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Introduction to Foreign Company Registration


Running or registering a foreign company in India comes with several regulatory requirements and guidelines, which are governed by the Companies (Registration of Foreign Companies) Rules, 2014. These rules are in place to regulate the registration of foreign companies operating in India and ensure compliance. Keeping abreast of these rules is essential for business owners to avoid penalties and maintain compliance.

With government tenders in India disqualifying companies with less than 20% domestic content, foreign firms have been actively seeking to set up a foreign company in India. This trend has led to a surge in foreign companies registering in India to comply with the 'Atma Nirbhar Bharat' (self-reliant India) rules. Amit Maheshwari's firm, Ashok Maheshwari and Associates, specializes in providing business advisory services to foreign companies and individuals. He notes that for foreign individuals, India may not yet be a lucrative destination for large-scale businesses.

Companies (Registration of Foreign Companies) Rules


1. Mandatory Registration

Foreign company set up in india, one must register with the Registrar within thirty days of establishing a place of business in India.


2. Required Details

In addition to complying with the Companies Act, 2013, foreign companies are obligated to provide specific details about their directors and secretaries.


3. Form FC-1

To meet these regulations, foreign companies must submit Form FC-1 to the Registrar. This form serves as the primary registration document.


4. Fee Payment

Along with Form FC-1, foreign companies must pay the prescribed fees to the Registrar as per the Companies (Registration Offices and Fees) Rules, 2014.


5. Supporting Documents

The application in Form FC-1 must include all the necessary supporting documents, as specified in Section 380(1) of the Rules. These documents provide additional information about the company's operations and structure.


6. Approval from Reserve Bank of India

Foreign companies must provide an attested copy of the approval obtained from the Reserve Bank of India (RBI) to operate in India. This approval is required under the Foreign Exchange Management Act.


7. Approval Affidavits

Additionally, foreign companies may need to submit approval affidavits from other regulatory authorities, as mandated by relevant laws and regulations.


8. Changes in Registration

If any changes occur in the registration documents submitted to the Registrar, the foreign company is legally obligated to file Form FC-2 within thirty days of the alteration. This form should contain all the updated details.

These compliance points ensure that foreign companies follow the necessary procedures and provide accurate information when registering a foreign company in India.

Financial Statements of Foreign Companies


Foreigner setup company in india, one must prepare financial statements that adhere to Schedule III of the Rules. These documents must be submitted to the Registrar within six months of the conclusion of the financial year. The Registrar has the authority to extend this period by three months in exceptional circumstances.

  •   Documents specified in Chapter IX of the Act, including the accounts of companies.

  •   The latest consolidated financial statements of the parent foreign company, with certified translations in English if the documents are in another language.

  •   A statement of related party transactions, providing detailed information about such transactions.

  •   A statement of repatriation of profits, including the amount repatriated, recipients, mode of repatriation, and more.

  •   A statement of transfer of funds, including details of the date, amount, mode, and purpose of such transfers, along with the necessary approvals.

Audit of Accounts and Returns


Foreign company set up in india are required to have their accounts related to their Indian business operations prepared and audited by a practising chartered accountant in India. They must also file Form FC-3, listing all the places of business established in India as of the balance sheet date. Additionally, these companies must prepare and file an annual return using Form FC-4 within sixty days from the end of their financial year. These returns and documents must be submitted to the Registrar with jurisdiction over New Delhi.

Note : If a foreign company ceases its operations in India, it must notify the Registrar of its closure, after which it is no longer required to submit any documents to the Registrar.

Companies (Registration of Foreign Companies) Rules


1. Private Limited Company

Foreign nationals can register a private limited company, allowing for up to 100% foreign direct investment (FDI) through the automatic route. This can be done as a joint venture or a wholly-owned subsidiary.


2. Joint Venture

A foreign company can form a joint venture with a local partner in India to conduct business. The terms of the joint venture are outlined in a memorandum of understanding or letter of intent.


3. 100% Owned Subsidiary

Foreign entities can contribute 100% FDI to an Indian company through the automatic route, making it a wholly-owned subsidiary.


4. Liaison Office

A foreign company can set up a liaison office in India to handle communication and liaison activities. All expenses of the liaison office must be covered through remittances from the foreign parent company.


5. Project Office

To execute contracts assigned by Indian companies, a foreign company can establish a project office in India. Approval from the Reserve Bank of India may be required.


6. Branch Office

Foreign companies can open a branch office in India for trading or manufacturing activities. Approval from the RBI is necessary.

Methods of Registering Foreign Company Registration Process


The registration process for foreign companies in India involves several steps, depending on the chosen method:

For Joint Ventures

  •   Select a local partner in India

  •   Sign a Memorandum of Understanding or Letter of Intent outlining the terms of the joint venture agreement.

  •   Negotiate and finalize the joint venture agreement, ensuring compliance with relevant laws and regulations.

For Wholly-Owned Subsidiaries

  •   Register the company with a minimum of two directors, with at least one being an Indian resident.

  •   Obtain Director Identification Numbers (DIN) and Digital Signature Certificates (DSC) for all directors.

  •   Draft and sign the Memorandum of Association and Articles of Association.
  •   Reserve the company's name using Part-A of the SPICe+ form.
  •   Complete Part-B of the SPICe+ form on the Ministry of Affairs website, providing the required documents and fees.
  •   Verify the documentation with the Registrar of Companies (ROC).
  •   Receive the Certificate of Incorporation and PAN card.
  •   Open a bank account and ensure FDI compliance.

All documents submitted to the Registrar must be in English. If not, they must be accompanied by translations duly certified by authorized individuals or entities.

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