Common mistakes to avoid when setting up a company in India
Expanding your business beyond the horizons of your own country comes with its own set of challenges, while some you might have been prepared for but the rest being unexpected. To setup business in India, it is inevitable that one will face difficulties owing to the different market scenarios and business ecosystems but there are some common mistakes one can steer away from with some preparation and prior knowledge.
Finding and acquiring the right site or land for your business operations
Being oblivious of the various nuances attached to finding the right land in India for your business operations is a matter of major concern that should not be sidelined. Finding the right place that corroborates your business, providing the right features in terms of manpower, market scenario, accessibility, and exposure to the right vendors and buyers is paramount. For a company to establish true ownership of land proper guidance is needed to tackle the complex process and to and make it less complicated.
Understanding the tax structure and legalities attached
Due to the stark difference between the legal system amongst different countries, India poses the same challenges in terms of the legal structure that one might have trouble maneuvering if they don’t even know how it operates. One needs proper guidance from Indian professionals for ease of procuring licenses and approvals for your business.
Getting the right help from professionals in India having the correct information and knowledge of its tax structure is important before you setup company in India so that you don’t end up paying the wrong taxes and affecting the profitability of your business.
Being oblivious to the local market conditions
India is a diverse land brewing with diversity every few kilometers, which makes it important for foreign investors to seek help to understand local market conditions. Appointing a Resident Director who will help you jump through local hurdles will be of big help. For your business to flourish you need a strong foundation which is only possible by understanding the market scenario of your industry and how different states and cities in India can have varied sets of regulations, procedures, requirements for procurement of raw material, etc.
DBPL can help you avoid all these mistakes so that your business and ideas can flourish. We provide services through which the entire process of research for market entry, finding the right land for setting up the unit, design, and construction, compliances, and regulation is made convenient for you as we assist you during each and every step.