FEMA Consultants are service provider that possess expertise in the domain of Foreign Exchange Management Act. Because of the multinational nature of their business, their multi-faceted expertise attracts the attention of multiple businesses around the globe. However, you don’t need them to provide every services.
There are many nuanced accounting and advisory services that only a FEMA consultant can provide. In this article we discuss the top 5 FEMA Consultation services that you must seek when you come across this particular professional.
FEMA Advisory Services
Experts providing advisory services for FEMA consultations interpret FEMA guidelines as per your business. Their job entails understanding the intricacies of regulations of Foreign Exchange Management Act and then advising you how they impact your business entity. Read More: NBFC License
FEMA Assistance Services
The experts don’t only interpret the Foreign Exchange Management Guidelines and advise you about their impact on your enterprise, they also provide you a plan. The plan they formulate is heated towards ensuring that your business can implement those guidelines in a way that’s both regulatory compliant and profitable. The experts do so by providing you a plan regarding your transactions that involve:
- Foreign Exchange
- Outbound Foreign Direct Investment, and
- Inbound Foreign Direct Investment.
FEMA Approval and Compounding Services
There are multiple business certifications and licenses that come under the FEMA act. To obtain them, you need to convince the Reserve Bank of India that you are legally, technically and financially capable to carry out your business. Here, the FEMA consultants provide you with FEMA approval services. Their assistance consist of:
- Document Drafting: It consists of furnishing the required documents with the proper certifications from the required professionals.
- Application filing: Dealing with the offline or online procedure of application filing. It entails filling the application form as clearly as possible so that no ambiguity remains about your identity when RBI assesses your application.
- Post application filing assistance: After the RBI accepts your application form, it scrutinizes every little detail, regardless of how little significance you might think it has. Errors are almost certain afterwards. Here, the experts provide you with complete assistance so that your application eventually gets accepted.
FEMA compounding applications are generally filed if your business has done something that violates FEMA guidelines. Filing the application correctly and presenting your case to the RBI in a noteworthy manner can be difference between retaining your business and losing it. Thus, the FEMA consultation experts draft your compounding application and also represent you in front of RBI. Read More: Dealer Certification
FEMA Retainer-ship services
If you seek long-term assistance for FEMA requirements, you can keep a consultant on retainer. When retained, a FEMA consultant can provide you regular assistance for the following matters:
- Document preparation and form filing for regular compliances
- Assistance and advise in foreign transactions on a regular basis
- Filing returns and other compliances that RBI might require from time to time
- Maintaining a watchful eye over the compliances
- Half-yearly exchange audit.
FEMA Due Diligence Services
FEMA consultants provide due diligence services for RBI regulatory compliances pertaining to the FEMA act. These services include:
- Advise on foreign transactions that happen on a regular basis
- Providing a detailed audit report for all the compliances
- Providing solutions and corrective measures in case your business contravenes with some aspects of FEMA guidelines.
FEMA consultants provide a variety of services. However, the ones that are counted among the most important are the ones that you require. In this article, we have given you the top 5 FEMA consultation services that you might need in future. But if you need them now, you can consult with our FEMA experts right away.
FEMA consultants: Top 5 FEMA consultation services. In this blog, we have specified 5 services for which you need the aid of a FEMA consultant. Read to know more. Nidhi Company Registration