A foreign company can open a bank account in India through the following steps:
- Obtain PAN and TAN: The foreign company needs to obtain a Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) from the Indian Income Tax Department.
- Incorporate in India: The foreign company should incorporate in India through the Registrar of Companies (ROC) as a foreign company or as a liaison office, branch office or project office.
- Obtain other required licenses and registration: Depending on the nature of the business, the foreign company may need to obtain other licenses and registration, such as Import Export Code, FSSAI, etc.
- Choose a bank: The foreign company should choose a bank where it wants to open the account.
- Provide the required documents: The bank will require the foreign company to provide certain documents, such as PAN and TAN, certificate of incorporation, registration certificate, passport and visa details of the authorized signatories, and a board resolution authorizing the opening of the account.
- KYC and AML verification: The bank will also verify the foreign company’s identity and conduct anti-money laundering (AML) checks before opening the account.
It’s important to note that the process of opening a bank account for a foreign company in India may vary depending on the bank’s policies, the type of account and the nature of the business. Also, the foreign company should comply with the rules and regulations of the Reserve Bank of India (RBI) and other regulatory bodies in India.
