The answer to the question of whether you can open a business bank account in another country as an Indian is yes. This is essential for Indian citizens who want to expand their business internationally. But you should understand that there is a huge process and there are rules for this.

Is it legal for Indians to open a business bank account abroad?

Yes, it is legal for Indian citizens and residents to open a business bank account in another country. However, one must ensure that they comply with the Foreign Exchange Management Act (FEMA) and the Reserve Bank of India (RBI) regulations. Under FEMA, individuals and entities can open and maintain foreign bank accounts, subject to certain conditions.

Some of the legal avenues under FEMA are:

• When setting up a branch or subsidiary abroad.
• To invest in a foreign joint venture (JV) or wholly owned subsidiary (WOS).
• Freelancers and exporters can start accepting payments for services from clients outside India.
• Accounts can also be opened by individuals (NRIs) working or residing abroad for a long period of time.

Why open a business bank account abroad?

• Opening a business bank account abroad is beneficial in certain situations:
• International expansion: You can sell goods/services in foreign markets.
• Payment processing: It makes it easier and faster to collect payments from foreign clients.
• Currency hedging: You can reduce the risks associated with forex fluctuations.
• Global investment: It facilitates partnerships, investments or purchases abroad.
• E-commerce: It is required by platforms like Amazon, Stripe, and PayPal in some countries.

Requirements for opening a business bank account abroad

Each country has its own regulations, but generally, the documents you will need are:

• A registered business entity (LLC, corporation, etc.) in that country
• Business license or registration documents
• Passport/Visa
• Proof of address (local or in India, depending on the bank)
• Tax Identification Number (like EIN in the US)
• Board resolution or power of attorney (if applicable)
• KYC/AML compliance documents

Popular countries where Indians open business accounts

1. United States
2. United Kingdom
3. Singapore
4. UAE

FAQ's

Can I open an account without visiting the country?

Yes, in some countries (e.g. US, UK, Estonia) business accounts can be opened online through digital banks or through agents.

Can an owner in India open a foreign business account?

Technically possible, but more procedures are involved. Forming a foreign entity is usually required.

Do I need a local address abroad?

Some banks require it, while others accept Indian addresses or virtual offices.