What is a 'Foreign Company' and what are the conditions for receiving Foreign Contribution by a Person Resident in India as per provisions of the Foreign Contribution (Regulation) Act, 2010.

According to Section 2(g) of the Foreign Contribution (Regulation) Act, 2010 "Foreign Company" means any company or association or body of individuals incorporated outside India and includes— A foreign company within the meaning of the Companies Act, 1956/2013; A company which is a subsidiary of a foreign company; The registered office or principal place of business of a foreign company referred to in sub-clause (i) or company referred to in sub-clause (ii); A multi-national corporation. It may be noted that a corporation incorporated in a foreign country or territory shall be deemed to be a multi-national corporation if such corporation, (a) has a subsidiary or a branch or a place of business in two or more countries or territories; or (b) carries on business, or otherwise operates, in two or more countries or territories; Any "Person" can receive foreign contribution subject to the following conditions: It must have a definite cultural, economic, educational, religious or social programme. It must obtain the FCRA registration/prior permission from the Central Government It must not be prohibited under Section 3 of FCRA, 2010. It may be noted that "Person" includes (i) (i) (iii) (iv) an individual; a Hindu undivided family; an association; a company registered under section 25/8 of the Companies Act, 1956/2013 respectively.