Establishing a Project Office In India
Establishing a Project Office in India
Permission to set up a project office is granted by the Reserve Bank of India.
Project offices are those that are set up in India by a foreign company to execute projects which have been approved by the Government of India or those who secured a contract from an Indian company to execute a project in India.
A foreign company can set up its Project Office in India under the general permission if the following criteria are met:
- The project is funded directly by inward remittance from abroad; or
- The project is funded by a bilateral or multilateral International Financing
- Agency; or
- The project has been cleared by an appropriate authority; or
- A company or entity in India awarding the contract has been granted Term Loan by a Public Financial Institution or a bank in India for the project.
However, if the above criteria are not met, the foreign company entity has to obtain a prior approval from the central office of the Reserve Bank of India.
Project office approvals are granted only for the specific project being executed in India and must close after the project is completed.
Project Offices may repatriate outside India the surplus of the project on its completion, general permission for which has been granted by the RBI.
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