1.2 There is no separate law for incorporation or registration of Joint Venture in India. It is incorporated or established like a private company or public company under the Indian Companies Act, 1956 & 2013. There are some other Indian laws which are applicable on JV:

i) Foreign Exchange Management Act, 1999

ii) Partnership Act

iii) Competition Act, 2002

iv) Foreign Trade (Development and Regulation) Act, 1992

v) Industrial Policy and Procedure

vi) Contract Act

vii) Policy for Foreign Investment

viii)SEBI Guidelines, Regulations, Notifications & Circulars

1.3 Joint Ventures and Wholly Owned Subsidiary have been defined in the Foreign Exchange Management (Transfer and issue of Foreign Security) Regulations, 2000 as under:

1.4 Joint Ventures means a foreign entity formed, registered oral incorporated in accordance with the laws and regulations of the host country in which the Indian party makes a direct investment.

In recent years, the term Joint Venture has also been used interchangeably with a newer business called “strategic alliance”.