New business in goa
May 30th 2007, 4:30 pm
#16
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Posts: 1,685
Re: New business in goa
Dear Remy
Please see below an extract from an email received from our accountant in Goa with regard to the setting up of a business whilst travelling on a tourist visa. I welcome your comments with regard to the acquisition of a business visa.
Regards GH
"As per the Foreign Exchange Management Act, foreign nationals are not authorised to purchase immovable property in India. However the foreign nationals are authorised to set up a Indian company and invest in the same for business activities for which foreign direct investment is permissible. The Indian company formed by the foreign nationals for business activities where foreign direct investment is permissible , is authorised to purchase business assets in India for carrying on business in India.
Your company has been registered for the object of carrying the hotel accomodation, and providing paying guest accomodation business in India and for this purpose it is authorised to purchase hotel property in India.
While setting up the Indian company , the foreign nationals may be in India on a tourist visa or may also form the Indian company from their home country (provided in this case the documents for company formation are attested in the Indian Embassy office in their home country)."
Please see below an extract from an email received from our accountant in Goa with regard to the setting up of a business whilst travelling on a tourist visa. I welcome your comments with regard to the acquisition of a business visa.
Regards GH
"As per the Foreign Exchange Management Act, foreign nationals are not authorised to purchase immovable property in India. However the foreign nationals are authorised to set up a Indian company and invest in the same for business activities for which foreign direct investment is permissible. The Indian company formed by the foreign nationals for business activities where foreign direct investment is permissible , is authorised to purchase business assets in India for carrying on business in India.
Your company has been registered for the object of carrying the hotel accomodation, and providing paying guest accomodation business in India and for this purpose it is authorised to purchase hotel property in India.
While setting up the Indian company , the foreign nationals may be in India on a tourist visa or may also form the Indian company from their home country (provided in this case the documents for company formation are attested in the Indian Embassy office in their home country)."
Hi GH,
The thing is that unless you ultimately end up getting a business visa or x visa then you are very much restricted and legally classed as a tourist/visitor and nothing else. This leaves you very vulnerable.
The Russian Mafia has been land grabbing bigtime in Goa using much the same method as what your accountant has told you. Now as far as im aware investigations are ongoing into bogus businesses being set up for the purpose of aquiring immovable property in Goa. What the outcome of these investigations will be, nobody seems to know.
Goans are also starting to object about the price hike on property caused by FNs. So at this stage all i can say is that you may or may not be OK, im afraid only time will tell but please let us all know how you get on.
Some reading for you all:
http://www.rbi.org.in/scripts/FAQView.aspx?Id=33
Regards,
Remy
Mar 6th 2008, 11:02 am
#17
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Posts: 5
Re: New business in goa
hi everyone,
I'm new to this forum so am a little confused at the moment (please bear with me)
i'm trying to find out a little info and helping you can help me. i am intending to set up a small business with my boyfriend (in the area of tourism) in Goa - Calangute area. I do not intend to purchase property yet (although i believe i am entitled due to the fact that my Grandmother was from India, therefore i think i can get a PIO card.) The problem is my boyfriend is not a PIO and we want to live in Goa full time in rented accommodation initially. we have a Goan partner but i'm concerned that my boyfriend wont be granted a visa to live. after reading the initial thread i was wondering if you were granted a 2 or 5 year visa due to your business.
this may give me some hope - can you please let me know what you have found?
Thanks,
I'm new to this forum so am a little confused at the moment (please bear with me)
i'm trying to find out a little info and helping you can help me. i am intending to set up a small business with my boyfriend (in the area of tourism) in Goa - Calangute area. I do not intend to purchase property yet (although i believe i am entitled due to the fact that my Grandmother was from India, therefore i think i can get a PIO card.) The problem is my boyfriend is not a PIO and we want to live in Goa full time in rented accommodation initially. we have a Goan partner but i'm concerned that my boyfriend wont be granted a visa to live. after reading the initial thread i was wondering if you were granted a 2 or 5 year visa due to your business.
this may give me some hope - can you please let me know what you have found?
Thanks,
Mar 7th 2008, 6:47 am
#18
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Joined: May 2007
Location: Buckinghamshire
Posts: 13
Re: New business in goa
Hi Lauralovesgoa
I have been granted a one year business visa, to get this I did have to produce my company registration documents. I am now purchasing a property in south Goa for use as a holiday let. The cost of setting up a company in Goa was around £400 and took four months to complete, I have no doubt that having an Indian company was essential in getting a business visa.
I hope this helps
Best wishes
GH
I have been granted a one year business visa, to get this I did have to produce my company registration documents. I am now purchasing a property in south Goa for use as a holiday let. The cost of setting up a company in Goa was around £400 and took four months to complete, I have no doubt that having an Indian company was essential in getting a business visa.
I hope this helps
Best wishes
GH
Mar 7th 2008, 9:08 am
#19
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Joined: Mar 2008
Posts: 5
Re: New business in goa
Thanks Goan Horizons.
Just one more question - does this business visa entitle you to stay in Goa the entire year? And do you think it is likely to get renewed (OK - 2 more questions)
Just one more question - does this business visa entitle you to stay in Goa the entire year? And do you think it is likely to get renewed (OK - 2 more questions)
Mar 7th 2008, 11:09 am
#20
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Joined: May 2007
Posts: 2,941
Re: New business in goa
Douglas is to this thread...
Welcome back - how was the Rinmimbi watching season this year <bg>.
AndyD 8-)#
Mar 7th 2008, 12:56 pm
#21
Joined: May 2007
Location: Noni the Indian Goan Beach Mulberry
Posts: 8,227
Re: New business in goa
Hi Goan Horizons,
Douglas is to this thread, as simon cowell is to american idol, forthright, undiplomatic and usually right. Accountants, lawyers and bank managers participation and opinions are of little importance.
The drivers are - enough capital, your business acumen and experience, RBI, immigration, market forces, the attitude of central and goan govt and local population. Any one of these can break you, all are required to make you.
Your proposed business in goa will probably fail for the above or other reasons. For that reason alone, the company should rent the property rather than buy if you decide to go ahead. Reason - the task of de commissioning will be even more horrendous than setting up.
Whatever the outcome, you will learn a considerable amount about goa, india and the human condition. Above all you will come face to face with yourselves.
That experience will be priceless and may well be worth any financial loss that ensues.
regards
douglas
Douglas is to this thread, as simon cowell is to american idol, forthright, undiplomatic and usually right. Accountants, lawyers and bank managers participation and opinions are of little importance.
The drivers are - enough capital, your business acumen and experience, RBI, immigration, market forces, the attitude of central and goan govt and local population. Any one of these can break you, all are required to make you.
Your proposed business in goa will probably fail for the above or other reasons. For that reason alone, the company should rent the property rather than buy if you decide to go ahead. Reason - the task of de commissioning will be even more horrendous than setting up.
Whatever the outcome, you will learn a considerable amount about goa, india and the human condition. Above all you will come face to face with yourselves.
That experience will be priceless and may well be worth any financial loss that ensues.
regards
douglas
Mar 7th 2008, 3:59 pm
#22
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Re: New business in goa
Hi Lauralovesgoa
My business visa is restricted to 180 days max per visit. I cannot be sure with regard to renewal but I do not see why it should be a problem however you never know we will have to wait untill November to see.
Regards
GH
My business visa is restricted to 180 days max per visit. I cannot be sure with regard to renewal but I do not see why it should be a problem however you never know we will have to wait untill November to see.
Regards
GH
Mar 8th 2008, 9:03 am
#23
Forum Regular
Joined: Feb 2007
Location: Cochin South India / UK
Posts: 151
Re: New business in goa
I think you may be mis-interpreting wording on your BV. It is quite Common these days for BV's to be stamped with a Green Stamp stating
"Registration not required if each stay does not exceed 180 days."
If your stay IS going to exceed 180 days then you must register with the FRRO I believe allowing 30 days for registration to be completed within the 180 days.
The Green Stamp supersedes the Registration within 14 days statement on the visa.
Regards to all
John
Mar 8th 2008, 6:11 pm
#24
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Re: New business in goa
Hi John
Thanks for your input however I have checked my passport and it clearly states "Stay during each visit not to exceed 180 days" and does not say anything with regard to registration if a longer stay is required. It is definitely a business visa and valid for 12 months. This is not a problem as my stays are no longer than 2 to 3 weeks at a time but it would be good to clarify this !!
Regards GH
Thanks for your input however I have checked my passport and it clearly states "Stay during each visit not to exceed 180 days" and does not say anything with regard to registration if a longer stay is required. It is definitely a business visa and valid for 12 months. This is not a problem as my stays are no longer than 2 to 3 weeks at a time but it would be good to clarify this !!
Regards GH
Mar 9th 2008, 1:33 am
#25
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Joined: May 2007
Posts: 2,941
Re: New business in goa
Hi John
Thanks for your input however I have checked my passport and it clearly states "Stay during each visit not to exceed 180 days" and does not say anything with regard to registration if a longer stay is required. It is definitely a business visa and valid for 12 months. This is not a problem as my stays are no longer than 2 to 3 weeks at a time but it would be good to clarify this !!
Regards GH
Thanks for your input however I have checked my passport and it clearly states "Stay during each visit not to exceed 180 days" and does not say anything with regard to registration if a longer stay is required. It is definitely a business visa and valid for 12 months. This is not a problem as my stays are no longer than 2 to 3 weeks at a time but it would be good to clarify this !!
Regards GH
it seems strange that a business visa should have the 180 day restriction (funny way to run a business) - perhaps you need an Employment visa? (as your own employee!)
AndyD 8-)#
Mar 9th 2008, 4:08 am
#26
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Joined: Feb 2008
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Posts: 443
Re: New business in goa
Andy D we know FN business people who have business visa's and still have to leave the country every 180 days, trusting their staff to run their resturants for a few days. THIS IS GOA FOR YOU if they can make it difficult they will.
Mar 9th 2008, 10:42 am
#27
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Re: New business in goa
AndyD 8-)#
Mar 9th 2008, 11:24 am
#28
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Re: New business in goa
I think at the end of the day its the Indian Governments way to try and gap loopholes that make it 'legally correct' for FNs to obtain residency and hence prevent FN property purchase. (The 182 day restriction on visas im talking about)......but thats only a thought of mine.
There has been recently talk on 'visas on entry' but i reckon they will probably only have something like 28 days tourist validity although this will still be adequate for many FNs. I think things will become increasingly difficult for 'long termers' as it appears the Government sees them as too much of a risk. I fear its a case of the bad few ruining things for the majority of decent long termers.
Regards,
Remy
Mar 16th 2008, 8:43 am
#29
Forum Regular
Joined: Feb 2007
Location: Cochin South India / UK
Posts: 151
Re: New business in goa
Hi GH,
I think you may be mis-interpreting wording on your BV. It is quite Common these days for BV's to be stamped with a Green Stamp stating
"Registration not required if each stay does not exceed 180 days."
If your stay IS going to exceed 180 days then you must register with the FRRO I believe allowing 30 days for registration to be completed within the 180 days.
The Green Stamp supersedes the Registration within 14 days statement on the visa.
Regards to all
John
I think you may be mis-interpreting wording on your BV. It is quite Common these days for BV's to be stamped with a Green Stamp stating
"Registration not required if each stay does not exceed 180 days."
If your stay IS going to exceed 180 days then you must register with the FRRO I believe allowing 30 days for registration to be completed within the 180 days.
The Green Stamp supersedes the Registration within 14 days statement on the visa.
Regards to all
John
I have just seen a recently issued Business Visa and it does indeed restrict the bearer to a maximum of 180 Days in a single stay, it has a Green Box Stamp with the appropriate wording. Apologies GH for suspecting you may have mis-interpreted the wording, after living in India for many years always with a BV I had not seen that stamp previously, it must be fairly new.
Regards to all
John
