There are two levels of compliance that an Indian company has to fulfill in order to open an offshore bank account.
First, compliance in India: A resident individual (which includes a body corporate incorporated in India) can open an account with a bank outside India without the specific approval of the RBI in only certain cases. These cases are listed in Footnote 1. In your case, opening such an account will require the approval of the Reserve Bank of India. This approval will typically list the terms and conditions on which the bank account can be maintained and operated.
Second, compliance in the foreign country: The local laws of the bank in which the account is being opened have to be complied with. Some banks may require that the company must have a minimal local presence in that country (such as a branch office). Most banks require that the account signatories and majority directors be physically present for completing the paperwork. Yet others may accept the documents signed at one of their overseas branches or in front of a Notary Public.
1. General approval for Foreign Currency Accounts by Resident Individuals
(a) A resident student who has gone abroad for studies for the period of stay abroad
(b) A resident who is on a visit to a foreign country for the period of stay abroad
(c) A person going abroad to participate in an exhibition/ trade fair for crediting the sale proceeds of goods
(d) For remitting/ receiving the entire salary payable to a person in India
(e) For the purpose of sending remittances under the Liberalized Remittance Scheme
(f) Insurance/reinsurance companies registered with the IRDA
(g) An Indian startup or any other notified entity, having an overseas subsidiary
Link for (a) to (e): https://www.rbi.org.in/scripts/FAQView.aspx?Id=69
Link for (f) and (g): https://rbi.org.in/Scripts/NotificationUser.aspx?Id=10441&Mode=0
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