• Wish to open bank account in Dubai - FEMA laws

I plan to start a new business in Dubai and hence wish to first open my bank account in Dubai and transfer funds under LRMS to my Dubai account to fund the new business. please advise if this is ok and in compliance with Indian FEMA laws.
I will continue to be based out of India.
Asked 11 days ago in Income Tax from Mumbai, Maharashtra

Hello,

 

Yes, you would be compliant if it is not for any prohibited items under the Scheme.

I hope this answer satisfies your requirement.

 

Regards,

CA Hunny Badlani

Badlani & Associates

Hunny Badlani
CA, Neemuch
794 Answers
1 Consultation

5.0 on 5.0

Dear Sir,

 

Hope you are doing well !!

 

It is advisable to consult with FEMA expert.

 

 

Payal Chhajed
CA, Mumbai
2853 Answers
39 Consultations

5.0 on 5.0

Hello Sir,

 

Yes, it is ok.

Karishma Chhajer
CA, Jodhpur
1286 Answers
7 Consultations

5.0 on 5.0

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