project-office-registration-in-india

THINGS TO KNOW BEFORE YOU REGISTER PROJECT OFFICE REGISTRATION IN INDIA

“Project Office” means a place of business to represent the interests of the foreign company executing a project in India but excludes a Liaison Office.The project office is the ideal method for companies to establish a business presence in India, if the object is to have a presence for a limited period of time.

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Project Office is the temporary office for the purpose to execute specific projects in India by foreign companies. ‘Project Office’ also represents the interests of the foreign company executing a project in India as in the case of Liaison Office with the only difference, that Project Office can undertake commercial activities related to the particular project whereas the liaison office cannot.

Requirement And Conditions:

The office shall be opened within 6 months from the date of approval letter.

The foreign currency accounts have to be closed at the completion of the project.

The project is funded directly by inward remittance from abroad or funded by a bilateral or multilateral International Financing Agency o has been cleared by an appropriate authority

Suitable for foreign Companies looking to setup a temporary office in India to liaison its existing business with Indian clients.

Extension for 6 months may be granted by AD Category-I bank for reasons beyond the control of the person resident outside India.

Purpose For Setting Up Project Office Registration In India

Representing in India the parent company/group companies.

Undertake commercial activities related to the particular project

List Of Documents Required For Project Office Registration in India

The Parent company who is supposed to establishing a Project Office in India has to furnish report through the AD branch to the concerned Regional Office of Reserve Bank of India the Project Office is set up by providing folllowing details:

Name and address of the Foreign Company,

Reference Number and date of letter awarding the contract referred to in clause (ii) of Regulation 5 of Notification No. FEMA 22/2000-RB dated May 3, 2000,

Brief details of the Project undertaken,

Tenure of Project Office,

Address / e-mail address / telephone number / fax number of the Project Office,

The total amount of contract,

Particulars of the authority awarding the projects / contract,

AD branch with whom the account has been opened and the foreign currency in which the account is opened,

An undertaking to the effect that the Project Office is eligible to avail of the General Permission under Regulation 5(ii) to RBI (in Form FNC-1) showing the reason thereof.