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An Overview on Businesses in India

As we know that India is a land of opportunities and to start & manage the business more straightforward, the country is equipped with proper methods & planned strategies that actually can make your dream come true. Starting a business in India can be a challenging task, however, due to smooth work procedures & operations, things have turned very easy.

Now talking about Indian Business scenario, the business structure witnessed a paradigm shift over the years, providing immense opportunities for the upcoming & growing sectors of the Company. There is no doubt that the Government of India played an essential role in transforming Indian businesses by opening doors to possibilities & encouraging them to take these to avail best benefits.

With the changes in finance reforms, tax reforms, macroeconomic reforms & relaxing the market, India revamped the complete map of doing businesses in India. As an outcome, the scope of doing business in India has grown enormously. With the campaign “Make in India”, more & more companies are entering the Indian Market and focusing on achieving operational & business effectiveness and creating a brand in itself.

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Different Types of Businesses to Start in India

In India, you can start any type of business, you have to freedom to choose & commence any business in the sectors such as Healthcare, Banking, Media, Automobile, Tourism, Pharmaceutical, Food, Real Estate, Cement Gems & Jewellery, Information Technology, Textiles, Financial Services, Hospitality, and so on. So, as a business, you either offer product or service based on the field. However, these are the following businesses & platforms that you can start in India:

  • Private Limited Company: Private Limited Companies are the most popular form of business structure in India. By establishing a Company in India, you can take advantage of funding, limited liability, and attracting suitable acquisitions. The Company is bound to conduct meetings & file annual returns stated by Government jurisdiction under the MCA.
  • Public Limited Company: This type of Company certainly has more benefits than a Private Limited Company. These companies have the exclusive right to issue IPOs to the public, enjoy flexibility & attract investors. Such companies are best for organisations that have a different perspective & higher growth possibilities. A few examples comprise GAIL, IOCL, SAIL, BHEL, etc.
  • LLP: LLP or Limited Liability Partnership differs from an ordinary partnership in terms of the partners’ liability. Under this, Partners associated with the firm are safeguarded from misdeeds, ineffectiveness, and negligence by other partners that do not demolish the Partnership.
  • Partnership Firm: It’s a form of business where 2 or more person agree to come together & manager the operations of the business, as mentioned in the Partnership Deed. The setting up of a Partnership form is less complicated & is a viable option, especially for home businesses.
  • OPC or One Person Company: In this type of Company, the business owner enjoys many benefits. First being a solopreneur & second, being a Company’s promoter. The person can enjoy the benefits of establishing a Company except equity funding/offering employee stock option plans.
  • Sole Proprietorship Firm: It is owned & managed by one individual. The small merchants & traders come under this category. Under this type of business in India, the Registration is recognised via service or GST Registration.

Why is it good idea to start a Business in India?

India is now at a growing stage. As an outcome, it is opening up to represent in the different markets across the world. The Government of India provides a favourable business environment for all organisations to come up & make most of their plans. As an outcome, it is now more viable for businesses to set up their businesses in India to maintain their stability & growth in the market. Moreover, the businesses can also get the opportunity to work & explore in the global market. Following are some reasons highlighting the advantages of commencing a business in India:

  • Increase in the Market Demand: The demand of the Indian market is very high and from vital items to luxury items, people in India need a variety of everything. Keeping the population in mind, the demand for the items has been rising high, encouraging the businesses to take the advantage to grow in the respective sectors & fulfil the demand accordingly.
  • Scope of Employment: By providing a sustainable business environment, the businesses provide employment opportunities to the people belonging to the sector & boost their living standards.
  • Ease of doing Business: The market and Government policies have made the procedure of starting a business easy. With the introduction of business-friendly laws, liberalising the market & reducing the registration procedure, the Government is providing a great deal to aid people in business ease out the mode of starting the business.
  • Provide Sustainable Business Environment: India is a developing nation & being a host of business activities, the market of India provides a sustainable environment for any type of business to maintain stability & flourish on a large scale. India has turned a favourable table towards businesses by supporting the livelihood for the upcoming years.

Benefits of Business Setup in India

 

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Huge market approximately 500 Million Middle class customer base with good purchasing power parity.

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4th largest automobile industry in world and by 2026, it will be in 3rd position.

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2nd largest telecommunication market in world with subscriber base of 1.18 Billion.

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Enjoy 2% share in global Biotechnology industry and by 2025, it is expected to achieve USD 100 Billion.

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Ecommerce – estimated revenue by 2027 is 200 Billion US Dollars.

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Low labour costs, attractive incentives for new manufacturing enterprises, skilled & talented human capital & reduced corporate tax rate are driving India towards becoming an alternative hub for the global manufacturing supply chain.

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Majority of the Fortune 500 companies have Research and Development Center & or assembly line in India.

How can Corpbiz help your businesses ?

Corpbiz is an all-in-one small business software that handles all financial reports, accounting, payables & receivables, taxations, invoices, invoice reminder and may such business activities at one place & at the same time. Today many organisations are looking to set up their businesses in India due to rapidly growing market & opportunities. We help them set up and run their business smoothly.

Company Incorporation FDI (Foreign Direct Investment) Help you in Transaction Study GST and Other Services
Obtaining DIN and DSC for Company Directors Assistance in opening of Bank Account with Authorised Dealer Getting an understanding of the overall business Analysis of the transaction with regard to laws & services

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