Benefit of Starting a Business in India by a Foreign Nation


Benefit of Starting a Business in India by a Foreign Nation NRI

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NRI's are a major contributor to the Indian economy as they bring in inward remittances as well as skills, technology and a global perspective. The Indian government recognizes the role they play and supports them with various schemes including subsidized electricity rates, free of cost land for promising businesses, tax exemptions etc.

As India is one of the fastest growing economies in the world, many NRIs are considering setting up a business in the country. However, there are several things to be kept in mind before you make the decision.

There are different types of business entities that can be registered in India such as a private limited company, a sole proprietorship, or a partnership firm. It is important to understand the rules and regulations that are involved in each of these entities before making a decision.

A NRI can start a sole proprietorship firm in India provided they follow the regulations set by the Reserve Bank of India (RBI). In order to do this, the NRI must select a name for the business and obtain a PAN number and TAN number from the Income Tax Department. The NRI must also register the business with the Ministry of Corporate Affairs and file relevant declarations and documents with the Registrar of Companies.


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NRI's can form a private limited company or a limited liability partnership (LLP) in India. However, it is essential to note that at least one of the directors needs to be a resident Indian. Additionally, it is important to have a director identification number (DIN) and a digital signature certificate. These documents will need to be attested by the Indian Embassy or High Commission in the country where the NRI resides.

 

 


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