Opening Bank account abroad

Hi Milan

Why you want to open company outside india. You can refer services from company established in India.

Yes you are allowed to open a company abroad, in accordance with the laws of the country in which you would like to open your company.

Resident Indians can open bank accounts abroad upto US$ 250,000/-. For more details and guidelines, you may follow this link : http://www.indialegalhelp.com/files/guide-business-abroad.pdf , subject to the disclaimer that it is only an indicative guide and you should use your own discretion and seek proper professional advice.

You need to open company abroad. A LLC. No need to get prior permission from RBI.

I'm not sure if OPC can have a subsidiary company.

Yes keep the same as separate entity outside.

Yes it can have. But we recommend to keep the entity outside india as a seperate entity and not to make that as subsidiary of OPC. Because the financials of subsidiary is to be consolidated in the books of OPC and then profit need to be arrived. Lets pay tax outside india of the income earned outside India and any income in India will be taxed in India

Dear Sir,

Yes, you are allowed to open a company abroad subject to the laws of the country in which you are willing to open your company.

Please feel free to call/revert in case you need any further assistance.

Thanks and Regards

Abhishek Dugar

CA CS B.Com

In my view, OPC in India cannot have a wholly owned subsidiary outside India.

Hi,

I don't think opening a Company abroad requires you to open a Company there. However, if there is any such rule, then I suggest you to open a company as an individual investor rather than as a wholly owned subsidiary of an Indian Company. An Indian Company is always a Resident in India and has to pay Income Tax on its global income in India.

However, if you earn the Income as an Individual outside India and you stay in India for less than 182 days, then you will be a non-resident in India and pay taxes in India only on Indian Income