06 / 07 · Practice Area
Cross-Border & FEMA
Inbound and outbound, structured to hold at audit.
Inbound and outbound structuring, FEMA compliance and RBI reporting for businesses moving capital and operations across the India border. We advise international businesses entering India and Indian groups expanding abroad.
Who this is for
Who we built this practice for
This practice is built for principals on either side of an India border move, where the structure decided at investment will be tested by every later remittance, audit and exit. Foreign companies investing into India (greenfield, JV, M&A or capital infusion) rely on us to map the FDI route, sectoral caps, pricing guidelines and reporting choreography before the entity decision is locked in. Indian companies investing overseas (operating subsidiaries, holding structures, acquisitions, JV stakes) use us on the ODI side, where the automatic and approval routes, financial commitment limits and post-investment reporting matter as much as the deal itself.
Corporate groups managing ongoing cross-border capital and revenue flows (royalties, dividends, intra-group services, loans, guarantees) come to us for a single coherent FEMA position across the group, rather than a patchwork of one-off opinions. Global Capability Centers managing parent remittances, recharge models, cost-plus arrangements and ESOP flows use us to keep the FEMA, transfer pricing and entity narrative aligned. And multinational groups with a long India presence rely on us for the ongoing FC-GPR, FLA, FORM-FC-TRS and APR filings that, missed quietly, become the loudest item in a later regulator review.
Scope
What this practice covers
From investment structure to ongoing compliance, we treat cross-border work as a single discipline rather than a sequence of unrelated filings. On inbound investment, we advise on FDI structuring (subsidiary, branch, LO, BO, LLP), the automatic and approval routes, sectoral caps and conditions, pricing guidelines, instrument choice (equity, CCPS, CCDs) and the FC-GPR and Single Master Form reporting that closes the loop. On outbound investment, we run ODI advisory across automatic and approval routes, financial commitment, end-use restrictions, the FORM-ODI and APR (Annual Performance Return) regime, and the round-tripping considerations the regulator now scrutinizes closely.
Ongoing FEMA reporting (FC-GPR, FLA, FORM-FC-TRS, FORM-ODI, APR and the sector-specific returns) is mapped, calendared and filed with documented audit trails, so a future RBI inspection finds a clean record rather than a reconstructed one. Where the matter calls for RBI approval (compounding, special permission, post-facto regularization), we draft and pursue applications and engage the regulator through the process.
Cross-border contracts (intra-group services, royalty, distribution, agency, e-commerce) are drafted to be FEMA-compliant on their face and consistent with the transfer pricing position the group will defend later. Repatriation is structured through documented dividend authorizations, buy-back mechanics, exit-linked transfers and pricing-compliant remittances. We coordinate closely with your transfer pricing and tax counsel so the legal, regulatory and tax narratives describe the same business reality.
Our Process
How the work moves
Step 01
Structuring review
We map your capital flow, group topology and regulatory requirements before the entity and instrument choices are locked in. The route, instrument and pricing decisions made here drive every subsequent filing and every later audit answer.
Step 02
Compliance mapping
We identify all FEMA forms, RBI filings and sectoral returns the structure attracts, with owners, deadlines and supporting documentation calendared. A compliance map is the difference between a clean inspection and a frantic reconstruction.
Step 03
Filings and approvals
We draft and submit FC-GPR, FC-TRS, ODI, FLA and approval-route applications, engage the AD Bank and the RBI as required, and track each filing through acknowledgment. Where compounding or post-facto regularization is needed, we run that process end to end.
Step 04
Ongoing reporting
We maintain the annual and event-based reporting cycle (FC-GPR, FLA, APR, sectoral returns) with a documented audit trail, so the FEMA position is always live, never reconstructed in a hurry.
What you get
Outcomes you can plan against
Your cross-border presence is compliant, reportable and audit-ready from day one, not retrofitted after the first RBI query. No surprise RBI notices, because the filings that ought to have happened actually happened, on time. No late-filing penalties or compounding exposure, because the calendar and the documentation are run as a discipline rather than as an afterthought. And you sleep well knowing every flow, inbound, outbound, recharge, royalty, dividend, is documented and defensible if the regulator ever asks.
By the numbers
Key facts
- FEMA filings cadence: FC-GPR within 7 days, FLA annually, FORM-GIIN where applicable.
- ODI: 15-30 days under automatic route; 90+ days under approval route.
- Transfer pricing compliance required for 85%+ of cross-border flows.
- Late FEMA filing penalties: ₹10,000 per day or ₹1 lakh per violation, whichever is higher.
- Repatriation mechanism is critical for GCC parent remittances and dividend flows.
Frequently Asked
Common questions
What FEMA filings apply to inbound investment?
Foreign direct investment (FDI) requires FC-GPR filing with your bank within 30 days of allotment. Some structures may need RBI approval pre-transaction.
How do you structure FDI?
Through a compliant entity (subsidiary or branch) with clear documentation of the investment source, amount, and use of funds.
Do you advise on ODI?
Yes. Outbound investment requires FEMA approval (approval route) or is permitted under the automatic route up to prescribed limits.
What are the penalties for late FEMA reporting?
Civil penalties for technical delays; serious penalties and prosecution risk for willful violations. We keep you current to avoid both.
What is an FLA return?
Foreign Liabilities and Assets (FLA) return - annual reporting of cross-border liabilities and assets to the RBI.
How do you structure repatriation?
Through documented business-to-business flows, dividend authorizations, or exit-linked buy-back structures, all compliant with FEMA.
Do you coordinate with tax counsel?
Yes. Transfer pricing, withholding tax, and treaty benefits are coordinated with your tax advisors.
How long does FDI approval take?
Most inbound FDI is automatic (no approval needed). Restricted sectors require government clearance (typically 2-6 weeks).
Next Step
Discuss a cross-border or FEMA matter.
A confidential conversation with our managing partner to scope the right approach.
Book a Consultation