244. Setup new business in India

Q: Dear Mr.Chand, I am a OCI card holder. Recently, I moved to India from Malaysia to be with my parents. I am planning to set up my own business of importing & distributing insulation material from Malaysia. 1. Can I set up my business as a Sole proprietor? 2. Do I have to get RBI clearance of any sort for the funds which I bring in from Malaysia? Please advise me anything else that I should be aware of. Thanks, appreciate it. Regards, Saravana Kumar.S Proprietor, Ozone Insulation A. As a OCI holder you can set up your new business as a 'Sole Proprietor' without any RBI clearance. Transfer money to India from Malaysia through legal banking channels so that you can have a record of the source of money in case questions ever arise. In case you travel to India with money then amounts over $10,000 US$ need to be declared. Cash over $5000 should also be declared. When it comes to setting up new business in India, OCI holders are treated at par as Indian citizens. Find yourself a good accountant as they can guide you in the initial business setup paperwork. Even your local bank manager can offer help in many ways. Good luck.
Disclaimer: Information provided is for general knowledge only and should not be deemed to be professional advice. For professional advice kindly consult a professional accountant, immigration advisor or the Indian consulate. Rules and regulations do change from time to time. Please note that in case of any variation between what has been stated on this website and the relevant Act, Rules, Regulations, Policy Statements etc. the latter shall prevail. © Copyright 2006 Nriinformation.com
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244. Setup new business in

India

Q: Dear Mr.Chand, I am a OCI card holder. Recently, I moved to India from Malaysia to be with my parents. I am planning to set up my own business of importing & distributing insulation material from Malaysia. 1. Can I set up my business as a Sole proprietor? 2. Do I have to get RBI clearance of any sort for the funds which I bring in from Malaysia? Please advise me anything else that I should be aware of. Thanks, appreciate it. Regards, Saravana Kumar.S Proprietor, Ozone Insulation A. As a OCI holder you can set up your new business as a 'Sole Proprietor' without any RBI clearance. Transfer money to India from Malaysia through legal banking channels so that you can have a record of the source of money in case questions ever arise. In case you travel to India with money then amounts over $10,000 US$ need to be declared. Cash over $5000 should also be declared. When it comes to setting up new business in India, OCI holders are treated at par as Indian citizens. Find yourself a good accountant as they can guide you in the initial business setup paperwork. Even your local bank manager can offer help in many ways. Good luck.
Disclaimer: Information provided is for general knowledge only and should not be deemed to be professional advice. For professional advice kindly consult a professional accountant, immigration advisor or the Indian consulate. Rules and regulations do change from time to time. Please note that in case of any variation between what has been stated on this website and the relevant Act, Rules, Regulations, Policy Statements etc. the latter shall prevail. © Copyright 2006 Nriinformation.com
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