The foreign subsidiary company is an organization, which is wholly-owned or partly owned by the parent company, operating in one country with its parent company situated in another country. Example, a company incorporated in the USA (Parent company) is executing the same business operation through a subsidiary company in India
However, this foreign subsidiary company should abide by the rules and regulations of the domestic law of the corresponding country where it is situated. It should not follow the laws applicable to their parent company.
A bank account is required to be opened for receiving the subscriber subscription money, including an Overseas Holding Company.
This is the reporting form concerning the fund/ subscription money received within 30 days from the date of receipt of funds received to RBI.
The shares should be allotted to the subscribers within 2 months from the date of incorporation of the subsidiary company.
The form FC-GPR should be submitted to the RBI within 30 days from the date of allotment of the shares to their subscribers.
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