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How to be FEMA authorised person

Shiva Manackal (1 Points)

06 April 2023

My client need our firm need FEMA authorisation what should want to do for that

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CA Rakesh Ishi (Working at Private Company) (8417 Points)
Replied 06 April 2023

To obtain FEMA (Foreign Exchange Management Act) authorization, your client's firm would need to follow the below process:

Identify the type of authorization needed: Depending on the nature of the business and transactions involved, your client's firm may need different types of FEMA authorizations such as Authorized Dealer Category I (AD Cat I), Authorized Dealer Category II (AD Cat II), or Trade Credit.

Submit the required documents: Your client's firm will need to submit the required documents as per the guidelines issued by the Reserve Bank of India (RBI). The documents may include proof of incorporation, business plan, PAN card, GST registration, and others as applicable.

Apply online: The application for FEMA authorization can be made online on the Reserve Bank of India's website. The application will need to be submitted along with the required documents and fees.

Verification and approval: Once the application is submitted, it will be reviewed by the RBI. The RBI may request additional information or documents for verification purposes. Once the verification process is complete, the RBI will issue the required authorization.

It is advisable to consult with a legal professional or a chartered accountant to ensure that the FEMA authorization process is carried out correctly and efficiently.