ESTABLISHMENTOF OVERSAES OFFICE

[Guest]

Whether Form OBR is required to be filed with AD to establishment overseas branch at the time of making initial remittances?

Awaiting your prompt reply.

[Anuj Gupta]

The Indian firm/companies should submit applications to their bankers (authorized dealers) in form OBR along with the particulars of their turnover duly certified by their auditors and also a declaration to the effect that they have not approached/would not approach any other authorized dealer for the facility being applied for.

The application form OBR needs to be filled in with necessary details along with supporting documents.  After which the foreign exchange is released by the authorized dealer (bank).

AI Summary

Form OBR requirement: file with authorized dealer before initial overseas branch remittances, include turnover certificate and declaration. Indian firms must submit a completed Form OBR to their bankers (authorized dealers) when making initial remittances to establish an overseas branch, accompanied by auditor-certified turnover particulars and a declaration that no other authorized dealer has been or will be approached; the authorized dealer processes the supporting documents and, if satisfied, releases foreign exchange.