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BUSINESS SETUP IN INDIA- Various options available for Doing Business in India

BUSINESS SETUP IN INDIA   One of the most common queries received by Indian consulting firms from global corporations nowadays is about business setup in India . Due to globalization, the companies all over the world has expanded its presence in other jurisdiction or territories from where they are either engaged in trading business or export import or providing services globally. Owing to its huge consumer market, India has also seen quite a surge in foreign company registration in India in recent years. Just like Indian companies are curious about how to setup business in foreign countries, similarly, foreign companies are also interested in business setup in India and want to know about various options available for setting up business in India. VARIOUS OPTIONS FOR BUSINESS SETUP IN INDIA Well, the type of entities for doing business in India depends upon various factors like Nature of business of the Company, Long term vision of the company and purpose of business set
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OUTSOURCE ACCOUNTING SERVICE- PROS AND CONS

OUTSOURCE ACCOUNTING SERVICE One of the dilemmas faced by many businessmen is that whether to keep an in house accountant for day to day book keeping or to outsource accounting service to an external agency. There is no readymade answer to the same and it all depends upon nature of business, complexities of accounting, annual turnover of the company and other factors. Normally, during the initial stage of businesses, it makes sense to outsource accounting service instead of keeping an in house accountant merely from cost saving purpose and as the business grows, it is advisable to keep an in house accountant. In this write up, we would be discussing the pros and cons of account outsourcing instead of keeping an in-house accountant Pros of Account Outsourcing a)       Cost Saving As mentioned above, in the initial stage of business, lot of cost saving can be done by taking account outsourcing service of an external firm. This is due to the fact that keeping an in house
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Location: India
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FACELESS INCOME TAX ASSESSMENT- COMMON CHALLENGES FACED BY TAX PAYERS

  FACELESS INCOME TAX ASSESSMENT   When faceless Income Tax Assessment was announced by the tax department, it came as a sigh of relief and as a breeze of fresh air to both the assesses as well as tax professionals as there was an expectation that the entire assessment and litigation system will become more transparent. FACELESS INCOME TAX ASSESSMENT – Objectives The new Faceless Income Tax Assessment Scheme was announced to achieve the following objectives: a)       Ease of compliance b)       To curb corruption and malpractices c)        To make the entire Income Tax assessment process faceless and painless for assesses d)       To make use of Technology to bring more transparency and accountability e)       No physical interaction between tax payers and tax officers by issuance of e-Income Tax Notice   INCOME TAX ASSESSMENT SCHEME- Some new Features There were many features prescribed in the new Income Tax Assessment scheme like artificial intelligence, techn
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Location: India
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HOW TO SETUP BUSINESS IN INDIA

  BUSINESS   SETUP IN INDIA     In February 2023, I happened to visit my uncle who was based in Australia, for attending a marriage ceremony in his family. It was a grandeur event attended by almost 200 peoples including 50 odd local Australians.   During the function, one of my uncle’s friends who were an Australian started discussing about Indian economy, industries and what the opportunities for business setup in India are . I asked him to meet next day after the marriage in a coffee shop, so that I may explain him in detail about the process of business setup in India. We met in Starbucks and He was accompanied by another Australian guy. He introduced the guy as his friend and partner in his business. Actually, they both were running a business of manufacturing and trading of beers and hard drinks in Australia. They were very excited to know about the process of foreign company registration in India as they wanted to open an Indian company with same brand as they were
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FOREIGN COMPANY REGISTRATION IN INDIA - WEBINAR

FOREIGN COMPANY REGISTRATION IN INDIA Recently, we, at Ezybiz India Consulting LLP have conducted a webinar on Foreign Company Registration in India .   The webinar has been attended by more than 100 participants from all over the world. Some of the participants were interested in knowing more about foreign company registration in India as they were planning for their business setup in India .   We have conducted webinar at 2 different time zones keeping in mind the audience from different locations in the world.   FOREIGN COMPANY REGISTRATION IN INDIA- Topics covered in the Webinar   We have covered following topics in the webinar relating to foreign company registration in India.   1)       Brief Facts about India Some Brief facts about India, like when it got independent, when it decided to open the economy to outside world, what is the current GDP etc. We have also discussed about India’s soft power like Yoga, Bollywood, Indian heritage, culture and cuisin
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Location: India
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Advantage of Outsource Accounting

  Outsource Accounting   The life of any businessmen in India is not smooth since they have to not only look after the complexities of their businesses but also have to do lot of statutory compliances in India for which they require accounting service , Tax filing and audit service. They have an option to either keep an in-house accountant for doing compliances or can outsource accounting and other compliance work to an outside agency. In this write up, we will be discussing about advantages of account outsourcing. ACCOUNT OUTSOURCING- ADVANTAGES 1)       Cost Reduction - First and foremost advantage of account outsourcing is the cost reduction. By outsource accounting service to outside agency, tremendous cost saving can be done since the outside agency will charge only fraction of cost of what would be charged by an in-house accountant.   2)       One window solution - Another advantage is that by outsourcing, the external agency can provide one window solution for
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Location: India
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HOW TO OPEN A SUBSIDIARY COMPANY IN INDIA

  SUBSIDIARY COMPANY REGISTRATION IN INDIA Recently, one of my friends, who are based in USA, met me in India. He was a NRI and has been working as software consultant in USA for last 25 years. Now, He wanted to explore some opportunities of business setup in India . He wanted to start an IT consultancy business in India and asked me the entire process of the same. I informed him that he can start business in India in any of the following form of entities: a)       LLP registration b)       Normal Private Limited company registration and c)        Subsidiary company registration He was very curious to know the difference between all 3 of the above and also what is best form of entity registration for him. I informed him in brief about various features of all the 3 entities and also the estimated cost of registration of each of the three entities. Also, informed him about types of documents required etc. He was not sure about the best form of business setup in India .
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Location: India
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