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


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

"Call Our Business Plan Experts at +91-72999-72500"


As one of the fastest growing economies in the world, India is a prime choice for business investment. It is a great place for both the manufacturing and services sector backed by cheap labour, skilled workforce and strong consumption demand. The government has been encouraging foreign investment and making the process easier by introducing multiple administrative changes and schemes to attract investors.

NRIs have the same tax obligations as Residents in India, with the exception of certain exemptions and deductions. All income that is earned in India, or that the law deems to have accrued in India, is taxable in India. This includes salary, profits from the sale of goods and services, capital gains, interest income, rent on residential property and more. NRIs who are liable to pay taxes in India must file the correct tax returns and comply with all relevant laws.

NRIs can start a proprietorship business in India if they follow strict guidelines. They must invest the money through inward remittance from NRE or NRO accounts, and the investments should not be repatriated. They must also comply with labor laws and safety standards. The NRI must also register the business and obtain a tax identification number from the Income Tax Department.

They must also open a bank account in India and obtain a Digital Signature Certificate. Then, they must register the business with the Ministry of Corporate Affairs (MCA). They must upload the e-MoA and e-AoA for a company or the RPA Deed for an LLP on the MCA website and submit all required documents and declarations. The Registrar of Companies will then issue the incorporation certificate.

 

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