Service Products in Mumbai - Project (1227 results)

     
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Foreign Offices Project Office

Foreign Offices Project Office

Mumbai product Foreign Offices Project Office Foreign Companies planning to execute specific projects in India can set up temporary project/site offices in India. Reserve Bank of India has now granted general permission to foreign entities to establish Project Offices subject to specified conditions. Such offices cannot undertake or carry on any activity other than the activity relating and incidental to execution of the project. Generally, companies engaged in turnkey projects or installation projects, set up Project Offices. A company executing (or planning to execute) a large contract can open a project office. An example would be the laying of gas pipeline. Typically, these are granted in respect of Government approved projects. However, private sector projects can also be given permission. Necessary Conditions to be fulfilled for formation of Project Office: A foreign Company may open a Project Office/s in India provided it has secured from an Indian company, a contract to execute a project in India, and The project is funded directly by inward remittance from abroad or The term loan by a Public Financial Institution or a bank in India for the project. The project has been cleared by an appropriate authority; or Following details are required to be submitted at the time of opening of Project Office Office Nature of Project Undertaken Remittance of Profits earned A project office may remit outside India the surplus of project office after A certificate from Auditor of Project Office stating that no statutory liability in respect of project is pending....

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