Can an NRI start a company/branch in India and can he open a foreign currency account in India
3 Answers from Attorneys
Certain formalities, viz seeking permission from RBI and starting off a company as per their guidelines need be met.
Dear Sir / Madam,
Yes, to the best of my knowledge, a Non-Resident Indian (NRI) has till date never been prevented by the Reserve Bank of India (RBI) nor any Indian Government authority from starting a Company / Branch in India and opening an FCNR (Foreign Currency Non Resident) Account in India anytime during his / her NRI status in India..
Yes, NRI can start a Company / Branch Office In India, and yes he can also open a EFC Account in India.
There are two modes of starting a company, (1) First is Incorporating a Private Limited Company ; and (2) Opening a Branch / Liaison / Project Office.
In First case, it will be a new indian company which will come in to existence, and in second event, a branch office of your Foreign Company will come in to existence.
A Branch Office has restriction in its operation and nature of business activity it could undertake, where as no such restriction apply on Private Limited Company.
If you require more details, you can visit this PDF file on my Website vnmlaws.com
Feel free to contact me should you require any assistance in this regards
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