India is one of the biggest supermarkets in the world. Companies from all over the globe want to do business in India. They know that because of the large population of India they can attract a lot of customers to their products and services.
Also, India is a very safe place to do business. This is the reason why many multinational companies are setting up their factories and business in India. In the future India is believed to become one of the superpowers of the world. Every foreign company sees this as an opportunity to spread their business in one of the superpowers of the world.
But before foreign companies start their business in India they have to fulfill certain terms and conditions formed by the government of India. They have to fill an online form for foreign business registration under the government of India. They need to present their idea of business and the Government of India decides whether to approve or disapprove the proposal.
Process of foreign company registration: There are a series of steps through which the foreign companies have to go to start their business in India. They need to present the type of business they want to set up in India. Also they need to tell if they want to start it as a joint venture or an individual business. They need to present certain documents and papers related to their business. The foreign company needs to pay a certain amount of profit as tax to the government of India.
Fill online form: Many foreign countries start their business in India by filling an online form and providing all the required documents with the help of the internet. The authorities of the Government of India, go through the online form and the documents and decides whether to approve or disapprove the company to set up their business in India.
Mention the type of business: The foreign companies have to mention the type of business they want to set up in India. Whether they want to start as a joint venture or they want to own the business wholly. They also have the choice to run the business as an Indian company where they can invest their money. In this case, the profit is divided based on the investments made by the partners.
Submit all the documents: Before a foreign company sets up their business in India they need to submit all the documents about their business. They need to provide details about their source of income. In case they want to send their employees they need to provide details of their passport and travel details. They have to sign a deal with the Indian government that they are going to pay a part of the profit as tax to the government. The gst registration for foreign companyunder the Government of India is a must for conducting business in the country.
Many corporate companies have been approved and are conducting their business in India. Multinational companies like Google, Microsoft, Apple all are earning a lot of profit by doing business in India. This is the reason why many companies are eyeing to do business in India. India is one of the best marketplaces where they can earn huge profits.