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Located right in the middle of South Asia, India has a population of approximately 1,350 million people. It is the seventh-largest country by geographical area, the second-most populous country, and the most populous democracy in the world. It also has the world's second largest labour force, with more than 500 million people.
India provides a very good blend of a thriving domestic market opportunity, highly skilled manpower & increasingly open regulatory environment.
All these make India a favorite destination for global companies who are looking to expand their footprint and create a lasting business success.
Not considering expanding a business to India means ignoring one of the most promising new markets of the decade to come. Most major companies do already have at least an indirect presence in India through their distributors/ supply chain mechanism. However, having a direct presence would leave you with a much better control over operations, financial and marketing activities compared to such an indirect presence.Presence can be attained in many ways, such as establishing a wholly owned subsidiary/ LLP or a Branch/ Liaison/ Project Office.
The ease of doing business is an index created by economists of World Bank Group which ranks countries on basis average of 10 sub indices. We are delighted to state that over the years, India has leapfrogged 79 places from 142 to 63 in the World Bank’s ease of doing business rankings. India is expected to move into the top 50 by next survey and has been earning a place among world’s top ten improvers.
India has undergone some major reforms within a short period of time, such as:
Government is constantly and dedicatedly working towards the areas which are still lacking, and bright days ahead are foreseeable!
India’s Foreign Direct Investment policy has been progressively liberalized to make the investment regime more investor friendly. The result of the liberal foreign investment policies is that India has been consistently rated amongst the top investment destinations globally by all international bodies including World Bank, UNCTAD.
Over the years, industrial policy reforms have largely removed restrictions on investment projects and business expansion on the one hand and allowed increased access to foreign technology and funding on the other. A series of measures that were directed towards liberalizing foreign investment included:
Doing Industry specific Market Research :
Understanding the regulatory environment
Having a market strategy
Selecting the appropriate legal structure of the entity
Looking for right partners and building contacts
Keep long-term growth in mind
Understanding the business culture
India has the world's second largest labour force, with more than 500 million people. It is a huge pool of skilled manpower, professional managers and semiskilled and unskilled labour available at a comparatively moderate cost, often just a fraction of the rates prevailing in developed countries.
India has a large scale population making the cost of labour significantly cheaper in the country with an abundance of technically skilled manpower. The hourly rates of a developer in the developed West vary from $60 to $80. Whereas in India it can be as low as $15. The flexible pricing ensures that even small businesses have the options to suit their budget. This is why many giant companies also set up their captive units or outsource work to India.
Both Indian and multinational recruitment agencies exist in the market. The Indian work culture is immensely diverse and extremely professional. English language is used for much official communication.
Moreover, the manpower possesses the requisite expertise to provide the high-quality services without having to spend extensively. To sum it up, it is ensured that the required services are provided for at the lowest rates possible without compromising on the quality.
Indians across the world have proven to be amongst the finest workforces. Global start-ups can make the most of high-quality workforce with a strong work ethic to set up facilities like manufacturing, R&D, innovation centers and technology support for global operations.
There are majorly 3 options for foreign companies entering into India:
Establish a Liaison office (LO) Merely a representative office which is only allowed to act as a channel of communication between Head Office and parties in India and can engage in promotional activities. No legal standing of its own and not permitted undertake any commercial activity – directly or indirectly and cannot thus earn/accrue income in India.
Establishing a Branch office (BO) Branch offices are extensions of Head Office. They are engaged in furtherance of their HO’s activity in India and can engage in limited operations such as export/import of goods, rendering of services, etc. They also do not have a legal standing of their own but can accrue income in India since they are allowed to undertake commercial activities.
Establishing a Wholly owned subsidiary (WOS).They are private limited companies incorporated under Companies Act, 2013 with closely held shareholding among parent and group companies. They are distinct legal entities. They are treated as a domestic company and may undertake any activities stipulated in their MOA subject to Indian laws and regulations.
Registration process for a privately held company in India broadly involves the below steps:
Obtain Director Identification Number (DIN)
Obtain Digital Signature Certificate
Reserve the company name online
Complete set of statutes and regulations that apply for a particular business shall depend on the industry it operates in, considering that there are several industry specific laws. However, a general set of laws is applicable on all businesses, irrespective of the business or entity type.
Below laws are applicable for companies that go public and trade their holdings on stock exchanges:
A business always has to function with limited resources by making optimum decisions to make the most out of them, but this is especially true for startups. It is not feasible to employ expert level resources for all business functions, and it is not a wise idea to do so considering usually limited scale of activities.
The businesses can save up time, funds and efforts and channel them towards their core business activities by outsourcing certain support activities to expert organizations. This also helps ensure better quality and accuracy.
We, at Neusource, are a team of highly experienced and trained professionals who specialize primarily in rendering set-up, support and consultancy services to start-ups. We are amongst the pioneers in the domain of expert services tailored specifically for start-ups. Having offices in multiple cities all over India, we are recognized for being a remarkable part of the start-up revolution going on in India. We offer you with a single window for solutions of all your requirements and issues. We provide various services which have been explained previously in this document, ranging from
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Minimum 2 shareholders & 2 directors (a shareholder can also be a director) are required to form a private limited company. One of the directors has to be a resident Indian.
Yes, only one person in Board of Directors is mandatorily required to be Indian.
MOA is the Memorandum of Association, which reveals the company’s name, registered office address, aim, objects, limited liability related clause, limited paid capital, the share capital of the firm, etc.AOA is like a constitution of the company that guides it’s management and administration.
PAN is Permanent Account Number, which is your unique identification issued by the Income Tax Department.
Tax Account Number (TAN) will be used by you for withholding taxes (TDS) from credits/ payments to other parties such as employees and vendors, as required by law.
Yes, you have a time limit of 20 days for registering the company after name reservation
It can be as quick as one week to ten days, but if there are rejections or other queries raised by ROC, you should expect a delay. However, process does complete within 1 to 2 weeks.
DIN is Director Identification Number issued by ROC, which is unique for each person acting as a director in any Indian company.
DSC refer to digital signatures, which are used for signing documents digitally.
Yes, there is no restriction on foreign director obtaining DSC and signing documents.
The Cost of Incorporation / Registration of Pvt. Ltd Company would vary from State to state, depending upon the No. of Directors, No. of members, authorized share capital and Professional fees etc.
A private company can have a maximum of 200. members.
There is no minimum fund is required to be invested in the formation of company in India. Indian laws relax the provision of minimum amount of capital. It is suggested that to keep the capital amount of Rs 1 lakh atleast so that a good financial record can be shown to other person.
Yes, perfectly suitable! The private limited companies have been a hugely popular form of business entity amid foreign investors for making the direct foreign investment (subject to FDI Guidelines) in any country, by means of a wholly-owned subsidiary, a joint venture, etc.
No. You need to register your intellectual property (trademark/ copyright etc) separately with concerned authorities.
