Procedure for a NBFC co. to open a office in Canada

[satbir singhwahi]

Closely held NBFC ltd company wants to open office in canada,can you guide regarding formalities involved.

[Dinesh Gupta]

To open and maintain a branch / office outside India, there may be requirement of keep foreign exchange outside India, remit money /asset outside India, involvement of current account transactions or capital account transactions outside India. Therefore for different purpose there are different regulations have been prescribed by the RBI. Therefore you need to visit the FEMA section and carefully analyse the provisions to get the answer to your query.

AI Summary

NBFC Seeks Guidance on Opening Office in Canada; Must Comply with FEMA & RBI Regulations for Foreign Transactions. A closely held non-banking financial company (NBFC) inquires about the formalities required to open an office in Canada. The response highlights that establishing and maintaining an office abroad may involve retaining foreign exchange, remitting money or assets outside India, and engaging in current or capital account transactions. It advises consulting the Foreign Exchange Management Act (FEMA) regulations as prescribed by the Reserve Bank of India (RBI) to understand the specific requirements and procedures involved.