Post receipt of Foreign Investment, there are certain reporting requirements, which need to be completed by the Indian companies. To integrate the reporting structures of various types of foreign investments in India, RBI introduced the Foreign Investment Reporting and Management System (FIRMS) Portal.
The steps for filing on the FIRMS portal is as below:
- Updation of the Entity Master Form: An Entity Master Form is the form where the details of the company and foreign investment pattern are recorded. The foreign investment details of the entity are provided on the Entity Master by a person authorised by the company, called the Entity User.
- Business User Registration: The Business User is the person authorised by the company who would be reporting the transactions on behalf of the company.
- Filing on Single Master Form (SMF) on FIRMS Portal: A Single Master Form is the master form on which the reporting for the Foreign Investment (FC-GPR, FC-TRS, LLP-I, LLP-II, CN, ESOP, DRR, DI, Invi) can be done.
|Type of filing||Particulars|
|FC-GPR||FCGPR filing is done at the time of issuance of Capital instruments of an Indian Company to a Non-Resident. The shares should be allotted within 60 days of receipt of the remittance. The FCGPR filing should be done within 30 days from the date of issuance.|
|FC-TRS||FCTRS filing is usually done at the time of transfer of existing shares from Non-Resident to Resident or vice versa. The filing should be done within 60 days from either date of remittance or date of transfer, whichever is earlier.|
|LLP-I||LLP-1 filing is done at the time of Capital contribution into an LLP by a Non- Resident. The filing should be done within 30 days from the date of receipt of the amount of consideration.|
|LLP-II||LLP-1 filing is done at the time of disinvestment of Capital contribution or transfer of ownership in an LLP from a Non-Resident to Resident or Vice versa. The filing should be done within 60 days from the date of receipt of the amount of consideration.|
|CN||Form CN filing is required at the time of issuance/transfer of Convertible Notes by Start-ups. The filing should be done within 30 days of issuance/transfer of CN.|
|ESOP||Form ESOP needs to be filed while the issuance of ESOPs to a Non-Resident by an Indian Company. The filing should be done within 30 days from the date of issuance of ESOPs.|
|DRR||Form DRR needs to be filed within 30 days from the close of issue/program.|
|DI||Form DI is to be filed by the Indian Company making downstream investment in another Indian Company. The
filing should be done within 30 days from the date of allotment of Capital Instruments.
|InVi||Form Invi needs to be filed by the Indian Company (Investment Vehicle) when the units are issued to a foreign investor. The filing needs to be done within 30 days from the date of issue of units to the foreign investors.|