Indian FEMA residents may not directly hold control-level stock in any foreign corporation if that foreign corporation is going to have a step-down subsidiary anywhere in the world. The founders must hold their foreign stock through a personal Indian LLP (Limited Liability Partnership) vehicle in India. Think of this LLP as the "personal family office" of each founder. So each LLP would contain only the founder and her/his family member, not any other co-founder.
Note that instead of an LLP you can use a Registered Partnership, but we recommend an LLP, which limits your liability.
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