Documents Required for Registration of Company with Foreign Director/Subscriber/Non Resident Indian

Summary

This video provides a detailed overview of the documentation and requirements for foreign nationals to incorporate a company in India. It explains the different categories of foreign stakeholders—foreign nationals, Persons of Indian Origin (PIO), and Overseas Citizens of India (OCI)—and their respective documentation needs. The video also highlights the process for business visa holders and non-resident Indians, including specific declarations, identity proofs, and address verifications. Additionally, it discusses the necessity of notarization and apostille in certain cases, and clarifies the steps for company registration when a foreign national is involved as a director or shareholder.

Takeaways

• 😀 Foreign nationals are categorized into three groups: Foreign Nationals with no relation to India, Persons of Indian Origin (PIO), and Non-Residents in India.
• 😀 Foreign nationals who have never resided in India need basic documents like an ID proof (passport), address proof (passport, utility bills), and a recent photograph to set up a company.
• 😀 If the foreign national is not residing in India, the documents need to be notarized by the embassy of their home country, with translations into English if required.
• 😀 A valid email ID, contact number, and a declaration confirming no disqualification from becoming a director are also required.
• 😀 There are changes in the witness requirements for signatures on official documents when the foreign national is in their home country and not India.
• 😀 If the foreign national is on a valid business visa in India, there is no need for apostille or additional documentation for company formation.
• 😀 If the person is an Overseas Citizen of India (OCI) or has a PIO card, they must get their documents notarized at the Indian embassy in their home country if they are not visiting India.
• 😀 Apostille is not necessary for OCI holders or those in India on a valid business visa, as long as they are not visiting on a tourist or personal visa.
• 😀 Non-resident Indians who have not lived in India for over 182 days in the current financial year must provide additional declarations, such as proof of no PAN and Aadhar number.
• 😀 For cases where a foreign director or shareholder is part of a company, they may need to provide additional documents like board resolutions to appoint an authorized representative for signing company documents.

Q & A

What are the three categories of foreign nationals mentioned in the video?

The three categories are: 1) Foreign Nationals with no connection to India, 2) Persons of Indian Origin (PIO) and Overseas Citizens of India (OCI), and 3) Non-Resident Indians (NRIs) for tax purposes.

What documentation is required for a foreign national starting a company in India who is not currently residing in India?

A foreign national not residing in India needs a valid passport, an address proof such as a utility bill or bank statement (within the last 2 months), a passport-sized photograph, a declaration of no disqualification from becoming a director, and a declaration of not having a PAN number.

What is the role of a 'witness' when a foreign national is signing documents from outside India?

When signing from outside India, the foreign national must get a witness from their home country, and the witness must sign the form in the presence of the foreign national. The witness' name and signature will be required in the document.

When is apostille of documents not required for a foreign national?

Apostille is not required if the foreign national is in India on a valid business visa. For other types of visas such as tourist or personal visit visas, apostille will be required.

What happens if a person from countries like Pakistan, Bangladesh, or China wants to apply for OCI or PIO?

Individuals from countries such as Pakistan, Bangladesh, China, Bhutan, Sri Lanka, Nepal, and Iran are not eligible for an OCI or PIO card. In such cases, they are categorized as foreign nationals.

What documents must be notarized when a foreign national is not residing in India?

If the foreign national is not residing in India, their documents must be notarized at the Indian embassy in their home country. The documents must also be in English.

Can an individual on a tourist or personal visit visa set up a company in India?

No, a person on a tourist or personal visit visa cannot set up a company in India. A valid business visa is required for company incorporation.

What is the difference between the documentation requirements for a foreign national and an OCI cardholder?

An OCI cardholder does not require apostille for documents if they are already residing in India or are visiting India. However, foreign nationals require apostille for certain documents depending on their visa type.

What are the requirements for an NRI regarding PAN and Aadhaar when they are residing outside India?

Non-Resident Indians (NRIs) who are residing outside India need to have their PAN and Aadhaar documents attested in their home country. They may also need to get these documents notarized by the Indian embassy in their resident country.

What is required from a foreign stakeholder if they are the authorized representative of a company registered in their home country?

The authorized representative must provide a board resolution appointing them as the representative. Additionally, they must submit ID and address proof as part of the documentation required for signing and company formation.