Reverse flips to India
- Since September 2024, a foreign holding company can merge into its Indian wholly owned subsidiary through a fast-track process, with prior RBI approval and an application to the Central Government instead of the NCLT.
- RBI’s 2026 amendment to its cross-border merger regulations aligned FEMA with that fast-track route.
- Well-known companies — including Flipkart in March 2026 — have moved their holding company back to India ahead of Indian listings.
- Whether a flip is tax-neutral depends on the facts — model it before you start. Full guide: reverse flip to India.
Moving funds to GIFT City
India offers a tax-neutral route for relocating eligible offshore funds to GIFT City’s International Financial Services Centre, extended to relocations up to 31 March 2030. For managers whose portfolio is mostly Indian, a GIFT City vehicle can simplify tax and investor access. See GIFT City setup and VC fund setup.
India–Singapore tax essentials
| Item | Position |
|---|---|
| Capital gains on Indian shares | Taxable in India for shares acquired on or after 1 April 2017; earlier holdings grandfathered |
| Dividends | 10% (company holding at least 25%) or 15% |
| Interest | 10% (banks / financial institutions) or 15% |
| Royalties and technical fees | 10% |
How we help
- Reverse-flip feasibility, valuation and the FEMA and tax filings on the Indian side.
- Indian subsidiaries of Singapore holdcos — setup, FC-GPR and compliance.
- Fundraising and Virtual CFO support across both entities.
Doing business in India from abroad?
Need anything done in India — checks, research, filings, tax or accounting? Your team on the ground in India.
Due diligence in IndiaFinancial, tax and FEMA due diligence on Indian companies for foreign investors and acquirers.Indian subsidiary complianceAccounting, tax, FEMA and ROC compliance for Indian subsidiaries — reported to the parent.India tax for foreign companiesWithholding, treaty relief (TRC, Form 41), PAN, PE reviews, returns and GST for foreign suppliers.India market entry researchFeasibility, regulatory mapping, cost and tax models, and partner research from public filings.
Frequently asked questions
What is a reverse flip?
A reverse flip moves a startup's holding company from abroad — often Singapore or the US — back to India, typically by merging the foreign holding company into its Indian subsidiary or through a share swap.
Can a Singapore holding company merge into its Indian subsidiary?
Yes. Since September 2024, an inbound merger of a foreign holding company into its Indian wholly owned subsidiary can use the fast-track route, with prior RBI approval and an application to the Central Government.
Are capital gains on Indian shares taxed in India for Singapore residents?
For shares acquired on or after 1 April 2017, yes — the 2016 protocol to the India–Singapore treaty gave India the right to tax those gains; earlier holdings were grandfathered.