A non resident cannot open a business account in India as an individual. The account belongs to a business registered in India, so a foreign owner sets up an Indian entity first, such as a private limited company, subsidiary, or branch office. At least one director of an Indian company must be resident in India, and foreign owned companies follow Foreign Exchange Management Act and Reserve Bank of India rules.
- Can a non resident open as an individual
- No, the account belongs to an India registered business
- Resident director
- At least one director of an Indian company must be resident in India
- Foreign ownership
- Allowed, with FEMA reporting and enhanced checks
- Position
- Available with limits, verify with a qualified adviser
General information, not financial, legal, or tax advice. Verify current terms and eligibility with the provider before applying.
How non resident business banking works in India
India does not let a non resident individual open a business account on their own. The account belongs to a business that is registered in India, so a non resident or foreign owner first sets up an Indian entity, such as a private limited company, a wholly owned subsidiary, or a branch office, and then opens a current account for it. As of 3 March 2026, at least one director of an Indian company must be resident in India under the Companies Act 2013, while shareholders can be non resident. Confirm the current rules with a qualified adviser.
What banks require from foreign owned companies
Expect enhanced due diligence on the owners and the structure. Banks ask for the certificate of incorporation, the company PAN, the memorandum and articles of association, a board resolution, and full identity and address proof for the directors and beneficial owners, with documents from abroad often notarised or apostilled. Foreign investment into the company is reported to the Reserve Bank of India under the Foreign Exchange Management Act.
Timelines and trade offs
A foreign owned company takes longer to bank than a wholly resident one, because of the added checks and the reporting. Planning the incorporation, the resident director, and the documentation in advance helps the account opening go more smoothly. The detail is technical, so confirm your position with a qualified adviser.
What to check before you apply
Three points for a non resident or foreign owner to weigh, as of 3 March 2026. Verify with a qualified adviser
- That the Indian company has at least one director who is resident in India, as the Companies Act requires.
- The Foreign Exchange Management Act reporting for inward foreign investment and the conditions for repatriating profit.
- The enhanced know your customer documents for non resident owners, including notarised or apostilled papers from abroad.
Compare business accounts available in India
These providers serve business customers in India. Fees and eligibility shown as of 3 March 2026. Confirm current terms with the provider before applying.
Compare business accounts →Questions about non resident accounts in India
Can a non resident open a business account in India?
Does an Indian company need a resident director?
What rules apply to foreign owned companies in India?
How long does a non resident or foreign owned account take to open?
Fees, features, and eligibility change and vary by region. This page was last reviewed on 3 March 2026. Confirm current terms with the provider before applying.