17 February 2011
Dear Sirs, A Wholly owned subsi. company incorporated and the money received from its foreign collaborators for share capital.Please tell me Form FCGPR to be filed for that and Valuation certificate from A Chartered accountant also required .
Within 30 days of the receipt of share application money,the Company has to initmate the same to RBI through its Authorised Dealer in the prescribed format and attachments.
Within 180 days of the receipt of share application money, u will have to allot the shares to the Non resident investor.
Within 30 days from the date of allotment, you will have to file Part A of Form FC-GPR with the RBI through Authorised Dealer.
Part B of Form FC - GPR to be filed on an Annual basis on or before 31st July directly with RBI.
Under Companies Act, 1956
File return of allotment in prescribed Form 2 within 30 days of allotment of shares as per section 75 of the Companies Act, 1956
Within 3 months from the date of allotment, issue the Share Certificates.
18 February 2011
A valuation certificate from a Chartered Accountant justifying the price at which the shares have been allotted is one of the attachments to Part A of Form FC-GPR.
In case of Listed Companies, SEBI Guidelines have to be followed for arriving at the price at which the shares have to be issued and in case of Unlisted Companies the price will have to be determined as per Discounted Free Cash Flow Method.
Further once you have intimated the recipt of Share Application money to RBI, a Unique Identification Number will be allotted by RBI which has to be quoted at the speified space in Part A of Form FC-GPR.
18 February 2011
Thanks for the answer but my query is foreign currency received for subscription of share capital at the time of incorporation.In this case also the Form FCGPR to be filed and other formalities to be done
CAclubindia
