RERA Project Registration – Tax Portal

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RERA Project Registration

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RERA Project Registration

The RBI has issued general permission for the establishment of a Project Office by a foreign corporation in India, provided a written agreement for execution of a project has already been signed between the foreign company and the Indian government or any other private party.A foreign company can establish a project office in India either on a temporary basis or a permanent project office, provided the foreign company has been awarded a project to be executed by them in India from the government or private sector. Registration of Project Office with RBI & ROC must be completed before it starts operating. There are certain conditions which need to be fulfilled before an application is moved for Project Office Registration.
To register a project office an application is made with the Category 1 AD Bank with a complete set of documents including the copy of the project agreement and an undertaking that the project shall be funded with inward remittance from abroad or through an arrangement with the bilateral or multilateral international finance agency. After approval of the application by the RBI, the project office needs to be registered with the ROC and local police within 30 days of such approva
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Documents Required for RERA Project Registration

Photograph

FNC Form duly signed by AR

Identity Proof

Board resolution to Open a Branch Office

Registered office Proof

Board resolution to Open a Branch Office

Pan Card

KYC of the Authorised Signatory

Address Proof

Note on Location / Proposed Activity

NOC from owner

NOC from the owner of the premises.

Requirements for RERA Project Registration

Formal Contact of the Project

The foreign entity must have secured a Project in India, and a formal and legally binding agreement is executed for the same financial statement.

Clearance of Project

That the project has been cleared from appropriate and recognised authority or ministry and if applicable from the environment ministry.

Foreign Funding

The project must be funded out of the Inward remittances from abroad, or an International Financing Agency must fund the project.

Indian Funding

In the absence of foreign funding, the Indian Entity awarding the contract shall avail the term loan from a Public Financial Institution or a bank in India

Project Office Registration Process

  • 01

    Attestation or Legalisation of Documents L Step - 1

    All documents which are required to be filed with RBI of the foreign company like their certificate of incorporation, board resolutions, the moa and articles of the foreign company and the documents of the authorised signatory of the foreign company need to be legalised either through Indian Embassy or to be apostilled as per Hague convention.
  • 02

    Filing of Application with RBI through AD Bank : Step - 2

    The application for registration of a Project office of a foreign company is filed in Form - FNC to the reserve bank of India through AD Bank (Authorised Dealer). The AD Bank plays a crucial role as all the communication to the RBI has to be routed through them. We have an excellent relationship with many banks in India, which certainly help in applying to the RBI and Followup
  • 03

    Verification of KYC from Banker of Parent Company : Step - 3

    After the FNC Form is filed with the AD Bank, a request for verification of documents is sent to the banker of the foreign company. This process is also known as swift based verification. After receipt of confirmation of the documents from the foreign banker, the application is submitted to the RBI for their approval. The RBI may seek clarification or any additional document which needs to be submitted.
  • 04

    Approval of RBI for Project Office Registration in India : Step - 4

    After company incorporation, the Bank A/c has to be opened, wherein the foreign direct investment must reach within 180 days of incorporation of the company with advance intimation to Banker. Post investment the company is under strict liability to file adequate reporting with the RBI reporting of FDI received within 30 Days.
  • 05

    Registration of Project office of Foreign Company with the ROC : Step - 4

    Within 30 days of the permission of the RBI the foreign company should apply to the ROC for registration of the foreign company. In case the foreign company have Indian directors then a DIN number of such director is needed, and the digital signature of the authorised signatory is required to e-file statutory forms with the ROC for their approval.
  • 06

    PAN Card, Tax Deduction Number & Bank A/c Opening : Step - 4

    Income Tax Department allots a unique 10 Digit alphanumeric number as a permanent account number, also known as PAN Number. To comply with TDS provisions, every taxpayer needs to obtain a Tax Deduction Account Number. These identification numbers are essential to do compliance with the tax rules. The bank account of the branch office can be opened after allotment of Pan Number by the Income Tax Department.
  • 07

    Other Registration and Licenses : Step - 4

    After the Project office is operational, there are various other compliance related activities, which depends on the nature of the business and the state-specific laws, which apply to all entities doing commercial activities. For example registration under shops and establishment act, Goods and Services Tax (GST), Professional Tax Act, Provident Funds Act, Employee State Insurance Act (ESIC), etc

Features of Public Limited Company Registration

01.
Start with placing an order with us. We have ready-made plans for you. For any help contact us
04.
Then proceed for Name Availability Check and Drafting of the main business objective of the company.
02.
Then arrange the required documents and submit them online to us. Visit: Submit Documents Online.
05.
Well, now draft the MOA & AOA of company and file Spice Plus form for Incorporation of the company.
03.
We would make an application for the issue of digital signature for all the promoters.
06.
Finally, the ROC shall issue the certificate of Incorporation, ePAN & TAN. Your startup is set for business now.

FAQ's

The real estate sector plays an important role in fulfilling the demands of house & infrastructure development. This sector has increased at a fast pace in recent times, creating the need for the establishment of professional and certain standards to bring unregulated operations within the framework of the law.

In case the promoter is found guilty of any fraud shall be liable to pay the penalty up to 10% of the project cost and imprisonment of up to 3 years.

These are the five major objectives of RERA, 2016. To establish the Real Estate Regulatory Authority (RERA) To promote transparency and efficiency in the sale of real estate projects To protect the interest of consumers in the real estate sector To establish an adjudging mechanism for speedy dispute settlement To set up an Appellate Tribunal to hear appeals from the decisions, directions or orders of the RERA

FAQS

Initially, the bill was supposed to cover only residential projects. On further amendments, commercial projects including shops, offices and buildings were also included.

Yes, A Central Advisory council will be set up to advice the Central Government on the implications of the Act to recommend policies in order to protect consumers’ interest and to supervise the growth & development of the real estate sector. In addition, there will be a dedicated Appellate Tribunal set up for RERAs to hear appeals from orders of the RERAs and the adjudicating officer.

Yes, a partnership firm can be converted into private limited company by following the procedure laid down in Companies Act 2013.

Following actions will be taken by the RERA after an application has been submitted for project registration: The RERA is required to either grant registration or reject the application within 30 days of its submission On acceptance of application, the real estate developer will be provided with a login id and password to access the RERA portal for the submission of documents and details If the application is not in conformation with the guidelines then the RERA may reject it after hearing the applicant’s plea

The real estate developer has to specify the project completion time in the RERA application form. Hence, the real estate developer is accountable to follow the timelines otherwise, he will suffer losses/ penalties.

The real estate developer who will violate the order of the appellate Tribunal of the RERA may face imprisonment up to three years with a fine of up to 10% of the total estimated cost of the project in question.

The RERA bill was drafted in 2013 and was passed in the Rajya Sabha on 10th March 2016 and by the Lok Sabha on 15th March 2016. Furthermore, the act came into force on 1st May 2016.

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