When a company sends an employee, director or partner abroad on business, it can buy the foreign exchange itself. The release is a current-account transaction of the company, not the traveller's LRS drawal.
What we need
- Company KYC once: PAN, incorporation certificate, MoA/AoA (or deed), GST certificate, board resolution or authority letter, signatory ID and a beneficial ownership declaration.
- For each trip: a request letter on the company's letterhead, and the traveller's passport (both pages), PAN, visa and round-trip ticket.
Payment and tax
- Payment comes from the company's own bank account.
- No TCS on company-sponsored business travel.
- GST on the currency conversion is invoiced to the company's GSTIN.
A GoRemit business account keeps your company KYC on file, saves your travellers, pre-fills the request letter for every trip and shows all your orders in one place.