Business accounts: India
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Indian banks open an account for a company registered in India almost automatically: the account application is filed within the SPICe+ registration form, and the bank receives the company's data from the Ministry of Corporate Affairs register. The real work is not opening the account but bringing foreign capital in correctly and reporting to the Reserve Bank of India (RBI). A foreign company not registered in India gets an account only in special cases, such as a branch or liaison office.
How an Indian company account is opened
- At registration the company chooses a bank in SPICe+, and the bank receives its data automatically.
- The bank checks directors, signatories and beneficial owners: since 2023, for companies, everyone holding 10% or more directly or indirectly.
- Foreign directors are verified in person or by video where the bank offers it.
- After opening, capital is paid in from abroad and the bank confirms the inflow.
We will calculate online the cost of opening an account for your company and maintaining it for a year.
Foreign capital and RBI reporting
A foreign shareholder's capital arrives by wire from abroad into the company account. Within 30 days of share allotment the company files the foreign investment report (FC-GPR) through its bank, and then annually the foreign liabilities and assets return. Delays lead to penalties and problems repatriating dividends and capital, so we track these deadlines together with the account.
Paying dividends to a foreign shareholder
Dividends to a foreign shareholder are paid from the company account after a shareholders' resolution and tax withholding at the statutory or treaty rate. Before the transfer the bank asks for a remittance declaration and an accountant's certificate of tax paid, filed online with the tax department. If the foreign investment report was filed on time, repatriating dividends and capital goes smoothly.
Types of company accounts
| Account | Purpose |
|---|---|
| Rupee current account | payments, payroll, taxes |
| Exchange Earners' Foreign Currency (EEFC) account | keeping export earnings for goods and services in foreign currency without mandatory conversion |
| Account of a foreign company's branch or office | only for permitted activity, with reporting to the authorised bank |
What documents the bank asks for
- Certificate of incorporation, memorandum and articles, and the company's tax numbers.
- A board resolution on opening the account and signatories.
- Passports, addresses and tax numbers of directors, and for foreigners in India a visa.
- Details of beneficial owners holding 10% or more.
- Apostilled documents of foreign corporate shareholders.
Taxes and deposit protection
The company pays 22% corporate tax under the concessional regime, about 25.17% with surcharges, and GST at 5% or 18%. The Deposit Insurance and Credit Guarantee Corporation (DICGC) protects deposits up to ₹5 lakh, about $5,200, per depositor per bank, including companies, so large balances are usually spread across banks. Dollar amounts use the ECB rate of 5 October 2026, about ₹96.3 per dollar, rounded up.
Timeline
| Stage | Time |
|---|---|
| Company registration through SPICe+ | 5-10 working days |
| Opening the account after registration | a few days to 2 weeks |
| Foreign investment report | within 30 days of share allotment |
Why Indian banks delay or refuse
- Beneficial owners or their shareholdings are not confirmed.
- A foreign director has not passed identity verification.
- Capital did not come from the shareholder's account or lacks a clear payment purpose.
- The company missed the foreign investment report deadline.
- The sector needs government approval that has not been obtained.
How we help
We register the company and choose the bank at once, prepare the board resolution and owners' documents, arrange the capital inflow with the correct payment purpose, file the RBI report, and open a foreign currency account for exporters. After that we keep the books and filings.
What we do
- Corporate account - opening assistance
See also
Company formation · Personal account · Investment property · Country taxes · All country programs
FAQ
Can a foreigner open an account for an Indian company?
How is foreign capital brought into an Indian company?
Can a company hold foreign currency?
How long does opening an account take?
Can a foreign company open an account in India without registering?
Is company money protected at an Indian bank?
Need a company account with an Indian bank?
We work out which account your company needs in India, for a local entity or a foreign company, prepare the documents and explain the exchange control rules. The catalogue covers every country.
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