Branch Office, Liaison Office, or Subsidiary in India: What FEMA and the FDI Policy Actually Require

Choosing the wrong entry structure in India — liaison office, branch office, or subsidiary — can trigger FEMA penalties, forced closure, and unlimited parent liability. This guide breaks down what each structure permits under FEMA 22(R) and the FDI Policy 2025, including the FC-GPR filing requirement, RBI approval process via Form FNC, and which sectors still need government route approval in 2026.