Key takeaways
- Singapore is one of the largest sources of FDI into India.
- India can tax gains on Indian shares acquired from 1 April 2017 under the amended treaty.
- Singapore's PCA (s.37) reaches citizens' corrupt acts abroad — check Indian third parties.
Why companies from here use us
- Singapore holding companies and funds invest across Indian tech, manufacturing, logistics and real estate — each deal needs India-side checks.
- Regional headquarters in Singapore often manage Indian distributors, suppliers and subsidiaries from a distance.
- Same working day: India is two and a half hours behind Singapore.
Your home-country rules — and what they mean for an Indian partner
- Singapore’s Prevention of Corruption Act: section 37 lets Singapore treat corrupt acts by its citizens outside Singapore as if done in Singapore — so how your Indian agents and partners win business matters.
- Investor and lender expectations: Singapore-based funds and banks expect documented know-your-counterparty checks on Indian investees and partners.
- Tax: under the 2016 protocol to the India–Singapore tax treaty, India can tax gains on shares of Indian companies acquired on or after 1 April 2017. Treaty benefits also need a tax residency certificate, Form 41 and real substance in Singapore.
The India side
- The India–Singapore Comprehensive Economic Cooperation Agreement (CECA) has applied since 2005.
- Setting up or restructuring: India for Singapore companies · Singapore holding companies · reverse flips to India.
- Before you invest: financial red flags · credit checks.
What we check for you in India
- Identity, registrations and filed financial statements of the Indian partner — how it works.
- Financial, tax and FEMA review; related parties; litigation through public records and counsel.
- Promoters, directors, government links and how intermediaries are paid — for your anti-bribery and supply-chain files.
- Premises visits from Ahmedabad, Mumbai, Bengaluru, Rajkot or Dubai, with a written report in English.
- Full scope: partner due diligence · investment due diligence · supplier verification.
We are Chartered Accountants, not lawyers: home-country legal advice on compliance programmes stays with your counsel. Our reports are built to slot into their files.
Sources
- DPIIT — FDI statistics
- Singapore Statutes Online — Prevention of Corruption Act 1960
- Income Tax Department — India–Singapore DTAA
Frequently asked questions
Who can do due diligence on an Indian company for a Singapore investor?
CA Durgesh Chavda's team checks Indian targets, partners and suppliers for Singapore companies and funds — records, financials, tax, FEMA, promoters and premises — and reports in English.
Are capital gains on Indian shares taxable for Singapore companies?
For shares acquired on or after 1 April 2017, yes — the 2016 protocol to the India–Singapore treaty gives India the right to tax those gains. Shares acquired earlier were grandfathered.
Does Singapore's anti-corruption law apply to bribery in India?
Section 37 of Singapore's Prevention of Corruption Act lets Singapore prosecute its citizens for corrupt acts committed abroad, so due diligence on Indian agents and partners is a sensible safeguard.