TaxTMI 
TaxTMI 
Whether permission of RBI or any authority required to open proprietory concern in Hong Kong
25 Feb 2010 
1 Reply 
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Foreign exchange control: opening a proprietorship abroad may be allowed, but overseas remittances and capital transactions are governed by FEMA.
Opening a proprietorship abroad by a resident Indian is not inherently restricted, but outbound remittances, capital account transactions, foreign property purchases and other cross-border financial dealings are regulated by the Reserve Bank of India and the Foreign Exchange Management Act; specific permissions, reporting and compliance depend on the nature of the transactions. (AI Summary)
Opening a proprietorship abroad by a resident Indian is not inherently restricted, but outbound remittances, capital account transactions, foreign property purchases and other cross-border financial dealings are regulated by the Reserve Bank of India and the Foreign Exchange Management Act; specific permissions, reporting and compliance depend on the nature of the transactions. (AI Summary)
my client resident indian wants to open a proprietory concern in Hongkong.Is permission from RBI or any other authority required.