Foreigner in India Creating a Private Limited in India | Setting up Pvt Ltd in India
Foreign National : Citizen of USA : say Mr Simon Philips
Suppose, Mr Simon is living in India, for a Job since 2010. In these 11 years , 2010 to 2021, he has accumulated a sum of Rs 50 lakhs in India, in his savings accounts and Fixed Deposits.
these are normal Indian Bank Accounts out of Normal Taxed Indian income
And now, in this case,
He is a “Resident” for Indian Income tax purposes
He is a “Resident” for Indian FEMA / RBI Purposes
RBI FEMA Master Circular says…..
Eligibility for Investing in India
A person resident outside India (other than a citizen of Pakistan or Bangladesh) or an entity incorporated outside India, (other than an entity incorporated in Pakistan or Bangladesh) can invest in India, subject to the FDI Policy of the Government of India.
Erstwhile OCBs, who have converted themselves into companies incorporated outside India can make fresh investments in India under the FDI Scheme provided they are not under the adverse notice of RBI / SEBI.
In our case, this person Mr Simon is “not” a resident outside India, and he is “not” bringing money from outside India,