07 November 2012
Dear Sir, One of my UK client opened an Private Limited company in India doing IT business. He is owing 50% share capital of the company i.e. Rs 50,000. I want to know that is there any requirement to intimate RBI for this..?? and if Yes, which form have to file with RBI and what will be the time period for this..??
08 November 2012
Mr Joshi RBI permission is MUST before you issue Share Certificate.
UK client must have transfer the British Pounds in Company's account - so FIRC should be obtained from the Bank. And on the support of this FIRC you can proceed further. If FIRC not in order then UK CLIENT is not share holder.
Please contact me in detail as one of my client is also from UK and is shareholder of Indian IT Company.
Can you specify when did the Indian Comany was registered and when was the Foreign remmitance for the share capital receved in India.
As per law you to intimate your banker within 30 days of receipt of payment in Foreign Currency along with KYC of the Foreign Company.
Also you need to issue shares for such receipt of foreign Currency or refund the said money within 6 months of original receipt.Then you shal need to file Form FCGPR alongwith Share Valuation Certificate and Certificate from CS regarding the valuation and allotment of shares against such money.
CAclubindia
