We assist and support with compliances under FEMA, Secreterial Compliances, STPI compliances are often required to be complied by organizations. 

Foreign Exchange Management Act

Foreign Direct Investment (FDI) is an important non – debt financial resource for economic development. FDI inflows have grown consistently since liberalization and are an important source of foreign capital. FDI policy is regulated by the Foreign Exchange Management Act 1999 which is governed by the Reserve Bank of India.

We assist with the following compliances to be made under the provisions of FEMA –

Annual Return of Foreign Assets and Liabilities:

A resident Indian company that has received FDI or made overseas direct investment (ODI) in the previous year(s) including the current year are required to submit Foreign Assets and Liabilities (FLA) return. If the Indian company has no outstanding foreign assets and liabilities at the end of the previous year, no FLA return is required to be submitted.

Annual Performance Report

An Indian company, resident individual that has made an ODI as to file Annual Performance Report (APR) regarding Joint Venture, Wholly Owned Subsidiary outside India on or before 31st December every year. Reporting has to be made in Form ODI Part II to the Authorized Dealer.

Form FC- GPR

An Indian company in receipt of foreign investment and allotment of shares against the same is required to intimate the RBI of such allotment. Details of allotment should be submitted in Form FC-GPR within 30 days of allotment.

External Commercial Borrowings (ECB)

Borrowers must report to RBI through AD Category – I Bank all ECB transactions in Form ECB 2 return.

Secretarial Compliances

At Circa Consulting, we have a dedicated team of lawyers, Company Secretaries, Chartered Accountants having an in-depth and extensive experience in handling company secretarial compliances.

We assist with the following secretarial compliances –

STPI Compliance

The STPI has implemented the Software Technology Park (STP Scheme) with an object and intention to promote IT/ITES industry. It is unique scheme which was designed to promote the growth of startup’s, SME’s and the software industry without any location constraints.

We assist with the following compliances under the STP Scheme:

Statutory Compliance for STPI Units

Account : Distinct Identity

Every STPI Unit is required to maintain separate set of accounts for it’s operations. Separate Balance Sheet is made for each such unit which is then consolidated with the main balance sheet of the company. Maintenance of separate accounts as under:

Banking: Every unit is required to maintain a separate bank account for it’s operations. The unit can have as many bank accounts as required, however all documents a unit is required to designate a single branch of a bank to whom all export documents will be submitted.

We at Circa Consulting can help in complying with the aforesaid procedures.