If you are an ambitious entrepreneur or a non-resident businessperson willing to have a new business setup in India, then it is important to know about the way you may proceed with your planning and execution aspects smoothly. Check out here some critical factors that must be considered well before you take your business setup idea forward. Such considerations will help you establish it successfully.
Assess your options
When you want to establish a new business setup in India, it is essential to check whether you will be commencing the operations as an Indian company or a foreign company. If it would be an Indian firm, then you may incorporate it as a wholly owned subsidiary or a joint venture. Else, a foreign company can enter India through a branch office, project office or liaison office.
Know about registration requirements
There are specified government policies and procedures that you will need to follow in order to register your company in India. The policies and regulations vary for different options. While there are several operations already established by the partner firm in case of joint ventures, you may not get this advantage while entering India as a wholly owned subsidiary. Further, you will need to recruit the mandatory directors and staff, as well as choose a business location and office if you want to complete the registration procedures successfully. Thus, it is very much necessary to gather all the knowledge of company registration processes beforehand.
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Hire a consultant
If you are establishing a business in India for the first time, then you may not know about many matters that actually matter at the time of establishment of your business. Since there is a lot of paperwork to be done in a legal manner, it is always better to hire a renowned consulting firm that can help you with the initial registration formalities.
Conduct research to establish basic operations
Research prior to the actual business and infrastructure establishment is highly important, as you will need to setup all basic operations as soon as you plan to register your firm. You may also take help from a management consulting and outsourcing firm when you need to start processes like personnel, finance/accounting, IT, legal and compliance, etc.
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