REGISTER A PROJECT OFFICE (“PO”) IN INDIA
Foreign companies which intend to execute individual Project in some other country has an option to set up a Project Office.
- Reserve Bank granted general permission to foreign companies to establish Project Offices registration in India only
- If they have secured a contract with an Indian company to execute a project in India, along with the following conditions:
- The project is funded directly by inward remittance from abroad; or
- The project is funded by a bilateral or multilateral International Financing Agency; or
- The project has been cleared by an appropriate authority; 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.
However, if the above criteria are not met, the foreign entity has to approach the Reserve Bank of India, Central Office, for approval.
Time Involved in the Process of Project Office
- Approx. 40-50 working days are taken for registration. However, it depends upon processing time of AD banker and RBI as well
PROCEDURE of PROJECT OFFICE
- Reserve Bank of India granted general permission to foreign companies to establish Project Offices in India only
- If they have secured a contract from an Indian company to execute a project in India, along with the prescribed conditions.
Government Route — where principal business of the foreign entity falls under the sectors where 100 Percent, FDI is not permissible under the automatic route. Also, setting up of Project Offices by International Non-Government Organizations & Non-Profit Organizations/Foreign Government Bodies/Departments, by whatever name called, are under the Government Route. Accordingly, such entities are required to apply to the Reserve Bank for prior permission to establish an office in India, whether Project Office or otherwise. [As amended vide AP (DIR) No.31 dated September 17, 2012]
We have expertise in setting up Project Office in India and getting all approvals from regulatory authorities