“Learn the steps for Entity User Registration on the FIRMS portal introduced by the Reserve Bank of India for foreign investments in India. Discover who can apply, essential dos, and frequently asked questions for a seamless registration process.”
Reserve Bank of India with the objective of introducing one Single Master Form (SMF) for all types of foreign investments in India introduced an online application, FIRMS (Foreign Investment Reporting and Management System). The registration under same has two phases i.e. Entity User Registration and Business User Register. However, in this article, we shall study in detail about the entity user registration.
WHO CAN TAKE ENTITY USER REGISTRATION?
1. A company within the meaning of section 1(4) of the Companies Act, 2013
3. A startup which complies with the conditions laid down
STEPS FOR REGISTRATION
Step 1: Primarily, we need to type https://firms.rbi.org.in on Uniform Resource Locators (URL) and on the landing page, click on “Registration Form for New Entity User”.
Step 2: On clicking “New Entity User”, there will be a landing page asking details and we need to fill it meticulously keeping in mind the following:
1. The first name and last name of authorized representative and not the entity needs to be filled.
2. The PAN should be of the authorized representative and not the entity.
3. The authority shall be attached strictly in accordance with the format mentioned in User Manual for Entity Master as available on the bottom of the FIRMS portal.
Step 3: After filling in all the details, click submit and the home page of FIRMS portal along with the message “Record Saved Successfully” pops up.
Step 4: The details submitted will be verified by RBI and after approval, the user will receive the password on their registered email ID from RBI email ID i.e. [email protected].
Step 5: Login into your account after changing the first password and click on “Entity Master” on extreme left.
Step 6: Click on “Add Details” and enter the basic details about the Company and click “Submit”.
IMPORTANT DO’S KEEPING IN MIND
1. In case of rejection of a registration, use another User Name for fresh registration (other than the one given earlier).
2. While logging in, manually type the User ID and Password (Kindly do not copy & paste).
3. In case of account getting locked/blocked send a mail to [email protected]
4. Authorisation letter should be in prescribed format as given in the User Manual available on RBI website
5. Nominated person and Authorising person should be different.
6. Authorisation letter should be dated on or after June 28, 2018. However, reasons for late registration on FIRMS portal shall be given along with the authority letter
7. Copy of PAN Card of entity user should be attached
8. CIN given in the Registration Form and Authorisation letter should be same
9. Authorisation letter should be on Entity’s letter head
10. Authority letter should be signed by proper Authority as given in the prescribed format.
11. Seal/Stamp of Company/ LLP should be affixed.
12. Attached pdf should be legible enough.
13. Valid e-mail ID should be filled in the Registration Form to ensure receipt of User ID and default Password
14. Entity User should provide Specimen signature in the Authorisation letter.
FREQUENTLY ASKED QUESTIONS (FAQs)
1. Can an individual apply for entity user registration?
Reply: No, only LLP or Company or a startup can apply for entity user registration for compliance purposes.
2. Can one entity have multiple entity user on different investments received country wise?
Reply: No, one entity can have only one entity user.
3. Can one person be authorized signatory in multiple entities?
Reply: Yes, However, the person has to obtain separate registrations for the same as the registration is entity specific.
4. In case of any issue faced, can we connect with RBI?
Reply: Definitely a yes, you can write an email to them at [email protected], [email protected] or [email protected] or connect with the landline numbers provided for jurisdictional RBI on internet.