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Project Office Registration

Project Office Registration Online India can be done by submitting an application d with the Category 1 AD Bank. Along with an application, the prerequisite set of documents must be submitted that includes the copy of the project agreement and a document stating that the project shall be funded from abroad or through an arrangement with the multilateral or bilateral international finance agency.

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Overview
Checklist
Procedure
FAQ

Project Office Registration - Overview

Foreign companies who have been reinforced a contract to set up a project office or to execute an infrastructure in India, execute the business activities or project, through project offices which are duly registered with the Registrar of Companies (ROC) and the Reserve Bank of India (RBI).

The foreign entity can open a project office either on a permanent basis or temporary basis. It is compulsory to complete the registration procedure with RBI & ROC before setting out the business. Project office registration only can be done if the foreign company holds all the requisite conditions and documents.

To register a project office, an application has to be filed with the Category 1 AD Bank, the application is presented with all needed set of documents including the copy of the project or business agreement and an undertaking that explains about the project fund with inward remittance from overseas or through an arrangement with the multilateral or bilateral international finance agency. On getting the approval of application from RBI, the next step in the registration process is to apply for project office registration with the Register and the local police.

Checklist for Project Office Registration in India

  • Clearance Of Project : Check properly whether the project has been approved by the concerned and recognized authorities in India.
  • Formal Contact Of The Project : It is compulsory for the foreign entity to have a secured project office in India and have to come under a legal and formal agreement which will help the project in the financial statement.

Requirement for Project Office Registration in India

  • Foreign Funding : It is important for the project to be financially supported out of the inward remission from the foreign country; otherwise, an International Financing Agency should fund the project.
  • Indian Funding : If the project has zero foreign funding, it is completely Indian entity's responsibility to obtain the term loan from a bank in India or from any Public Financial Institution.

Investment Entry Routes to set a Project Office in India

  • 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 foreign company falls under the criteria in which100 per cent Foreign Direct Investment is not permitted. Applications from different entities which comes under the criteria of Foreign Non-Government companies, Non-Profit Organizations, Government Bodies, Department are surveyed and reviewed by the Reserve Bank of India associating with the Ministry of Finance, Government of India.
The Registration process of Project Office in India

Let’s dig in and go through the stepwise process involved in the change of registered office address as per the Companies Act, 2013:

Compliance of Documents

It is mandatory to submit all the needed documents of the foreign entity with the RBI. List of documents such as a certificate of incorporation, board resolutions and MOA and AOA of the foreign company. It is important that the documents have to legalise with the authorized signatory of the foreign company either through the Indian Embassy or through apostilled as per Hague Convention.

Filing the application

Parent office application for a foreign entity is entered in the FNC. The application is filed to the RBI via Authorized Dealer or AD Bank. The AD or Authorized Dealer has an important function as all the communication to the RBI is run off through them.

Verification of KYC

A request concerning the scrutiny of all the documents is sent to the foreign entity’s banker. This process of sending the request for the intention of verification is named as swift based verification. Once the documents are verified and confirmed from the foreign banker the application is headed for the approval purpose. The RBI/AD can also expect for the additional documents if required.

Approval of RBI to set up a Project Office in India

After the company is incorporated, the next step is to open a bank account in India in the company name, in which direct investment from foreign should reach the bank account within 180 days of organizing the company with advance notification to the Banker.

Registration of Project Office of Foreign Company with the ROC

Once the approval is obtained from RBI for the formation of a Project Office in India, an application is filed and submitted for project office registration of the foreign entity within 30 days after approval. DIN is needed if any Indian director and the DSC is needed of the authorised signatory to fill all the e-filing statutory forms with the Register of Companies.

PAN Card, Tax Deduction Number and Bank Account opening

The income tax department of India grants a unique 10 digit number, called PAN number. After obtaining the PAN number, the branch office is qualified to open the bank account in the company name. And it is mandatory for every taxpayer to get a Tax Deduction Account Number to follow all the TDS norms.

Other required Registration And Licenses

Once the Project Office started its activities, there are different operations related to compliance that rely on the type of the business and the state-specific laws which are applicable to all the companies subjected in the commercial activities, such as Professional Tax Act, Provident Funds Act, Goods and Services Tax (GST), Employee State Insurance Act (ESIC).

Documents needed for Project Office Registration in India

Documents Required To Submit To The RBI

  • Incorporation certificate
  • Article of Association and Memorandum of Association of the company attested by Indian Embassy or Notary Public in the country where Registration happened
  • Latest Audited Balance statement of the applicant company.
  • A letter of authority granted by the parent company as a local representative of the company.
  • A resolution by the foreign company’s Board members expressing the intention to establish or to set up the project office in India.
  • Office by the authorized Bank in India or the Financing Institution
  • Documentary proof for the Project Office is financially supported by the Indian Company has obtained term loan or by bilateral or multilateral International Financing Agencies for the Project Banker’s report presented by the company’s banker notifying the company’s relationship with the bank.
  • Complete details of business activities operated in the project office in India
  • Residence Proof of the authorized person of the company
  • Copy of passport of the authorized person of the company
  • A letter stating that the company will open an account in an Indian bank

A letter stating that the company will open an account in an Indian bank

  • Permission from RBI to start a project office in India
  • AOA and MOA of the Foreign Company
  • Notarized copy of Certificate of Incorporation
  • An attested copy of the power of attorney stating the name of the personnel residing in India and bringing in him responsible to accept any document or report or notice on the behalf of the entity.
  • Complete information of Directors of the Company
  • Complete KYC of the shareholders of the company holding more than 10% of share in the applicant Company

Frequently Asked Questions

Foreign companies who have been reinforced a contract to set up a project office or to execute an infrastructure in India, execute the business activities or project, through project offices which are duly registered with the Registrar of Companies (ROC) and the Reserve Bank of India (RBI).
No, in case a LO/BO requires to open more than one bank account it needs to acquire the earlier authorization of the RBI via its AD Category I bank affirming the explanation behind the additional account.
Yes, the same bank account can be re-designated as a Branch Office account.
  • Permission from RBI to start a project office in India
  • AOA and MOA of the Foreign Company
  • Notarized copy of Certificate of Incorporation
  • An attested copy of the power of attorney stating the name of the person residing in India and bringing in him responsible to accept any document or report or notice on the behalf of the entity.
  • Complete information of Directors of the Company
  • Complete KYC of the shareholders of the company holding more than 10% of share in the applicant Company.
  • Incorporation certificate
  • Article of Association and Memorandum of Association of the company attested by
    • Indian Embassy or Notary Public in the country where Registration happened
  • Latest Audited Balance statement of the applicant company.
  • A letter of authority granted by the parent company as a local representative of the company.
  • A resolution by the foreign company’s Board members expressing the intention to establish or to set up the project office in India.
  • Office by the authorized Bank in India or the Financing Institution
  • Documentary proof for the Project Office is financially supported by the Indian Company has obtained term loan or by bilateral or multilateral International Financing Agencies for the Project Banker’s report presented by the company’s banker notifying the company’s relationship with the bank.
  • Complete details of business activities operated in the project office in India
  • Residence Proof of the authorized person of the company
  • Copy of passport of the authorized person of the company
  • A letter stating that the company will open an account in an Indian bank
  • 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 foreign company falls under the criteria in which100 per cent Foreign Direct Investment is not permitted. Applications from different entities which comes under the criteria of Foreign Non-Government companies, Non-Profit Organizations, Government Bodies, Department are surveyed and reviewed by the Reserve Bank of India associating with the Ministry of Finance, Government of India.

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