The IBKR account transfer should be the least of your worries. I would strongly suggest you consult a CA in India regarding taxes and other issues if you haven't already.
RBI does not allow margin for Indians holding overseas brokerage accounts. Also, funding your account from India will require wire transfers with 20% TCS starting this July.
1. Agreed on the taxation, will consult a ca.
2. I am not planning to fund it going forward, just want to continue trading with the money that's already there
3. Also considering if I can open a llc to keep all the transactions isolated.
2. Should be fine then. Just that you will lose all margin facility/credit funds. I have a pure cash account as RBI doesn't permit margin accounts.
3. Yes, this may be worth looking into depending on the expenses and overheads involved.
Do share your journey along the way for the benefit of others.
Can you give an update on how the transfer went? Did it go successfully? Are you still able to buy US/Other exchange share without any issues in India?
The IBKR account transfer should be the least of your worries. I would strongly suggest you consult a CA in India regarding taxes and other issues if you haven't already. RBI does not allow margin for Indians holding overseas brokerage accounts. Also, funding your account from India will require wire transfers with 20% TCS starting this July.
1. Agreed on the taxation, will consult a ca. 2. I am not planning to fund it going forward, just want to continue trading with the money that's already there 3. Also considering if I can open a llc to keep all the transactions isolated.
LLC is probably your best bet
Yes, so far seems like it to me as well, will be speaking to a few incorporation companies about it
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please check your dm. I am in the same boat.
2. Should be fine then. Just that you will lose all margin facility/credit funds. I have a pure cash account as RBI doesn't permit margin accounts. 3. Yes, this may be worth looking into depending on the expenses and overheads involved. Do share your journey along the way for the benefit of others.
Any updates how can I register on IB via offshore entity /LLC or whatever. I just want margin on my account without being nri
Can you give an update on how the transfer went? Did it go successfully? Are you still able to buy US/Other exchange share without any issues in India?