According to the RBI rules, the application for opening a Branch Office in India should be submitted only by an Authorized dealer. An authorized dealer means an institution which has banking licenses.
However, have a look at the documents, which are required to open a Branch Office in India.
- Three copies of Form FNC 1
- The letter of authority, issued by a parent company to favour the Local Representative
- A comfort letter from the parent company which is provided in support of the operation in India
- Letter of authority or Resolution from the parent company for building a Branch Office in India
- The letter, issued by the principal officer of the foreign parent company to RBI
- Two copies of the Certificate of Incorporation in English, Memorandum & Articles of association of the parent company, which is attested by the Indian notary public or Indian embassy in the country of registration
- Latest audited balance sheet along with annual accounts of the parent company, which is translated notarized for the past 3 years and adequately authenticated
- Certification of Incorporation- Duly Notarized, Translated and properly authenticated
- Name, email id, address and phone number of the authorized person in the home country
- Organization’s commitment to the effect that it will be open to opinion sought or reported from the banker by the Reserve Bank of India or Government of India
- Details of the Bankers of the Organization including country of origin and bank account number
- The expected funding amount for operating in India
- Details of the activity done by the parent company, in the foreign country including a brief on the product and services of the company
- Address of the proposed Branch Office, how many persons are going to be employed, how many foreigners will be there, and address of the head office of the same Branch Office, located outside India
- Bankers certificate
- Latest identity and address proof of all the Directors, which are properly certified and authenticated by the banker in Home Country
- Resolution for initiating a bank account with the banker
- Structure of the company and its shareholding pattern
- Details of the company of an individual who is holding more than 10% share
- Complete KYC of the shareholder who has 10% stakes on the applicant company
- A signed copy of the bank account opening proof in Indian Bank
RBI approves the license, which is required to open a Branch Office in India. But, according to the latest changes, this application process is not routed through the Authorized Dealers (AD).
