FLA, APR, and ODI Compliance Calendar for Indian Companies with Global Investments

Suppose you’re an Indian founder managing a business overseas. In that case, the Reserve Bank of India (RBI) requires strict reporting of any foreign investment activity, whether you’re investing abroad or receiving funds from overseas.

Forms like ODI, APR, and FLA serve different purposes, but they share one commonality: timing matters. Missing a deadline can delay future transactions or attract regulatory penalties. That’s why having a clear, founder-friendly compliance calendar is essential.

Understanding the Big Three: ODI, APR, and FLA

The three core filings that most Indian companies with global operations need to stay on top of.

1. ODI – Overseas Direct Investment

What it covers

ODI refers to any form of investment, including equity participation, loans, or corporate guarantees, that an Indian company makes in a foreign entity. This includes actions such as setting up a subsidiary in the United States or acquiring a stake in a business based in Europe.

When to file

Before making any outbound remittance, the company must file Form FC. These must go through your RBI-authorised bank, also called an Authorised Dealer (AD) Bank, via the FIRMS Portal.

Why it matters

You cannot legally remit money abroad without completing this step. The RBI will only issue a Unique Identification Number (UIN) after the documentation is in order. This UIN becomes your reference for all future filings related to that investment.

Typical documents required

• Board resolution approving the investment
• Certificate of incorporation and other documents of the foreign entity
• Shareholding structure
• PAN, CIN, and audited financials of the Indian company
• Valuation report if the investment is in an existing foreign business

2. APR – Annual Performance Report

What it covers

Once the foreign investment has been made, you must report on its performance annually. This is done via the Annual Performance Report (APR).

Who needs to file

Every Indian company with an active ODI, regardless of whether the foreign business is currently operating, profitable, or dormant.

Key items included in the APR

• Updated shareholding pattern
• Operational status (active/dormant/closed)
• Financials of the foreign entity
• Details on profits, dividends, or repatriation (if any)

Deadline

December 31 of the following financial year.
For example, if you invested in FY 2023–24, the APR is due by December 31, 2024.

Why it matters

Failure to file the APR can restrict future remittances and may trigger regulatory action from the RBI. Some AD Banks also require early internal submissions to confirm your bank’s internal cut-off dates.

3. FLA – Foreign Liabilities and Assets Return

What it covers

The FLA Return provides RBI with an overview of your company’s foreign liabilities (like FDI received) and foreign assets (like ODI made). It helps track the country’s overall foreign investment position.

Who must file it

Any Indian company or LLP that has either:

• Received Foreign Direct Investment (FDI), or
• Made an Overseas Direct Investment (ODI) during the financial year.

Deadline

July 15 every year, based on the status as of March 31 of the same year.

Where to file

FLA is submitted through the FLAIR Portal, a separate RBI portal distinct from FIRMS. No physical filing is accepted.

What’s needed

• Shareholding details
• Foreign investment amounts
• Balance sheet data as of March 31

Why it matters

Missing this filing may not seem urgent, but it can delay inbound or outbound funding approvals. Some companies also face issues during tax or regulatory audits for failing to file.

RBI Compliance Calendar for Founders (2024–2025)

Form	Deadline	Applicable To
Form FC (Part A)	Before remittance	Indian companies receiving new foreign investment
Form FC (Part B)	Within 30 days of changes	When there’s a change in shareholding or other prescribed events
FLA Return	July 15, 2024	Companies with FDI or ODI as of March 31, 2024
APR	December 31, 2024	Indian companies with existing ODI in foreign subsidiaries or JVs

What If You Miss a Deadline?

Missing a deadline with any of these filings can result in Monetary penalties under FEMA

• Delayed approvals for new investments
• Restrictions on future remittances
• Increased scrutiny during audits or funding rounds

The RBI does offer a compounding process to regularize delays, but this comes with time, cost, and paperwork. It’s always better to stay ahead.

Best Practices for Staying Compliant

Founders juggling business growth and operations can still manage RBI filings smoothly with these habits:

1. Maintain a Digital Compliance Calendar

Use tools like Notion, Google Calendar, or Excel to map out deadlines. Set reminders 2–3 weeks in advance.

2. Centralized Documentation

Create a secure folder for all compliance paperwork, including:

• UIN letters
• Board resolutions
• APR reports
• FLA returns

Keeping everything in one place helps you move fast when filing is due.

3. Work with Experts

Even small mistakes like incorrect valuation or incomplete filings can delay your overseas remittance or cause rejection. A compliance partner familiar with RBI’s foreign investment rules ensures accuracy, speed, and peace of mind.

Need Help with ODI, APR, or FLA Compliance? [Schedule a free consultation today]

At LedgersCFO, we specialize in helping Indian founders manage the complexities of cross-border finance. Whether you’re setting up a U.S. subsidiary, preparing your Annual Performance Report, or filing your FLA return, our team ensures every step is handled accurately and on time.

We work directly with your Authorised Dealer Bank, prepare all required documentation, and stay updated with RBI’s latest compliance rules so you don’t have to.

With LedgersCFO, you can stay fully compliant with RBI rules while focusing on building and growing your business abroad.

FAQ’S

1. What is the deadline for filing the FLA return with the RBI?

The FLA return must be filed by July 15 every year, based on the company’s financial position as of March 31. It applies to Indian companies that received FDI or made ODI during the financial year.

2. Is the APR required even if the foreign subsidiary is dormant?

Yes. The Annual Performance Report (APR) is mandatory for all Indian companies with active ODI, even if the foreign entity has no operations or revenue. It ensures the RBI has updated records on all overseas investments.

3. Can I send funds abroad before filing the ODI Form A?

No. You must submit ODI Form A through your AD Bank and obtain a UIN from the RBI before transferring funds abroad. Sending money without this approval can lead to non-compliance under FEMA.

4. What happens if I miss the RBI compliance deadlines?

Missing deadlines for FLA, APR, or ODI filings may lead to monetary penalties, remittance delays, and increased scrutiny from regulators. In some cases, the RBI may require a compounding application to regularize the delay.

5. How does LedgersCFO help with ODI, APR, and FLA compliance?

LedgersCFO works closely with Indian founders to manage the full lifecycle of foreign investment compliance. From filing ODI Form A, coordinating with your Authorised Dealer Bank, preparing APR and FLA reports, to resolving late filings through RBI-approved channels, our team ensures everything is accurate, timely, and aligned with RBI rules so you can stay focused on business growth.