In case a foreign company wants to establish a project office and the foreign company has secured a contract from an Indian company to execute a project in India, prior permission from RBI is not needed, provided that it is:
- Funded directly by inward remittance from abroad or
- Funded by a bilateral or multilateral International Financing Agency or
- Cleared by an appropriate authority or
- A company or entity in India provided that a contract has been granted Term Loan by a bank in India or a Public Financial Institution for the project.
Besides that, in case the above conditions are not met the foreign entity has to approach the RBI for the approval.
We can help you in setting up a Project office of a foreign company in India. Our dedicated team will help you with the entire process from RBI Approval to registration under Companies Act to post registration Compliances.
For setting up a Project office of a foreign company in India, click here.