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Set up your office for a project undertaken in India
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
Applications and reporting requirements for Project Office, as per RBI
Indian tax related queries (Income Tax & GST)
Winding up formalities (necessary filings and account closures) after completion of work related to project
Acquisition/ leasing of property in India
Other approvals as permitted under provisions of RBI
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
Domestic/cross border transfer of funds and payments across various stakeholders of the project
Cash management services
Liquidity Management- Term deposits/ Fixed deposits
Fund and non-fund facilities basis eligibility and requirements
Bank Guarantee issuances required at different stages of project life cycle; i.e. Bid Bond, Advance Payment Guarantee, Performance Guarantee etc.
Letter of Credit issuance for purchase of raw materials, sub contracts etc.
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:
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.
To the AD bank
To the registrar
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.
Please email us or approach the nearest DBS bank today