Other Trade Products

Project Office

Set up your office for a project undertaken in India

Project Office

While undertaking a Project in India, you can now represent your interests by having a dedicated place of business- a Project Office in India. Get a tailor- made support from DBS, with financial and managerial experts assisting you through the journey

 

How DBS helps you

Insights & Expertise

Insights & Expertise

red bullet Applications and reporting requirements for Project Office, as per RBI

red bullet Indian tax related queries (Income Tax & GST)

red bullet Winding up formalities (necessary filings and account closures) after completion of work related to project

red bullet Acquisition/ leasing of property in India

red bullet Other approvals as permitted under provisions of RBI

Fund Transfers / Cash flow management

Fund Transfers / Cash flow management

red bullet Project office account: set up domestic currency current accounts as well as foreign currency accounts for the Project office, within the prescribed guidelines of RBI

red bullet Domestic/cross border transfer of funds and payments across various stakeholders of the project

red bullet Cash management services

red bullet Liquidity Management- Term deposits/ Fixed deposits

Credit Facilities

Credit Facilities

red bullet Fund and non-fund facilities basis eligibility and requirements

red bullet Bank Guarantee issuances required at different stages of project life cycle; i.e. Bid Bond, Advance Payment Guarantee, Performance Guarantee etc.

red bullet Letter of Credit issuance for purchase of raw materials, sub contracts etc.

FAQs

What are the pre-conditions for opening an account?
  • Secure a contract from an Indian company
  • Entity awarding contract must have been granted a term loan in India (In case above criteria is not met, approval from RBI through AD bank is required)
  • In certain cases, depending on domicile of applicant & sector of investment, RBI permission maybe required. Consult with DBS Relationship Manager for further clarity.
How to apply for a PO account?

Upon establishing a place of business in India, a Project Office is required to register with the Registrar of Companies (ROC) Under the Companies Act, 2013. The foreign Company must approach a local bank like DBS (authorized as AD-I by Reserve Bank of India) to apply a project Office account.

Following documents need to be submitted to DBS Bank while applying:

  • Filled up form FNC
  • Notarized copy of certificate of incorporation
  • Latest audited balance sheet
  • Banker’s report from host country (including no. of years applicant has had banking relationship with the applicant)
Can a PO acquire assets in India?

Immovable property can be acquired in India to carry out the incidental activities.

Lease of property for project related activities should not exceed five years.

Citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, Iran, China, Hong Kong, Macau have to obtain a prior permission from RBI to acquire immovable property in India.
What are the annual reporting requirements?

To the AD bank

  • Certificate from a CA on project status. Should also certify accounts of PO has been audited and the activities undertaken conforms with the permissions given by RBI
  • Copy of the report submitted to the DGP earlier, to be submitted again to the DGP on annual basis along with the copy of the AAC (Annual Activity Certificate)

To the registrar

  • Copy of the balance sheet and profit and loss account to Registrar, including additional documents as may be prescribed

If the balance sheet and profit and loss account statement is not in English, it should be annexed with a certified translation of the same in English language.

 

Interested?

Please email us or approach the nearest DBS bank today

Get In Touch

DBS BusinessCare: 1800 419 9500

Get In Touch

DBS BusinessCare: 1800 419 9500