Joint Venture Registration

Joint Venture registration in Patna-Branch office registration in Bihar-Liaison office in Patna-How to start Joint venture in Bihar/h1>

Joint Venture registration in Patna-Branch office registration in Bihar-Liaison office in Patna-How to start Joint venture in Bihar

NRI, Foreigners, who want to start or establish business in India, can do so by either establishing their own project office, liaison office or branch office or can do joint venture with any Indian company to do business in India. Project office is established for carrying out some specific task or work. Liaison office is established to provide a local presence in India. It is established to liaison with customers and not to carry out any financial activity. The company cannot have any revenue for the Indian Liaison office; It has to meet all its expenses of Indian office through remittances from the Head office. The Liaison office is not allowed to earn any income in the India. NRI or foreign company that wants to do business in India and is willing to carryout production, sales, marketing or distribution of its products or services, will have to establish Branch Office.

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Procedure for applying for starting project office/liaison office/branch office:

i. The application for establishing BO / LO/ PO in India may be submitted by the non-resident entity in Form FNC (Annex B) to a designated AD Category – I bank (i.e. an AD Category – I bank identified by the applicant with whom they intend to pursue banking relations) along with the prescribed documents mentioned in the Form and the LOC, wherever applicable. The AD Category-I bank shall after exercising due diligence in respect of the applicant’s background, and satisfying itself as regards adherence to the eligibility criteria for establishing BO/LO/PO, antecedents of the promoter, nature and location of activity of the applicant, sources of funds, etc., and compliance with the extant KYC norms grant approval to the foreign entity for establishing BO/LO/PO in India. The AD Category-I banks may frame appropriate policy for dealing with these applications in conformity with the FEMA Regulations and Directions.

ii. However, before issuing the approval letter to the applicant, the AD Category-I bank shall forward a copy of the Form FNC along with the details of the approval proposed to be granted by it to the General Manager, Reserve Bank of India, CO Cell, New Delhi, for allotment of Unique Identification Number (UIN) to each BO/LO. After receipt of the UIN from the Reserve Bank, the AD Category-I bank shall issue the approval letter to the non-resident entity for establishing BO/LO in India. This is in order to enable the Reserve Bank to keep, maintain and upload up-to-date list of all foreign entities which have been granted permission for establishing BO/LO in India, on its website.

iii. The validity period of an LO is generally for three years, except in the case of Non-Banking Finance Companies (NBFCs) and those entities engaged in construction and development sectors, for whom the validity period is two years only. The validity period of the project office is for the tenure of the project.

iv. There is a general permission to non-resident companies to establish POs in India, provided they have secured a contract from an Indian company to execute a project in India. Also, the project must have secured the necessary regulatory clearances; andis funded directly by inward remittance from abroad; or the project is funded by a bilateral or multilateral International Financing Agency, or a company or entity in India awarding the contract has been granted Term Loan by a Public Financial Institution or a bank in India for the Project.

v. An applicant that has received a permission for setting up of a BO/LO/PO shall inform the designated AD Category I bank as to the date on which the BO/LO/PO has been set up. The AD Category I bank in turn shall inform Reserve Bank accordingly. In case an approval granted by the AD bank has either been surrendered by the applicant or has expired without any BO/LO/PO being set up, the AD Category I bank shall inform RBI accordingly.

vi. The approval granted by the AD Category I bank should include a proviso to the effect that in case the BO/LO/PO for which approval has been granted is not opened within six months from the date of the approval letter, the approval shall lapse. In cases where the non-resident entity is not able to open the office within the stipulated time frame due to reasons beyond its control, the AD Category-I bank may consider granting extension of time for a further period of six months for setting up the office. Any further extension of time shall require the prior approval of Reserve Bank of India in this regard.

vii. All applications for establishing a BO/LO in India by foreign banks and insurance companies will be directly received and examined by the Department of Banking Regulation (DBR), Reserve Bank of India, Central Office and the Insurance Regulatory and Development Authority (IRDA), respectively. No UIN for such representative offices is required from the Foreign Exchange Department, Reserve Bank of India.

viii. There is a general permission to non-resident companies for establishing BO in the Special Economic Zones (SEZs) to undertake manufacturing and service activities subject to the conditions that:

  1. such BOs are functioning in those sectors where 100{4336c1c66b0442e215c4dddda6239171c251bfa06156b6191ce5b3568a32beee} FDI is permitted;
  2. such BOs comply with Chapter XXII of the Companies Act, 2013; and
  3. such BOs function on a stand-alone basis.

In the event of winding-up of business and for remittance of winding-up proceeds, the branch shall approach an AD Category – I bank with the documents as mentioned in para 10 under “Closure of Liaison / Branch Office

Joint Venture

Joint venture is a partnership with Indian company to carry out business in India. In joint venture, two or more persons or companies come together and form a joint entity to carry out business. There are no separate laws for setting up joint ventures in India. All laws applicable to resident companies or business are also applicable to Joint Venture formed in India.

Methods of joint ventures in India

  1. Equity joint venture
  2. Contractual joint venture

The equity joint venture is an understanding whereby an independent legal entity is created in accordance with the agreement of two or more parties.

The contractual joint venture might be used where new company is not required to be formed, instead partnership is done on paper but the partners work seperately.

 

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Joint Venture registration in Patna-Branch office registration in Bihar-Liaison office in Patna-How to start Joint venture in Bihar