Hello Experts,
A foreign national is staying in india since last 3 years (doing job) , can he now become a partner in a partnership firm??
Thanks in advance
2 Replies
Sanket Gada
(Sr. ERP Consultant & Tax Consultant)
(241 Points)
Replied 03 September 2013
Partnership criteria in India is One Indian should be a parner and based on.sector foreign partner can hold his share
Siddharth
(Student)
(128 Points)
Replied 03 September 2013
Dear Mukesh,
Investing in India or setting up business in India is governed by rules and regulations under the Foreign Direct Investment (‘FDI’) Policy issued and updated by Department of Industrial Policy and Promotion. FDI regulations allow investment in all industries expect those in the negative list.
Partnership is not covered under such negative list.
So irrespective of the residential status of a partner he can join a partnership firm as a partner.
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