Overseas Direct Investment / FEMA
This query is : Resolved
23 April 2020
A European Startup wants me (Indian Resident) for my professional skills. But they want me as an investing founder and therefore have a small equity stake in the company. I am not clear on how I can remit the investment funds from India and what clauses of FEMA are applicable in such situations.
23 April 2020
A resident Indian can remit, up to the limit prescribed by the Reserve Bank from time to time, per financial year( 2,50,000 US dollars at present) under the Liberalised Remittance Scheme (LRS), for permitted current and capital account transactions including purchase of securities and also setting up/acquisition of JV/WOS overseas with effect from August 5, 2013 (vide Notification No. 263).
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23 April 2020
In my situation, there is no company in India as I am just a offshore remote employee. Also, the startup is not an existing company abroad but in the process of incorporation. So, would it still need to be treated as a JV?
23 April 2020
Yes it can be considered as JV.
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