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Whether a foreign LLP can establish a place of business in India?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

Whether a foreign LLP can establish a place of business in India?

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

LLPs with FDI will not be allowed to operate in agricultural/plantation activity, print media or real estate business. An Indian company, having FDI, will be permitted to make downstream investment in an LLP only if both-the company, as well as the LLP- are operating in sectors where 100% FDI is allowed, through the automatic route and there are no FDI-linked performance conditions. LLPs with FDI will not be eligible to make any downstream investments.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Yes. A foreign limited liability partnership can establish a place of business in India. **Section 59 of the LLP Act., 2008** provides that the Central Government may make rules for provisions in relation to establishment of place of business by foreign LLP within India and carrying on their business therein by applying or incorporating, with such modifications, the provisions of the Companies Act, 2013 or such regulatory mechanism with such composition as may be prescribed. A Foreign Limited Liability Partnership means a LLP formed, incorporated or registered outside India, which established a place of business in India. A foreign LLP must be incorporated outside India as a LLP as per law of that Country in which it has been registered.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

As per the FDI Circular issued on 17.4.2014 by the DIPP, FDI in LLP will be allowed subject to the following conditions: FDI in LLP will be allowed, through the Government approval route; FDI in LLP will be allowed only for LLP entities operating in sectors/activities where 100% FDI is allowed, through the automatic route for a Private Limited Company; FDI in LLP will be allowed only when there are no FDI-linked performance conditions. In addition to the above conditions, FDI in LLP are also subject to the following restrictions: LLPs with FDI will not be allowed to operate in agricultural/plantation activity, print media or real estate business. An Indian company, having FDI, will be permitted to make downstream investment in an LLP only if both-the company, as well as the LLP- are operating in sectors where 100% FDI is allowed, through the automatic route and there are no FDI-linked performance conditions. LLPs with FDI will not be eligible to make any downstream investments. Foreign Capital participation in LLPs will be allowed only by way of cash consideration, received by inward remittance, through normal banking channels or by debit to NRE/FCNR account of the person concerned, maintained with an authorized dealer/authorized bank. Investment in LLPs by Foreign Portfolio Investors (FPIs) and Foreign Venture Capital Investors (FVCIs) will not be permitted. LLPs will also not be permitted to avail External Commercial Borrowings (ECBs). In case the LLP with FDI has a body corporate that is a designated partner or nominates an individual to act as a designated partner in accordance with the provisions of Section 7 of the LLP Act, 2008, such a body corporate should only be a company registered in India under the Companies Act, 1956 and not any other body, such as an LLP or a trust.

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