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Q. > Please Help: Incorporation of a new company
Hello All,
At the time of incorporation of a new company, If one of the promoter director is an NRI having permenent living address outside india and wants to be one of the Memorandum of Assosiation (MOA) subscriber-
1). What will be the procedure?
2). Does he/she requires to Notary himself/herself at outside indian or within india or need some documents from the Embassy?
3). What other points have to take into consideration?
Waiting for the reply with anticipation.
answered Mar 06, 2012 by Akanksha Handa
As per notification No, FERA 143/93-RB dated 26/4/1993
General permission to subscribe to the
Memorandum and Articles of Association
10C.4
In order to facilitate NRIs to set up new companies in India, Reserve Bank vide its Notification No.FERA.143/93-RB dated 26th April 1993, has granted general permission under Section 29(1)(b) read with Section 19(1)(d) of the Foreign Exchange Regulation Act, 1973 to NRIs to subscribe to the Memorandum and Articles of Association and to take up the shares of Indian companies for their incorporation. The general permission empowers such Indian companies to issue shares to NRIs provided the total face value of the shares to be issued does not exceed Rs.10,000/- and the company is not engaged in any activity relating to agricultural and plantation. The Indian company is required to file a declaration of the issue to Reserve Bank in form DSS within period of 90 days from the date of its incorporation. The repatriability or otherwise of this investment will be decided by Reserve Bank while granting permission under Section 19(1)(d) of the Act for issue of further shares to NRIs.
Experts Panelist
Comments
Rajveer Rai
05-Mar-2012 , 03:23:42 pmyes he has to authorize a person in India to subscribe MOA through a POA
AKHIL MAHESHWARI
06-Mar-2012 , 11:37:12 amThnx ashish ji nd rajveer ji, I hv 1 more query just below it, plz solve that and help me....
AKHIL MAHESHWARI
07-Mar-2012 , 02:36:47 amthnx akanksha ji...