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ICICI Bank launches platform to help companies expand to India

Tuesday 22 December 2020 13:07 CET | News

ICICI Bank has announced the launch of an online platform for foreign companies looking to establish or expand business in India.

Called ‘Infinite India’, the platform offers them banking solutions and other services. The platform reduces the need of co-ordinating with multiple touchpoints.

The banking services offered are:

  • As an ‘Authorised Dealer Category 1’, the bank can authorise the setup of Liaison Office (LO), Branch Office (BO) as well as a Project Office (PO) in India within the FEMA (Foreign Exchange Management Act) framework. The Current Accounts holders get access to the bank’s Corporate Internet Banking platform, as well as a mobile banking application.
  • The bank provides trade finance solutions including Bank Guarantee (BG), Letter of Credit (LC), remittances, among others. The platform provides access to treasury operations in India. Also, it offers online booking of forex trades as well as a web-based treasury solution.

Of use for the set-up stage, the platform offers advisory on laws and regulations to incorporate business in India as a joint venture, wholly owned subsidiary, liaison office, branch office, project office, or a Limited Liability Partnership (LLP). Using the platform, foreign companies can apply and obtain licences and registrations on import/export code, FSSAI license, trade license, copyright solutions, and patent registrations.

Foreign companies can access tax and compliance related services such as filing annual returns of company, GST registration, income tax returns as well as corporate filings with the Ministry of Corporate Affairs (MCA) for registered office and amendment in memorandum of association (MOA).

The platform can help in implementing HR related services including payroll processing, provident fund registration and return filling.


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Keywords: ICICI, India, Infinite India, product launch, banking solutions, mobile banking, business platform
Categories: Banking & Fintech
Companies:
Countries: India
This article is part of category

Banking & Fintech






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