Success tips when doing business in India
There are several points about setting up a business in India that our Client should be aware of:
- Corporate culture in India generally tends to be laid back and relaxed. Business meetings in India often start later than usual and end later as well. So, expect a couple of late meetings with frequent interruptions;
- Indian business people prefer to build a relationship with their Clients and suppliers. So, it is advisable to be a little informal while working in the country;
- Since relationships matter, it is always better to find the partner who brings most to the table in terms of knowledge and experience;
- Unlike other conservative cultures, it is completely acceptable to shake a woman’s hand in India;
- Despite the relaxed environment, it is still mandatory to address people by their titles and last names unless otherwise asked to do so;
- India is a socialist country. Consequently, the government will play a huge role in your business life. So, it is important to exercise restraint and patience when dealing with the authorities;
- 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;
- Travelling to other cities to meet Clients and suppliers is a common norm in India. And, with number of good quality domestic flights operating in the country, no city is more than 2 hours away;
- Lastly, many local suppliers that you will come in contact with won’t be very professional. So, the secret to success in India is finding the right person for the job and being patient.
Interesting facts about India
- India has a GDP of just over US$2 trillion is the 10th largest in the world;
- India’s major import partner is China while its major export partner is the European Union. Also, India’s main exports include software, petrochemicals and agricultural products while its main imports include crude oil, gold and precious stones;
- 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;
- Every major religion in the world is associated with India. Besides, Hinduism, Sikhism, Buddhism and Jainism all began in India;
- India is the 7th largest country in the world in terms of area. It is also the largest democracy in the world (in terms of population). Despite its size, all of India is covered under one time zone;
- The Indian subcontinent consists of India, Pakistan, Bangladesh, Sri Lanka, Nepal and Bhutan;
- There are 22 official languages in India;
- While cricket is the most popular sport in India, the national sport is field hockey;
- Half of world’s outsourced IT services are provided by India, amounting to a whopping US $47 billion industry;
- Apart from US and Japan, India is the only country that manufactures super computers;
- India has the highest number of post offices in the world;
- The game “Chess” was invented in India;
- Indian has the largest number of vegetarians in the world;
- The Vishnu Temple in Tirupathi is most visited pilgrimage destination in the world, even more than Mecca and Vatican;
- India’s Kumbh Mela, which happens every 12 years, holds the record for the world’s largest public gathering;
- Until 1896, India was the only source of diamonds in the world.
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.