Is Project Office is a foreign company?
Project Office. A Project Office (PO) means a place of business established to represent the interests of a foreign company executing a project in India.
How do I close a project office in India?
After receiving the executed documents, respective e-form is to be filed with ROC for closure of Project Office/Branch Office/Liaison Office in India. ROC check the e-form and other documents annexed to it and if found all documents are valid and in order, shall issue certificate for closure of LO/BO/PO.
How can I create a liaison office in India?
Steps to set up Liaison Office Obtain approval of RBI. Apply to ROC to obtain a “Certificate of Establishment of Place of Business in India ” Apply for registration for PAN with Income Tax Authority. Apply for registration for TAN with Income Tax Authority.
How can I open a branch office of a foreign company in India?
A foreign company can freely operate in India by registering a branch by obtaining approval of the reserve bank of India through AD category 1 Banker and further registration of the foreign company with the ROC. Such a branch office is treated as a foreign entity and is subject to higher Income Tax @ 40%.
What does a project office do?
A project management office (PMO) is a team or department that sets and maintains standards for project management throughout an organization. The PMO is in charge of creating procedures and best practices that will help operations: Go smoothly. Complete on time.
How do I register a foreign company in India?
Any foreign company can establish its place of business in India by filing eForm FC-1 (Information to be filed by foreign company). Note: The eForm needs to be digitally signed by authorized representative of the foreign company. There is no need to apply and obtain DIN for Directors of a foreign company.
What is Lo Bo Po?
Dear Madam / Sir, Master Direction – Establishment of Branch Office (BO)/ Liaison Office (LO)/ Project. Office (PO) or any other place of business in India by foreign entities.
How do I close a liaison office in India?
A foreign company has to file eForm FC-2 with Registrar of Companies and a copy is routed to concerned RoC of the respective state by the system in case of cessation of place of business in India. It is required to be filed within 30 days of closure of LO.
What is the difference between liaison office and branch office?
Liaison and Branch Office are similar in terms of approval required and documents for setting up. However operationally they are varied, while a branch office mirrors the parent company, a liaison office only acts as a representative and has restrictions on operations.
How do I open a liaison office?
To begin the process of setting up a liaison office, a company must submit a certificate of incorporation, Memorandum and Articles of Association (MOA and AOA), and a copy of the parent company’s latest audited balance sheet.
Who can open a branch office in India?
Eligibility for opening a Branch office A person resident outside India can establish a branch office in India provided it meets the criteria of profit-making track record during the immediately preceding five financial years in the home country and net worth of not less than USD 100,000 or its equivalent.
How do I open a branch?
Follow these steps to opening a new branch to ensure success for your business.
- Choose a location to open a second business location.
- Develop a marketing plan.
- Create a business plan.
- Set up accounting.
- Get capital to open a second business location.
- Hire employees.
- Buy supplies and inventory.
What are PMO processes?
The PMO processes cover four major project phases that are devised and deployed by all project teams. The four phases are: initiation, planning, execution, and closing. Our PMO offers services that help organizations set up their own PMO departments.
Can foreigners own companies in India?
Business entities registered outside India (“Foreign Company”) can establish business operations in India without creating and registering a limited company or limited liability partnership. Subject to the RBI guidelines, a foreign company can open a Branch Office or Liaison Office or Project Office in India.
How many minimum members are required to form a public company?
7
Public company is the company who has a minimum paid up share capital of Rs. 5 Lac. Hence, as prescribed by the Companies Act the minimum members to form a public company is 7.
What is the validity of project Office?
The validity period of an LO is generally for three years, except in the case of Non-Banking Finance Companies (NBFCs) and those entities engaged in construction and development sectors, for whom the validity period is two years only. The validity period of the project office is for the tenure of the project.
Which annual filing is required to be done for Lo Bo?
(b) BO/LO is required to file e-form FC-3 and FC-4 for reporting the financial statement and annual return respectively.
What is the role of a liaison office?
A liaison officer is an employee who builds and maintains mutually beneficial relationships, facilitates communications and coordinates activities among two or more people, agencies or organizations.
What is the purpose of liaison office?
A Liaison Office (also known as Representative office) can undertake only liaison activities, i.e. it can act as a channel of communication between Head Office abroad and parties in India. It is not allowed to undertake any business activity in India and cannot earn any income in India.
What is project office in India?
How to Set up Project Office 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.
What are the latest RBI guidelines for setting up project office?
The latest RBI guidelines regarding establishment of Project Office have been issued with the aim to facilitate ease in doing business in India and liberalizes the procedure for non-residents to set up a place of business in India by delegating several powers of the RBI to AD Bank.
Can a foreign company set up a project office in India?
A foreign corporation, which has secured a contract from an Indian company to execute a project in India, is allowed to establish a project office in India without obtaining prior permission from RBI. The RBI has granted a general permission to a foreign entity for setting up a project office in India subject to the following conditions:
How to set up a project office under Section 592?
Pursuant to the setting up of the Project office, the Registrar of Companies needs to be intimated in Form 44, about the setting up of a place of business under Section 592 of the Companies Act, 1956. Such offices can not undertake or carry on any activity other than the activity relating and incidental to execution of the project.