Investment by a Cypriot company in an Indian company is foreign direct investment under FEMA and the Non-Debt Instruments Rules 2019. Share allotments must be reported in Form FC-GPR within 30 days, transfers in Form FC-TRS within 60 days, and the annual return on foreign liabilities and assets filed every year. Missed filings can usually be regularised by paying a late submission fee or by compounding.
- Document route
- Cypriot certifying officer and apostille, or Indian High Commission attestation
- Time difference
- IST is 2h30 ahead of Cyprus in summer and 3h30 in winter
- Law
- FEMA 1999 and NDI Rules 2019
- New shares
- FC-GPR within 30 days of allotment
FDI & FEMA Compliance from Cyprus: how it works
We review the Indian company's foreign investment history, identify missed or defective filings, and regularise them through late submission fees or compounding applications to the RBI. We also check pricing compliance for past issues and transfers.
For restructuring, such as moving a Cypriot holding into another jurisdiction or into India, we plan the FEMA steps, the tax position under the 2016 treaty and its grandfathering, and any approvals needed if beneficial ownership changes.
We also advise on downstream investment by Indian companies that are foreign-owned or controlled because of a Cypriot parent.
What clients in Cyprus should know
- File FC-GPR within 30 days of allotment.
- Check grandfathering before selling pre-2017 shares.
- Compounding is available for most contraventions.
Step by step from Cyprus
Video consultation
A call at a time that suits Cyprus, after we have read your documents.
Documents signed in Cyprus
Cypriot certifying officer and apostille, or Indian High Commission attestation
Work in India
Our team files, appears and follows up in India, and shares scans of everything filed.
Result and handover
Certified copies and originals are couriered to you in Cyprus where needed.
The full guide
This page covers what changes when you are in Cyprus. For the law, the documents and the step-by-step procedure, read our main page on FDI & FEMA Compliance, or see all services for clients in Cyprus and the Doing Business in India practice area.
Questions from clients in Cyprus
We missed FC-GPR filings years ago. What now?
They can usually be regularised with a late fee or compounding.
Does a change in the Cypriot parent's owners need approval?
Only if new beneficial owners are from a land-border country.
Are gains on pre-2017 shares taxable?
Generally not in India, under the grandfathering provisions.