Every Indian company with a subsidiary or joint venture abroad has to submit an Annual Performance Report (APR) for each overseas entity by 31 December. It goes to the RBI through your bank.
The APR is normally based on the overseas entity’s audited accounts, and that is where most delays start. The Indian side usually has its numbers ready in good time. The overseas company, though, hasn’t been audited yet, or has no auditor at all because local law doesn’t require one for a company its size.
There are limited exceptions for entities whose host country does not require an audit, but they come with conditions. Check them before relying on one.
What we suggest: confirm the overseas company’s year end and audit status in September, appoint a local auditor if needed by October, and leave November for the APR itself. If you are already short of time, tell your bank early rather than on the last day.
We help Indian companies find local auditors abroad and file their APRs on time. If yours is due and nothing is in place yet, write to info@fidgenx.com.