Know Your Compliance for
Foreign Subsidiary Company in India
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Basic Facts on Foreign Subsidiary Company Compliance in India
Mandatory Annual Compliances
Form FC-1 under Section 380
This form is to be filed within thirty days of the incorporation. The form should be submitted with the required files and certifications etc that are given by RBI.
Form FC-3 under Section 380
Form FC-3 under Section 380 to the respective Registrar of the Companies depending on where the company is incorporated in India. The form must contain the details of the place of the business as well as the financial records of the company. The form FC-3 has to be filed on or before 31st December of the same Financial year.
Form FC-4 under Section 381
This form concerned with the annual returns of the company has to be filed within 60 days from the end of the preceding financial year.
The Foreign subsidiary company has to submit the financial statements of the Indian business and operations. The statement must be submitted within six months of the end of the financial year.
The financial statements must include:
Statements on the transfer of the funds
Statements of the earnings repatriated
Statements on related party transactions such as a statement on sales.
Transfer of property purchases.
The accounts of the foreign subsidiary company must be audited by a practising chartered accountant. It should be properly arranged and made available by the company for the audit.
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