Project Office Registration
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Introduction
Project Office Registration
A project office is a commercial location where a foreign company can represent its interests in carrying out a project in India. It is an ideal approach to establish a commercial presence in India for a limited period of time for a firm with an object of presence for a limited period of time. For more information, connect with us.
- Expert assistance
- Complete online Process
- End To End Compliances solutions
- Track Application Status
Benefits
Benefits of Project Office Registration
Permissible Activities
Project Office is just an extension of the foreign companies in India and cannot undertake any additional activity in India
Closure of Project Office
Requests for closure of Project Office and for remittance of winding-up proceeds needs to be submitted.
Bank Account
Any foreign entity (except an entity from Pakistan) who has been awarded a contract for a project by the Government authority.
Process
Process to Project Office Registration
Document Checklist
Documents Required for Project Office Registration
Certificate of Incorporation
Residence Proof of authorized personnel
MOA and AOA of the Foreign Company
complete details of Directors of the Company
Current Audited Balance sheet Of Company
Complete details of activities
Faq
Frequently Asked Questions (FAQ)
A foreign company set up a project office in India if a project has been assigned to them by the government or a private sector when the project has to be executed in India. However, it is necessary to complete the registration process with RBI & ROC before commencing business operations. Therefore, project office registration cannot be done until all the requisite conditions are met.
Yes, provided the bank account is re-designated as a BO account.
If a project has been given to them by the government or the private sector, a foreign business is required to set up a project office in India, as long as the project is to be completed entirely in India. On a temporary or permanent basis, a foreign corporation can open a project office. Before beginning to conduct business, you must complete the RBI and ROC registration process. All of the required conditions must be met before the project office may be registered.
- The project's official contact,
- Clearance of Project.
- Foreign Funding.
- Indian Funding.
The monies received from the head office through conventional banking channels for meeting office expenses and/or the rupee amounts receivable, if any, under the contract shall be credited to the account, and no further amount should be credited without the Reserve Bank's consent. Similarly, debits to this account could be generated simply to cover the office's local expenses and irregular remittances while the project is being wound up / completed.
Reserve Bank Route
In this case, the primary business of a foreign entity falls under the criteria in which 100 % Foreign Direct Investment (FDI) is allowed.
Government Route
Here the primary business of a foreign company falls under the criteria in which 100 percent Foreign Direct Investment is not permitted. Applications from different entities that come under the criteria of Foreign Non-Government companies, Non-Profit Organizations, Government Bodies, and Department are surveyed and reviewed by the Reserve Bank of India associating with the Ministry of Finance, Government of India.
Contact Cognizant Advisors, the leading professional firm having the expertise in registering companies.
The sole purpose is to executing a specified project in India for a limited period of time.
