Company Formation and Small Business Setup in India
The Attractive and Resistant India Market
India ranks among the top countries in the world as one of the largest recipients of FDI (Foreign Direct Investment). India accounts for a stable economy. India has received recognition by international organizations like IMF as one of the fastest growing market, from time-to-time.
More and more companies are seeking company formation in India. Most international companies that entered and did company formation in India in early 1990s are highly reputed companies in India today and have extensive PAN- India networks, and have secured their market share over the past years and decades.
India also provides backend support for international companies for their global feed of products / services. India is the backend office destination for many of the Fortune 500 companies. Even amidst global market slowdowns, India market remains to sustain and face up to the challenge in the most difficult of times, such as the ongoing Coronavirus pandemic, COVID-19.
To mention, some of the leading industries / sectors in India are Healthcare, Pharmaceuticals, Automotive, IT / ITeS, Ecommerce, BPO, Software Development, Financial Services, Consumer products, Infrastructure, Agriculture, Gems and Jewellery, Insurance, Oil and Gas, Renewable Energy, Textiles.
The Basics about Company Formation in India
There are a few simple processes and steps involved in company formation in India, yet, deep detail is required into every aspect of it, such as right documentation, accurate application etc that are key in the company formation in India. Some of the basic steps in company formation in India are:
- Selection of the appropriate company name, such as, XYZ (India) Pvt. Ltd. or XYZ LLP, LLC, i.e., the name should be available and not overlap with any other existing company name, therefore, approval of the company is required by the concerned authority
- Directors’ list
- Have digital signature for company formation in India. DSC – Digital Signature Certificate
- Explicit statement of company industry / sector, and its product/s or service/s
- Apply at the Registrar of Companies and filing the appropriate Form correctly
- Drafting of Memorandum
+ some more basic additional steps
The Process of Company Formation in India
As above, the process of company formation in India is rather straightforward yet it has to be done with no errors. The process does not take long and sometimes can be completed within a month. The concerned departments are very friendly, responsive etc enabling the processes to be covered early in a transparent manner. Most if it can also be done online with the help of leading consulting Firm like DBPL. Also that most of it inexpensive, and prices are standard and informed beforehand. DBPL tells foreign companies the timelines and what is to be achieved in what milestone in a set time framework in the details of company formation in India.
Some Basic Details about Small Business Setup in India
As there are a host of Fortune 500 companies that are present in India, there are many small and medium scale international companies in India as well who have small business setup in India, and they are doing very well. While the steps involved in small business setup in India are quite similar to other multinational or corporate companies with global presence, it does not take much time to get small business setup in India going as the process is very straightforward and transparent, such as making of company PAN, registering company name, list of Directors or Owner and so forth. There are countless high-profit making small businesses in India.
How to go about Small Business Setup in India
It is best to avail services of a leading consulting firm like DBPL in India. DBPL’s expert team, with decades of experience in the profile of helping and enabling small business setup in India, are pioneers in their domain. DBPL has a vast number of services that complement small business setup in India, and more can be read about on their website www.dbpl.asia.