22 May 2012
Query (1) Can NRI become a shareholder in a private limited Co. ? If Yes then what compliance are required regarding RBI and Companies Act 1956 ?
Query (1) Can NRI become a Director in a private limited Co. ? If Yes then what compliance are required regarding RBI and Companies Act 1956 ?
1. NRI can invest in any companies including private companies. You have to comply with the rules mentioned by the RBI (Automatic Route or Approval Route). Check whether the FDI is allowed in your sector by the RBI. Get Unique Identification Number (UIN) for the NRI and allot the shares to the NRI and report the RBI through FC-GPR within 30 days from the date of allotment. http://rbidocs.rbi.org.in/rdocs/notification/PDFs/15MFI300611F.pdf check the link 2. NRI can become a director after getting DIN. Process for applicants who are (i) Indian citizens residing abroad; (ii) foreign nationals residing in India; and (iii) foreign nationals residing outside India The certification of attached documents and the photograph may be done by a notary in the home country of the applicant or the Managing Director/ CEO of the Company on which he is a Director or the Company Secretary in full time employment of the Company. Further, in the case of a Foreign National, certified copy of the valid passport should be enclosed. You may also contact DIN cell - at this no 95120 -6522478
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