Branch Office of foreign Company in India [2022]- Onfiling

Branch Offices

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A branch office functions similarly to a parent company. The offices are set up in different parts of India to carry out comparable commercial operations as the international parent firm. The parent company's branch offices may do much the same thing. They can engage in all of the same trading operations as a parent firm. The main constraint is the inability to engage in manufacturing operations, which might be subcontracted to Indian manufacturers.

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FAQs

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Whether for closure of additional office, the same procedures as mentioned in ‘Closure of BO/LO/PO’ need to be adhered to?

Yes

Can an LO upgraded into BO, continue to have same PAN and bank account?

Yes provided the bank account is re-designated as a BO account.

Can LO/BO maintain more than one account in India?

No, if an LO/BO wants to open more than one account it has to obtain prior permission of the Reserve Bank through its AD Category I bank justifying the reason for additional account.

Can agents of overseas shipping or airline companies continue to maintain foreign currency account with the designated AD Bank in India after such airline or shipping companies have set up BO in India?

Yes, however, BO’s transactions should be restricted to its designated INR account and it should not put any transactions through the agent’s foreign currency account.

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