can any indian resident remit money to form a company outside India and how?
FIRST CASE if that resident have company incorporated under the companies act or have a partnership firm registered under the partership act, can form wholly owned subsidiary outside india under automatic route up to 400per cent of the net worth of the Indian party as on the date of the last audited balance sheet. SECOND CASE REGARDING OVERSEAS INVESTMENT BY PROPRIETORY FIRM (1) With a view to enabling recognized star exporters with a proven track record and a consistently high export performance to reap the benefits of globalization and liberalization, proprietorship concerns and unregistered partnership firms are allowed to set up JVs / WOS outside India with the prior approval of the Reserve Bank subject to satisfying certain eligibility criteria. An application in form ODI may be made to the Chief General Manager, Reserve Bank of India, Foreign Exchange Department, Overseas Investment Division, Central Office, Amar Building, 5th Floor, Fort, Mumbai 400 001, through the AD Category
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- can any indian resident remit money to form a company outside India and how?
