I am an Indian Business man with 1 sole proprietor firm and 2 Pvt. Ltd. firm (My stake is 90% & my wife stake is 10% in both of them). All entities are active here in India.
I want to buy a controlling stake in a newly started (6 months approx.) consultancy firm (LLC) in Bahrain. Investment required is INR 2.5 Million (INR 25 Lacs).
My questions are:
a. How can I repatriate this amount to Bahrain? What paperwork or clearances will be required and by whom??
b. Will I be treated as an NRI after that?
c. What will be the impact on my India business supposing all operations are maintaining status quo in terms of revenues and profits?
Please answer, in case any other info is required, feel free to ask me.
3 Answers from Attorneys
The guidelines for Overseas direct Investment have been notified by the Reserve Bank of India vide Notification No. FEMA 120/RB-2004 dated July 7, 2004, as amended from time to time, which can be accessed at the Reserve Bank’s website http://www.rbi.org.in/scripts/Fema.aspx. A Master Circular titled ‘Master Circular on Direct Investment by Residents in Joint Venture (JV) / Wholly Owned Subsidiary (WOS) Abroad’, which is a compendium of all notifications/circulars incorporating the developments, is also available at the website http://www.rbi.org.in.
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you have to conduct to charateed account and company secretary.you have to refers to fema act,rebi guide-line and other related law.
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