NRI Opening Company in India

NRI Opening Company in India without visiting India,
is it possible?

Overview of NRI Opening Company in India

India is a preferred destination for NRI Opening  Company in India. Foreign investment into India is at an all-time high and is pegged to grow even higher with regulatory reforms and an investor friendly climate. NRIs and Foreign Nationals must always choose to invest or start a Private Limited Company or Limited Company in India.

At Law Advisor India, we’ve figured out the least tiresome and most cost effective procedure of NRI Opening Company in India. Click the button below for free legal advice from expert NRI lawyers.

Procedure of NRI Opening Company in India

• Step 1: DSC application:

The first step for NRI opening company in India is to apply for the Digital Signature Certificate in case of unavailability of DSC for the NRI concerned.

•Step 2: Name Reservation:

We’ll then apply for the consideration of the two preferred names for the firm. Preferred name can be obtained if there is no similarity with the present companies registered under the Indian Government.

•Step 3: Specification of this NRI company:

After the approval of name, the specification of the company will be discussed by our advocate and you. In case of an NRI opening company in India; if it is a private company; you’d require 2 directors whereas 3 directors would be required in case of a public company.

•Step 4: Submission of documents of the Directors:

For an NRI opening company in India, the documents need to be submitted to us to continue with the process.

•Step 5: Receiving Certificate of Incorporation:

Pertaining to the successful completion of the above steps, the Incorporation Certificate along with your GSTIN AND EPF (Employers provident Fund) and Bank account of the company will be issued.

Documents Required for NRI Opening Company in India

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Law Advisor India along with the panel of effective and resourceful NRI lawyers provides fastest NRI legal services. If you’re an NRI and are stuck with any legal work in India. We ensure we’ll get it done for you in record time.

Pricing

Cost of NRI Opening Company in India starts from 199$  and varies according to the complexity of your case. This 199$ is inclusive of the GST, EPF, Bank Account and primary NRI Corporate lawyer consultation fees along with the documentation cost

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FAQs about NRI Opening Company in India

In India mostly there are 5 types of Legal Incorporations:

1. Sole Proprietorship Firm

2. Partnership Firm

3. One Person Company

4. Limited Liability Partnership

5. Private Limited Company

For most NRIs, option 4 and 5 is available because in other alternatives they have to be an Indian Resident in order to operate the ventures. Hence, NRIs or Foreign Nationals are given the most ideal form of Opening Company in India which is through Private Limited Companies and Limited Liability Partnership. 

Note: One of the directors of the company to set up Private Company Limited should be the resident of India.

The Indian Government has established the technology of virtual directors and virtual office through which people living abroad can easily and efficiently communicate the setup of their ventures.

to set up a business in the origin country, the NRI had to only present the following mentioned documents:

  1. DSC (Digital Signature Certificate) of the directors is required because the registration process can be easily done via online modes.
  2. DIN (Directors Identification Number) is the unique identification code which is permitted by the Central Government and appointed to a person as the director of the company. To apply for it, an online form (DIR 3) needs to be filled under Section 153 and 154 of the Companies Act, 2013.
  3. MoA (Memorandum of Association) under form INC-33, AoA (Article of Association) under form INC-34 and SPICE form under form INC 32 are also required to be filled in order to complete all the formalities.
  • Without a doubt it has been established that the investments of NRIs have boosted up the economy. Large inward remittances when mixed with technologies, skills and diverse perspective can result in a beneficial business for everyone. Hence, the Indian Government has made administrative reforms in order to attract foreign investments from NRIs like subsidizing electricity rates, cost free lands and even tax exemptions until the firm is well settled.
  • Furthermore, there is an availability of SPICe (Simplifies Proforma for incorporating Company Electronically) Form. This was introduced in the year 2018 to ease the process of business incorporations by availing a single registration form in order to apply for PAN, TAN and DIN.
  • The Government has also sorted the requirements of compliance with authorities like FEMA, FDI, RBU and Income Tax guidelines. As a result these instructions are comparatively less than with Indian citizens who want to set up their own businesses under the Private Limited Company or LLP.
  • NRIs can also take advantages by opening an NRI bank account like NRE. It will help in transmitting the money online via versatile transfer services. So, you can repatriate your money back at any time possible. This method is adopted to avoid high transfer fees and to achieve a better exchange rate.
  • Under the Schedule I of the provisions of Reserve Bank of India, it is mentioned that the investments in shares and debentures can be made by the NRIs will come under the Foreign Direct Investment. Before the origin of FEMA, FERA was the supervising authority which didn’t allow the subscription to Memorandum and Articles of Association without prior permission from the Reserve Bank of India.
  • Therefore, after FERA was repealed, the new instructions permitted the investments by the NRIs in Indian Companies in a more uncomplicated manner.

NRIs or Foreign Nationals are given the most ideal form of establishing their incorporation which is through Private Limited Companies and Limited Liability Partnership. As per you requirement, you can start a Private Company Limited (PLC).

There is an availability of SPICe (Simplifies Proforma for incorporating Company Electronically) Form. This was introduced in the year 2018 to ease the process of business incorporation by availing a single registration form in order to apply for PAN, TAN and DIN.

The Government has also sorted the requirements of compliance with authorities like FEMA, FDI, RBU and Income Tax guidelines. As a result these instructions are comparatively less than with Indian citizens who want to set up their own businesses under the Private Limited Company or LLP.

NRIs can also take advantages by opening an NRI bank account like NRE. It will help in transmitting the money online via versatile transfer services. So, you can repatriate your money back at any time possible. This method is adopted to avoid high transfer fees and to achieve a better exchange rate.

PAN (Permanent Account Number), TAN (Tax Deduction and Collection Account Number) is used for the agenda of calculating tax liabilities and to reduce tax amounts while making payments. Hence, it is necessary to have that in order to avail the tax benefits that are especially made for the NRIs. TDS returns need to be filed on a quarterly basis after allotment of TAN.

  • Under the Schedule I of the provisions of Reserve Bank of India, it is mentioned that the investments in shares and debentures can be made by the NRIs will come under the Foreign Direct Investment. Before the origin of FEMA, FERA was the supervising authority which didn’t allow the subscription to Memorandum and Articles of Association without prior permission from the Reserve Bank of India.
  • Therefore, after FERA was repealed, the new instructions permitted the investments by the NRIs in Indian Companies in a more uncomplicated manner.
  • PAN (Permanent Account Number), TAN (Tax Deduction and Collection Account Number) is used for the agenda of calculating tax liabilities and to reduce tax amounts while making payments. Hence, it is necessary to have that in order to avail the tax benefits that are especially made for the NRIs. TDS returns need to be filed on a quarterly basis after allotment of TAN.
  • NRIs can opt between private companies and LLPs to set up their ventures. Both of these are governed by differing Indian Legal background. Private Companies are incorporated through the way of Companies Act, 2013 and LLPs are governed by the provisions of Limited Liability Partnership Act, 2008.
  • Apart from these legislations, NRIs should also focus on other related laws like Foreign Exchange Regulations or Income Tex Laws. Hence, both the types of companies are incorporated in a slightly different way but it should also be noted that both are done through online mode.
  • After the completion of documentary requirements, sign inside the account of MCA portal and fill the name of the company form. Or after the account is set, you can also visit the required form through the link: http://www.mca.gov.in/mcafoportal/runService.do

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