A Company having share capital is incorporated by subscription of shares by subscribers to Memorandum of Association.The Company can have Indian Subscribers or Foreign subscribers.
In case the Indian company has Foreign subscribers, it is termed as Foreign Direct Investment. The Indian Company is under obligation to report to RBI in case of any such Foreign Investment.
For such reporting, Form FC-GPR is required to be filed with RBI within 30 days from the date of issue of securities, the company shall file the Form FC-GPR with the RBI in Single Master Form.
Another instance, where company can raise money from foreign investors, is when company is making fresh allotments through the Process of Rights Issue, Private Placement etc.
Following is an illustrative list of documents required for filing Form FC-GPR in the above mentioned two cases
|S. No.||Subscription to MOA||Further issue of shares by Rights Issue|
|1||FIRC (Foreign Inward Remittance Certificate)||FIRC(Foreign Inward Remittance Certificate)|
|2||KYC of Foreign Investor||KYC of Foreign Investor|
|3||Valuation Declaration on value of shares MOA of the Company||Valuation Declaration on value of sharesValuation Report by Registered ValuerAltered MOA (if increase in authorized share capital also there|
|4||CS Certificate and other attachments CS Certificate Certified True Copy of Allotment of shares and issue of share certificatesDebit Authority Letter for Debiting Bank ChargesDeclaration to be filed by the Authorised Representative of the Indian CompanyList of allotteesPre and post shareholding Pattern of the Company as on date of allotment of sharesDeclaration with respect to Excess Fund Received, if anyProof of Incorporation of Foreign InvestorIdentity Proof of Authorised Representative of Foreign Investor||CS Certificate and other attachments CS Certificate Certified True Copy of Allotment of shares and issue of share certificatesList of allotteesPre and post shareholding Pattern of the Company as on date of allotment of sharesDeclaration to be filed by the Authorised Representative of the Indian CompanyDeclaration with respect to Excess Fund Received, if anyProof of earlier FC-GPR Approvals|
It is to be noted that the above mentioned list is an illustrative list of requisite documents. Further documents may be asked for getting approval of Form FC-GPR by the Authorised Dealer Banks.
This content is meant for information only and should not be considered as an advice or legal opinion, or otherwise. AKGVG & Associates does not intend to advertise its services through this.
CS Neetu Saini
AKGVG & Associates