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

Foreign exchange regulations govern overseas branch openings; FEMA compliance and permissions are required before establishing operations abroad. Opening a branch office in Turkey by an Indian company engages foreign exchange regulatory controls under the Foreign Exchange Management Act; entities must identify and comply with specific FEMA regulations governing foreign currency accounts and acquisition or transfer of immovable property outside India, and determine whether any permissions, filings, or reporting obligations are required prior to and during establishment.