Business Setup in India
Founding a new business in India couldn't get any more hassle-free than this. Let us first help you pick the right business format and then expedite the documentation processes and necessary grants approvals so that you can set up base quickly and focus on fuelling the growth of your company.
When laying the foundation of a new business setup firms, there are some essential elements that demand your serious attention. One of these is documentation which includes receiving approvals from the government and fulfilling legal prerequisites. Most importantly, you need to select exactly the type of business you want. We are one of the top consulting firms in Bangalore.
Broadly speaking, businesses can be categorized into private limited companies and public limited companies. But apart from these two common business entities, there are many other types of businesses which are based on your specific needs as the owner of a business. At GMG Advisors Pvt Ltd, we have a successful track record of helping a large number of individuals and entrepreneurs launch start up businesses, making every step of the setup process pain-free.
A liaison office is usually required by foreign companies that want to establish their bases in India. Since such offices are granted by RBI, India's central banking institution, compliance with certain regulations and prescribed conditions have to be fulfilled. The lead time for obtaining approval in this regard depends on whether your application is referred to the administrative ministry. Liaison offices have some restrictions in terms of representation, promotion, taxation and other commercial activities. The main purpose of a liaison office is to serve as a communication channel between a foreign company and Indian companies.
If project execution in India is what a foreign company wishes to do, they require a project office. The actual purpose of setting up a project office is to build a temporary base in India. Depending on what you exactly need, the roll out of a project office may or may not need prior approval from RBI. The process of closure of such offices is straightforward.
When a foreign company wishes to conduct commercial activities in India, they opt for a branch office. With prior approval from RBI, a foreign company through their branch office in India can broaden its scope of activities and be able to deal with export/import, render professional services, execute research work and do a lot of other things. The government of India offers 100% FDI allowance to branch offices set up in SEZ.
Limited Companies (Private and Public)
Whether private or public, setting up a limited company in India means gaining full status and freedom for conducting business operations and trading or commercial activities. While this type of business offers you a full-fledged presence, it also asks for greater abidance.
Limited Liability Partnership (LLP)
A business format which would bring together the flexibility of a partnership and the benefits of limited liability of a company while cutting down the compliance cost was much-awaited. Thankfully, the Government of India has opened its doors for Foreign Direct Investment through Limited Liability Partnerships (LLPs). This type of business is a good match for SMEs and those enterprises that operate in service sector.