A Project Office is an Agency of Project Management
A Project Office is an Agency of Project Management. It’s a feature within an enterprise that lays out project management criteria. The primary aim of a Project Management Office ( PMO) is to ensure that initiatives and services are managed in a consistent and repeatable manner. And not only this but it can do much more.
The foreign entity must have secured a Project in India, and a formal and legally binding agreement is executed for the same financial statement.
That the project has been cleared from appropriate and recognised authority or ministry and if applicable from the environment ministry.
The project must be funded out of the inward remittances from abroad, or an International Financing Agency must fund the project.
In the absence of foreign funding, the Indian Entity awarding the contract shall avail the term loan from a Public Financial Institution or a bank in India.
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All documents which are required to be filed with RBI of the foreign company like their certificate of incorporation, board resolutions, the moa and articles of the foreign company and the documents of the authorised signatory of the foreign company need to be legalised either through Indian Embassy or to be apostilled as per Hague convention.
The application for registration of a Project office of a foreign company is filed in Form – FNC to the reserve bank of India through AD Bank (Authorised Dealer). The AD Bank plays a crucial role as all the communication to the RBI has to be routed through them. We have an excellent relationship with many banks in India, which certainly help in applying to the RBI and Followup
After the FNC Form is filed with the AD Bank, a request for verification of documents is sent to the banker of the foreign company. This process is also known as swift based verification. After receipt of confirmation of the documents from the foreign banker, the application is submitted to the RBI for their approval. The RBI may seek clarification or any additional document which needs to be submitted.
After company incorporation, the Bank A/c has to be opened, wherein the foreign direct investment must reach within 180 days of incorporation of the company with advance intimation to Banker. Post investment the company is under strict liability to file adequate reporting with the RBI reporting of FDI received within 30 Days.
Within 30 days of the permission of the RBI the foreign company should apply to the ROC for registration of the foreign company. In case the foreign company have Indian directors then a DIN number of such director is needed, and the digital signature of the authorised signatory is required to e-file statutory forms with the ROC for their approval.
Income Tax Department allots a unique 10 Digit alphanumeric number as a permanent account number, also known as PAN Number. To comply with TDS provisions, every taxpayer needs to obtain a Tax Deduction Account Number. These identification numbers are essential to do compliance with the tax rules. The bank account of the branch office can be opened after allotment of Pan Number by the Income Tax Department.
After the Project office is operational, there are various other compliance related activities, which depends on the nature of the business and the state-specific laws, which apply to all entities doing commercial activities. For example registration under shops and establishment act, Goods and Services Tax (GST), Professional Tax Act, Provident Funds Act, Employee State Insurance Act (ESIC), etc