India is the fastest growing economy in the world. The Businesses across the world want to start businesses in India. If one has plans of Starting a Business in India there are certain things one need to do:
1. Nature of Business to be setup this should also include if choice of sector of investment like Manufacturing or Service Sector
For starting business in India the sector which attracts major Investment is the Service Sector. With large pool of educated, Cost effective, English speaking, hardworking population India has been a favourite destination for outsourcing needs. The Manufacturing sector is also given a boost in India with the ‘Make in India’ vision of the Government.
2. Selection of a Good Consultant/ Lawyer/ Chartered Accountant
Choosing a Good Consultant for business becomes very important in India because there are numerous compliance in India. Registrar Compliance, Reserve Bank Compliance, Tax Compliance, Transfer Pricing Compliance. If one has plans of starting a Business in India then one has to be updated with compliance because there are hefty penalties for non-compliance.
3. Selection of Registered Office
For starting a business in India one needs to be sure about the place of establishment of Registered Office. Most Businesses prefer metropolitan cities like New Delhi, Mumbai, Chennai, Kolkatta, Bangalore as their cities for registered office establishment due to better infrastructure and facilities.
There are a number of other factors that one needs to keep in mind when starting a business in India other than the few mentioned above. For more information you can contact us.