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

Foreign exchange compliance required for NBFCs opening overseas offices; FEMA and RBI rules govern remittances and account transactions. Establishing a branch or office abroad by a closely held NBFC may require remitting funds or assets overseas and will involve current account or capital account transactions; differing RBI rules apply depending on the purpose, and compliance with FEMA provisions and RBI prescriptions must be examined to determine permissible transactions and necessary formalities.