FC GPR Form
Indian economy is growing at a rapid pace and its vibrant nature attracts investors not only from inside the country but also from foreign countries. The opening of the economy and relaxation of some norms by the government has resulted in 100% Foreign Direct Investment (FDI) in a private limited company in some sectors. It is required by the law to report such investments to the Reserve Bank of India and FC-GPR online filing is the prescribed route for it. It needs to be done within 30 days of issuing of shares of the company. Business Ventures India can help you with FC-GPR filing with RBI online and all related matters.
Step 1 :
Filing of Advance Remittance Form : Within 30 days, the company through the authorised bank needs to inform the RBI of receiving foreign funds using this form. A Unique Identification Number (UIN) will be allotted by the RBI. the documents required for this are the Know Your Customer (KYC) and the Foreign Inward remittance Certificate (FIRC) which the bank issues after the foreign funds are deposited in the company account.
Step 2 :
Foreign Currency-Gross Provisional Return Form : The allotment of shares is done within 180 days of receiving the funds and within 30 days of this process the FC-GPR form has to be submitted. A list of attachments required with this form is given.
- Copy of UIN
- Copy of FIRC
- Copy of KYC
- Company Secretary Certificate stating that all compliances have been followed.
- Copy of Board Resolution for allotment of shares
- Copy of the procedure of fixing of share prices certified by a chartered accountant or SEBI approved bank
- Declaration from the overseas buyer stating the eligibility for acquiring such shares
Once all these documents are submitted with the FC-GPR form online, the RBI after scrutinizing may allot a FC-GPR Registration number which should be quoted in future communications for easy reference.