Dear Sir,
The directors of a Pvt ltd company wants to incorporate a new foreign company in Singapore & make the indian company the subsidiary of the latter.
Wat provisions & Sections of FEMA ,Company law shall i go through.
As far as FEMA is concerned i ve done a research & concluded following issues are to be Addressed.
1)The Foreign Co can invest 100% investment either on Repatriation Basis or Non-Repatriation Basis as Capital account transaction rules
2)Here investment can be made through automatic route as the client is in business of fish oil.
3)An intimation to the Reserve Bank of India through the Authorised dealer of category I, the details of the amount of consideration not later than 30 days from the date of receipt in the prescribed form along with the KYC report.
4)Once the Annexure II along with the KYC report is submitted the regional office of Reserve Bank of India shall acknowledged the receipt by way of allowing the Unique Identification Number (UIN) for the amount reported.
5)The equity instruments should be issued within 180 days from the date of receipt of the inward remittance or by debit to the NRE/FCNR (B) account of the non-resident investor.
6)After issue of shares/ convertible debentures/ preference shares, the Indian company has to file Form FC-GPR, not later than 30 days from the date of issue
7)under the FDI Scheme
. Price of shares issued to persons resident outside India shall be valued by a CA as it is unlisted co.
8)Part A of Form FC-GPR has to be duly filled up and signed by Managing Director
9)The following documents have to be submitted along with Part A :
(i) A certificate from the Company Secretary of the company certifying that
(a) all the requirements of the Companies Act, 1956 have been complied with;
(b) terms and conditions of the Government‘s approval, if any, have been complied with;
c) the company is eligible to issue shares under these regulations.
Sir kindly Guide are these above issues adressed as per FEMA are sufficient or is there anything tat i ve missed out.
Also pls guide me wat aspects of Company law has to be considered ,keeping in context the indian company as well as Foreign Company.
CAclubindia
