@ Contact for this Service
CA SANDEEP KHANDELWAL
Services to NRI
NON-RESIDENT INDIANS WHO HAVE ANY KIND OF ECONOMIC INTEREST IN INDIA
- Advisory on their affairs including taxation in India viz a viz country of their residence.
- Tax advisory services comprising of structuring of financial transactions to minimize tax liability.
- Preparation and filing of tax returns, wherever applicable
- Assist in compilation of information and documents wherever desired by any regulatory authorities in India.
- Wealth management services comprising of investments in Equity and Debt Funds, Fixed (Term) Deposits, Shares, immovable properties (residential, commercial, industrial etc.)
- Facilitate acquisition/sale/lease of property through experts in their domain
- Facilitate repatriation of sale proceeds of investments and properties held in India.
- Facilitating title transfer in favour of inheritor of investments and properties acquired through inheritance and facilitate repatriation of the sale proceeds or manage the same in most productive manner.
- We enable him to accomplish these objectives by facilitating the clearance from Income Tax Services, RBI and other regulatory authorities.
- Securing approvals under FEMA from RBI to acquire and/or hold certain assets in India.
- Secure necessary approvals under FEMA from RBI to continue to hold assets outside India, in the event of NRI relocating to India permanently.
SPECIFIC SERVICES TO FOREIGN NATIONALS (WHO ARE NOT HOLDING INDIAN PASSPORT)
- Assistance in FRRO/FRO Registration wherever applicable
- Organising events and meetings with business associates and government officers to address concerns of the expatriate.
- Securing Tax Identification Number (PAN) in India.
- Applying for OCI Card for foreign origin spouses of Indian citizens or OCI cardholders, who have been married for at least two years and who are not of Pakistani or Bangladeshi origin.
- Tax filings and advising on remittance abroad of their earnings in India.
OPPURTUNITIES FOR NON RESIDENT TO SET UP A BUSINESS IN INDIA
- Advising on entry strategy and entity to be incorporated commensurate with the business plan of the non-resident.
- Setting-up desired business structure viz. liaison office, branch office, project office, LLP or Company.
- Advising about incentives available for the specific industry in which non-resident is engaged or want to engage and location specific incentives available to business to be set-up.
- Identification of potential business which can be targeted for inorganic growth.
- Identifying and evaluating potential partners to join hands in the form of JV or otherwise, wherever it is required by the statute or to sail on local experience.
- Comprehensive guide on statutes, regulatory approvals and applicable compliance.
- Preparation of a detailed project report for sourcing finance for the project, undertaking Techno-Economic Viability (TEV) study and liaison with Lenders / JV partners.
- Providing infrastructure and manpower during the set-up phase and thereafter as per needs.
Overseas Citizen of India (OCI) Card.
In 2015, the Indian government merged the PIO and OCI schemes and discontinued the issuance of new PIO cards. Existing PIO cardholders were given the option to convert their cards to OCI cards.
The OCI Card is a lifelong visa available to foreign nationals of Indian origin, irrespective of their nationality. It was introduced in 2005 and provides many of the benefits enjoyed by Indian citizens, including the ability to work, study, and own property in India. OCI cardholders are not subject to any visa restrictions and are allowed to enter and exit India without any limits on the number of visits. They also have the right to apply for Indian citizenship after residing in India for a minimum of five years.
Applications for OCI (Overseas Citizen of India) card can be submitted to the Indian Mission or Post in the country where the applicant is residing. This can be the Indian Embassy, High Commission, Consulate, or VFS Global Services Centre, depending on the country of residence.
Applicants already in India on Long Term Visa (more than one year) shall make the application for issuance of an OCI Card to the Foreigners Regional Registration Office (FRRO) in the jurisdiction where the applicant is residing in India. Applicants must provide all the necessary documents, including proof of Indian origin, passport, visa, and other supporting documents as required. The FRRO will process the application and issue the OCI card if the application is approved.
However, registration with the concerned FRRO/CHIO/FRO office for a OCI card holder is needed if he stays in India for more than six months continuously like foreigners on any
Citizens of Pakistan and Bangladesh or who have ever been holding citizenship of Pakistan or Bangladesh are ineligible for OCI Card. Similarly, citizens of Sri Lanka, Afghanistan, Bhutan, Nepal and China are ineligible for grant of PIO card unless they obtain special permission from the Indian government. Iranian nationals of Indian Origin can be granted PIO card after approval of MHA.
Benefits Available to an OCI Card Holder.
OCI (Overseas Citizen of India) cardholders enjoy several benefits in India, including:
- Lifelong multiple entry visa: OCI cardholders are granted a lifelong multiple entry visa, which allows them to enter and exit India multiple times without having to apply for a visa each time.
- Exemption from registration: OCI cardholders are exempt from registration with the Foreigners Regional Registration Officer (FRRO) or Foreigners Registration Officer (FRO) for any length of stay in India.
- Work and study in India: OCI cardholders are allowed to work and study in India without the need for any additional visa or permit, except for certain professional or research activities that may require specific permissions.
- Purchase of immovable property: OCI cardholders are allowed to purchase immovable property in India, except for agricultural and plantation properties.
- Banking and financial services: OCI cardholders are allowed to open bank accounts and invest in the stock market in India. They can also avail of loans and financial services in India on par with Indian citizens.
- Access to healthcare and education: OCI cardholders are eligible for healthcare and educational facilities in India on par with Indian citizens.
- Social welfare schemes: OCI cardholders are eligible to participate in various social welfare schemes, such as National Rural Employment Guarantee Scheme (NREGA), Swachh Bharat Abhiyan, and Pradhan Mantri Jan Dhan Yojana.
How Can MNRS Help?
We at MNRS can provide a lot of essential services to its non-resident (including foreign national) clients in India. Some of the services we offer includes:
- Taxation Services: We can provide taxation services, which includes assistance in filing income tax returns, obtaining tax residency certificates, and ensuring compliance with local tax laws.
- Accounting Services: We can assist in maintaining their accounting records, preparing financial statements, and complying with Indian accounting standards.
- Company Formation Services: We can help in setting up a business in India by providing advice on the appropriate legal structure, obtaining necessary registrations and licenses, and ensuring compliance with local laws and regulations.
- Audit and Assurance Services: We can perform statutory and internal audits of the financial statements of a foreign national’s Indian subsidiary, branch or joint venture.
- Consultancy Services: A CA can provide consultancy services to foreign nationals on a wide range of matters, such as financial planning, investment opportunities, and compliance with Indian laws and regulations.
- Transfer Pricing Services: A CA can assist foreign nationals in complying with transfer pricing regulations in India, including providing documentation and advice on pricing policies.