Partnership Business Can start India (two partners one is Indian and OCI both are wife and Husband)

This query is : Resolved

ARCHANA (Querist)
Follow

15 November 2024 Sir/Mam,

New Partnership business Can Indian citizen and Overseas Citizen of India (OCI) (Wife and Husband) form a partnership firm in India

Please clarify my doubt, It is possible what are required documents to start business in India

Thanking you,

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

15 November 2024 Yes, Overseas Citizens of India (OCI) can be partners in a partnership firm in India, OCI holders are treated as non-resident Indians (NRIs) for the purpose of partnership. To become a partner, an OCI must:
File an application with the Registrar of Firms in the state where the partnership firm is situated.
Get a Permanent Account Number (PAN) from the Income Tax Department.
Adhere to the Foreign Exchange Management Act (FEMA) guidelines for investment and remittance.
Execute a partnership deed that complies with the Partnership Act, 1932.

Message likes : 1 times

ARCHANA

ARCHANA (Querist)
Follow

16 November 2024 Thank you sir for your quick reply, in case both are OCI then also they can start partnership firm in india please clarify my doubt sir

Upgrade to CAclubindia Pro. Subscribe Now!

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

16 November 2024 At least one resident Indian partner is required for a non-resident Indian partnership firm.