Procedure - opening a branch in turkey

[Brijesh Mathur]

I have to open a branch office in turkey of a company incorporated in India. Do i require any approval from the Ministry. If yes, how and when Kindly suggest! Thanks

[Rama Krishana]

Since to open and operate branch or an office in a country outside India, you have to deal with the money and currencies. In this respect there are various specific regulations under FEMA like "FOREIGN EXCHANGE MANAGEMENT (FOREIGN CURRENCY ACCOUNTS BY A PERSON RESIDENT IN INDIA) REGULATIONS, 2000" and "FOREIGN EXCHANGE MANAGEMENT (ACQUISITION AND TRANSFER OF IMMOVABLE PROPERTY OUTSIDE INDIA) REGULATIONS, 2000" etc. etc. Therefore, you need to refer the relevant regulation of FEMA.

AI Summary

Opening a Branch in Turkey Requires Compliance with FEMA Regulations on Foreign Currency and Property Transfers A participant inquired about the necessity of obtaining approval from the Ministry to open a branch office in Turkey for an Indian-incorporated company. The response highlighted that opening a branch abroad involves dealing with foreign currencies and is subject to specific regulations under the Foreign Exchange Management Act (FEMA). Key regulations include those concerning foreign currency accounts and the acquisition and transfer of immovable property outside India. The participant was advised to consult the relevant FEMA regulations for guidance.