May 27, 2009Prepared by: Deepak Maharishi 1 MODES OF SET UP Wholly Owned Subsidiary Joint Venture Company Branch Office Liaison Office Project Office.

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Presentation transcript:

May 27, 2009Prepared by: Deepak Maharishi 1 MODES OF SET UP Wholly Owned Subsidiary Joint Venture Company Branch Office Liaison Office Project Office

May 27, 2009Prepared by: Deepak Maharishi 2 POINTS TO REMEMBER Mechanism for opening Tax Rates Compliance Comfort Level Miscellaneous

May 27, 2009Prepared by: Deepak Maharishi 3 WHOLLY OWNED SUBSIDIARY MechanismTax RatesComplianceComfort LevelMiscellaneous  An independent company incorporated as per Indian Companies Act, 1956 & Transfer of Shares to foreign entity to make it as WoS.  A wholly owned subsidiary can also be incorporated directly of Foreign Parent Company.  A minimum of 2 promoters required to incorporate the same.  Normal Rate applicable to Indian Companies which 30% (plus surcharge and education cess)  Regular compliance as per Companies Act,  Moderate  Incorporation is easy.  100% FDI is allowed for the sector in which WOS is proposed to be engaged.  Winding up/ Striking off is complex as compared to Branch Office.  If the company is incorporated in India without the status of WoS then the minimum capital requirement is Rs. 1,00,000/- Only.  If the company is directly incorporated as subsidiary of foreign parent company then minimum capital is USD 2000 (if Private Ltd.) or USD (if Public Limited).

May 27, 2009Prepared by: Deepak Maharishi 4 JOINT VENTURE COMPANY MechanismTax RatesComplianceComfort LevelMiscellaneous  A Joint Venture Agreement shall be entered with an Indian entity.  A JV company then can be incorporated under Indian Companies Act.  A minimum of 2 promoters required to incorporate the same.  Normal Rate applicable to Indian Companies which 30% (plus surcharge and education cess).  Regular compliance as per Companies Act,  Moderate  Incorporation is easy.  100% FDI is allowed for the sector in which JV is proposed to be engaged.  Winding up/ Striking off is complex as compared to Branch Office.  An intimation to be given to RBI as and when money is infused within 30 days both from the receipt of money and allotment of shares.

May 27, 2009Prepared by: Deepak Maharishi 5 BRANCH OFFICE MechanismTax RatesComplianceComfort LevelMiscellaneous  Can be opened only with RBI approval.  An application is to be made through FNC-1 to CGM, Exchange Control Dept, RBI, Mumbai  Rate applicable to Branch 40% (plus surcharge and Education cess).  An annual compliance letter to be filed with the RBI from Auditors.  Documents to be filed with the RBI through Authorised Dealer in case of remittance of money.  Accurate (Except Tax Rates)  Can easily be set up by submitting the following: - Form FNC yrs Accounts - Incorporation Certf. - Reason for opening - Company Profile - Board Resolution - Power of Attorney in favour of representative  Can be opened for following activities: - Export/Import - Rendering professional / consultancy services - Technical / Financial collaborations - As Buying/ Selling agent - Services in IT - Technical support to parent company - Foreign Airline/ Shipping Company  Specific Permission for any other activity.

May 27, 2009Prepared by: Deepak Maharishi 6 LIAISON OFFICE MechanismTax RatesComplianceComfort LevelMiscellaneous  Acts as a channel of communication.  An application is to be made through FNC-1 to CGM, Exchange Control Dept, RBI, Mumbai  Can not undertake any commercial activity.  Is regulated under FEMA & RBI and initially permission for 3 yrs is granted.  It does not constitute a taxable entity, however, withholding tax may be levied on certain transactions/ payments.  An annual compliance letter to be filed with the RBI from Auditors.  Documents to be filed with the RBI through Authorised Dealer in case of remittance of money.  Not recommended as the Company can’t carry out any commercial activity.  Can be opened for following activities: - Representing parent company - Promoting Export/ Import from India - Promoting technical/financial collaboration between parent and Indian Companies - As communication channel  Specific Permission for any other activity.

May 27, 2009Prepared by: Deepak Maharishi 7 PROJECT OFFICE MechanismTax RatesComplianceComfort LevelMiscellaneous  Can only be set up for executing specific Project.  General permission granted by RBI.  Excludes Liaison Office.  Any company which has secured a contract from an Indian Entity can set up a Project Office.  It is treated as extension of foreign corporation in India and applicable to foreign corporations.  Requirement to furnish a prescribed report to RBI regional office.  Documentary evidence that Project is funded by Bilateral/ Multilateral Financial agencies or Project has been cleared by Regulatory Authority or Indian company has been granted a loan by Indian Bank/FI.  Not recommended as the Company can’t carry out any other commercial activity than the specific project for which it has been set up.  Can be opened without the specific permission of RBI (Notification No. FEMA 95/2003-RB)  Application can be sent for approval to Central Office, Foreign Exchange Dept, RBI if the required criteria is not met.