winding uo of Liasion Office

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Santosh (Querist)
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01 September 2010 Dear Sir,

We want to know what is procedure for winding up of Liasion Office in India under Income Tax Act, Reserve Bank Of India's Regulations and the Ministry of Company Affairs.

Thanks in Advance
Regards
Santosh Gupta

CA. Anuj Gupta

CA. Anuj Gupta (Expert)
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14 March 2011 The following documents are to be submitted to AD under the FEMA.

A) Copy of the Reserve Bank's permission/ approval from the sectoral regulator(s) for establishing the BO / LO.
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B) Auditor’s certificate-
i) indicating the manner in which the remittable amount has been arrived at and supported by a statement of assets and liabilities of the applicant, and indicating the manner of disposal of assets;
ii) confirming that all liabilities in India including arrears of gratuity and other benefits to employees, etc., of the Office have been either fully met or adequately provided for; and
iii) confirming that no income accruing from sources outside India (including proceeds of exports) has remained unrepatriated to India.
C) No-objection / Tax Clearance Certificate from Income-Tax authority for the remittance/s.
D) Confirmation from the applicant/parent company that no legal proceedings in any Court in India are pending and there is no legal impediment to the remittance.
E) A report from the Registrar of Companies regarding compliance with the provisions of the Companies Act, 1956, in case of winding up of the Office in India.

Anuj
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