Open bank account in portugal

1. As a resident Indian in personal capacity, you can open account in a foreign country and transfer funds upto a sum equalivalent to USD 250,000- per annum to such account. It comes under Liberalised Remittance Scheme known as LRS.  However, you have to produce form 15CA and 15 CB to the Banker through whom you are transferring the amount to your foreign currency account.

The above is only in "Personal Capacity" for personal requirements only and not in your business capacity or for your business purpose.

2. In case you wish to open a Foreign Currency account outside the country, you need specific permission from RBI as noted below:

1. A person resident in India, being an exporter who has undertaken a construction contract or a turnkey project outside India or who is exporting services or engineering goods from India on deferred payment terms may open, hold and maintain a Foreign Currency Account with a bank outside India, provided that -

2. approval as required under the Foreign Exchange Management (Export of goods and services) Regulations, 2015 has been obtained for undertaking the contract/ project/ export of goods or services, and

3. the terms and conditions stipulated in the letter of approval have been duly complied with.

3. In the event that yours is a Start Up and you are already having a subsidiary abroad (in your case in Portugal), you may open a foreign currency account in Portugal without permission as clarified by RBI noted below:

1. A start-up in India with an overseas subsidiary is permitted to open foreign currency account abroad to pool the foreign exchange earnings out of the exports/sales made by the concerned start-up;

2. The overseas subsidiary of the start-up is also permitted to pool its receivables arising from the transactions with the residents in India as well as the transactions with the non-residents abroad into the said foreign currency account opened abroad in the name of the start-up;

3. The balances in the said foreign currency account as due to the Indian start-up should be repatriated to India within a period as applicable to realisation of export proceeds (currently nine months);

4. A start-up is also permitted to avail of the facility for realising the receivables of its overseas subsidiary or making the above repatriation through Online Payment Gateway Service Providers (OPGSPs) for value not exceeding USD 10,000 (US Dollar ten thousand) or up to such limit as may be permitted by the Reserve Bank of India from time to time under this facility; and

5. To facilitate the above arrangement, an appropriate contractual arrangement between the start-up, its overseas subsidiary and the customers concerned should be in place.

In view of the above clarification given by me, you may see where you fit in and give further details relating to you so that specific clariification can be given.

Thank you so very much for your advice. May you always be sucessful in all your endeouvors