I am in process of incorporation of private limited company in which indian as well as foreign national are promoter director. I want to know how much share can be alloted to foreign national. further what are other requirement to be fulfilled for foreign national promoter director in indian private limited company. Thanks.
CA Tilak Raj Sharma
(Practising CA in Solan (H.P.))
(6374 Points)
Replied 15 December 2008
You can allot 99.99% shares to them. There is no such specific requirements.
Kumar
(Legal Consultant)
(358 Points)
Replied 15 December 2008
Please also ensure that the foreign promoter has DIN and DSC.Also you have to ensure that the docuemnts such POA etc. required to be file with MCA should be duly notorized and counsularized in the country from where the foreign promoter is coming or reside.
Thanks for you timely reply Mr. Tilak Raj and Mr. Kumar. I just like to know where can I found the reference that 99.99 % share can be alloted to foreign natinal promoter director. Because I have gone through the Master circular of RBI dated 2 july, 2007 where they have prescribed sectoral limit for foreign investment. Please guide me.
CAclubindia
