Project office Registration

Description

Project Office Registration Process

STEP 1 – Attestation or Legalisation of Documents

All documents which are required to be filed with RBI of the foreign company like their certificate of incorporation, board resolutions, the moa and articles of the foreign company and the documents of the authorised signatory of the foreign company need to be legalised either through Indian Embassy or to be apostilled as per Hague convention.

STEP 2 – Filing of Application with RBI through AD Bank

The application for registration of a Project office of a foreign company is filed in Form – FNC to the reserve bank of India through AD Bank (Authorised Dealer). The AD Bank plays a crucial role as all the communication to the RBI has to be routed through them. We have an excellent relationship with many banks in India, which certainly help in applying to the RBI and Followup

STEP 3 – Verification of KYC from Banker of Parent Company

After the FNC Form is filed with the AD Bank, a request for verification of documents is sent to the banker of the foreign company. This process is also known as swift based verification. After receipt of confirmation of the documents from the foreign banker, the application is submitted to the RBI for their approval. The RBI may seek clarification or any additional document which needs to be submitted.

STEP 4 – Approval of RBI for Project Office Registration in India

After company incorporation, the Bank A/c has to be opened, wherein the foreign direct investment must reach within 180 days of incorporation of the company with advance intimation to Banker. Post investment the company is under strict liability to file adequate reporting with the RBI reporting of FDI received within 30 Days.

STEP 5 – IRegistration of Project office of Foreign Company with the ROC

Within 30 days of the permission of the RBI the foreign company should apply to the ROC for registration of the foreign company. In case the foreign company have Indian directors then a DIN number of such director is needed, and the digital signature of the authorised signatory is required to e-file statutory forms with the ROC for their approval.

STEP 6 – PAN Card, Tax Deduction Number & Bank A/c Opening

Income Tax Department allots a unique 10 Digit alphanumeric number as a permanent account number, also known as PAN Number. To comply with TDS provisions, every taxpayer needs to obtain a Tax Deduction Account Number. These identification numbers are essential to do compliance with the tax rules. The bank account of the branch office can be opened after allotment of Pan Number by the Income Tax Department.

STEP 7 – Other Registration and Licensese

After the Project office is operational, there are various other compliance related activities, which depends on the nature of the business and the state-specific laws, which apply to all entities doing commercial activities. For example registration under shops and establishment act, Goods and Services Tax (GST), Professional Tax Act, Provident Funds Act, Employee State Insurance Act (ESIC), etc

Documents Required For Project Office Registration in India

1. Name and address of the applicant
2. Latest audited financial statements
3. Registration and contact details
4. Details regarding the activities undertaken by the applicant
5. Details of the bankers in the home country of the applicant
6. Value of the goods imported into or exported from India
7. Details of the project include but are not limited to awarding authority, date of award, nature of the project, tenure, address of the project etc.
8. Constitution documents of the company including certificate of incorporation or registration, memorandum of association, and articles of association notarized by the Notary Public in the country of registration
9. Banker’s report from the applicant’s bank in the host country disclosing the number of years of the relationship between the applicant and the bank
10. Power of attorney in favour of the signatory of Form FNC in case the signatory is different from the Head of the overseas entity
11. Any other document and information as may be required