Success tips when doing business in India
When doing business in India, there are several points about setting up and conducting a business in India that our Client should be aware of:
- Business culture in India generally tends to be laid back. Consequently, business meetings often start later than usual and end later as well;
- Indian businessmen prefer to build a relationship with their Clients and suppliers. Hence, it is advisable to engage in small talks and establish good business network, or work with a partner who has existing business relations;
- India is a socialist country with a bureaucratic government. Consequently, you should expect business processes to take longer than usual;
- Although Mumbai is India’s financial capital, Delhi is the place where major business transactions happen. Plus, with Delhi being more livable, it is a much better base for business in India;
- India is a large country with huge markets across regions. Therefore, travelling to other cities to meet Clients and suppliers is a common norm in India.
Interesting facts about India
- India is the top 10 largest economy in the world with a GDP of over US$2 trillion;
- India’s major import partner is China while its major export partner is the USA. Some of the main imports are crude oil, gold and precious stones while its main exports include software, petrochemicals and agricultural products;
- The name “India” is derived from the river Indus which, before partition in 1947, formed the western boundary of the country;
- India is also called “Hindustan” which literally means land of the Hindus. In fact, Hinduism is the oldest religion in the world with 3rd largest number of followers after Christianity and Islam;
- India is the 7th largest country in the world in terms of area and the 2nd largest in terms of population. Despite its size, all of India is covered under one time zone;
- Based on 2016 Global Services Location Index, India is the best country for outsourcing activities. Half of world’s outsourced IT services are provided by India, amounting to a whopping US $47 billion industry.
Frequently asked questions
How many directors are required for forming a business in India?Only 2 directors are required when registering a company in India.
Is it mandatory to have a resident director or shareholder for Company Registration in India?Yes. Under the India Companies Act, every business must have at least 1 resident director. As India company registration agents, Healy Consultants will provide our Clients with this nominee resident director service for US$7,600.
How many shareholders are required for registering a company in India?A minimum of 2 shareholders will be required for business registration in India.
How to register a business in India?For business registration, our Client will be required to i) reserve the company name ii) supply the India office lease agreement iii) sign the company setup forms iv) register for tax and social security and v) obtain a business license.Healy Consultants’ experts are India company registration specialists and will assist our Clients at every step.