What is a project office in India?
A project office in India is a branch office set up with a limited goal for a specific project. It permits the company to establish a presence for a certain period of time.
The project of a project company is crucial to its existence. The project has to be:
- Funded with remittances from abroad;
- Funded by an international financing agency;
- Cleared by an appropriate authority; or
- Based on a contract awarded by a company or entity in India which in turn is funded by a term loan from a public financial institution or bank in India.
Failing to meet these criteria, the company must be accompanied by a special approval from the Reserve Bank of India.
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