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What is Branch Office of a Foreign Company ?
Foreign Branch is a special purpose organization set up with the prior approval of Reserve Bank of India to operate as a Branch of a Foreign Organization in India. It can operate only in terms of the permission granted by the Reserve Bank of India and cannot operate as a Manufacturing Unit of the Foreign Parent company.
Eligibility for Registering Branch Office of a Foreign Company
- Must receive specific approval from the Reserve Bank of India’s (RBI) Foreign Exchange Department to operate a Branch office in the country
- Must have the same name as that of the foreign company
- Must have a five-year record of profitable operations in the home country
- Must have a minimum net worth of US$ 100000 verified by the most recent audited balance sheet or account statement
- The Profit of the branch office is allowed to be remitted to its parent company after remittance of all applicable taxes in India. Income tax is 40% plus a surcharge.
Key Features & Benefits of Branch Office of a Foreign Company
It is easier and cost efficient to open and operate a branch office
The branch office offers a greater level of control to the parent company
Expending business recognition through access to a new market
Process for Registering Branch Office of a Foreign Company
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Documents Required for Registering Branch Office of a Foreign Company
Following documents are required for registering Branch Office:
- 2 Copies of Certificate of Incorporation / Registration (notarized and attested by Indian Embassy) (One copy each for RBI & ROC). If it is in a language other than English then Translation of the same notarized and attested by Indian Embassy is required.
- 2 Copies of Memorandum & Articles of Association (English Translation) notarized and attested by Indian Embassy
- Details of Last Three Years Import Into / Export From India (On letterhead, signed with a stamp, five copies)
- Latest 5 years Audited Balance Sheet (English translation) notarized/attested by Indian Embassy
- Details of Authorized representatives.
- Details of existing Indian Clients, if any
- Details of products/services to be rendered in India by the parent company. Also, provide some literature like brochures/catalogues of products and literature on the company, if any. Indian regulators (RBI) love this literature and it helps in getting the process completed speedily
- Regulatory and legal Forms/ documents.
- Details of Activities to be undertaken in India in case of the Branch office.
- Proof of Registered Address.