - Yes from Philippines (not audited)
- Power of attorney /authorization in favour of Chartered Accountant/Consultant in India to
follow up the approval matter and to represent the applicant company with the Reserve
Bank of India.
- Board Resolution of the applicant company covering - Yes able to supply
a) Regarding decision to open an office in India
b) Authorizing official /director of the applicant company to sign the application for approval
and follow up /represent the applicant before the Reserve Bank of India - Yes will provide letter to consultant
c) Details about the operation of proposed bank account in India . Consultant will need to handle
The Following information would be required:
- Name and address of the applicant YES
- Date and place of incorporation /registration of the applicant YES
- Details of Capital of the company i.e paid up capital and free reserves as per the last
audited Balance sheet YES
- Description of the activities of the applicant YES
- Details of the activities /services proposed to be undertaken in India YES
- Place where the office would be located in India YES
- Details of Staff who will manage the office YES
- Particulars of existing arrangements ,if any, for representing the company in India YES
- Further the Liaison office is required to file an undertaking to the fact that all expensed in India by such office shall be met out of inward remittance received from the parent company abroad Read Less
About the recuiterMember since Jul 7, 2017 Jason M.
from Ohio, United States
Candidate shortlisted and hired
Hiring open till - May 29, 2018
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