Establishment of foreign liaison, branch and project offices in India: eligibility, permitted activities, approvals, reporting and closure requirements. Foreign entities proposing Liaison Office, Branch Office or Project Office in India must apply in Form FNC via a designated AD Category I bank to the Reserve Bank under Reserve Bank or Government routes; eligibility requires specified profit track record and minimum net worth or a Letter of Comfort from an eligible parent. The Circular prescribes permissible activities and prohibitions for each office type, issuance of a Unique Identification Number, PAN requirement, annual Chartered Accountant activity certificates, procedures for extension, operation of foreign currency/INR accounts for project and branch operations, and detailed closure and remittance documentation requirements.
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Establishment of foreign liaison, branch and project offices in India: eligibility, permitted activities, approvals, reporting and closure requirements.
Foreign entities proposing Liaison Office, Branch Office or Project Office in India must apply in Form FNC via a designated AD Category I bank to the Reserve Bank under Reserve Bank or Government routes; eligibility requires specified profit track record and minimum net worth or a Letter of Comfort from an eligible parent. The Circular prescribes permissible activities and prohibitions for each office type, issuance of a Unique Identification Number, PAN requirement, annual Chartered Accountant activity certificates, procedures for extension, operation of foreign currency/INR accounts for project and branch operations, and detailed closure and remittance documentation requirements.
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