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


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

In recent times, India has seen an increase in foreign investments into the country due to its booming economy and plenty of opportunities for businesses of all sizes. 

The country's diversified labour force, affordable operational costs, comprehensive tax systems and government initiatives have made it an attractive place to start a new business. However, setting up a business in India for NRIs, Foreign Nationals or Foreign Companies can be complicated and time-consuming. Firstly, NRIs need to decide which type of business they want to form. They can choose from a private limited company, limited liability partnership (LLP) and other formats.

To form a company, NRIs need to submit documents like their passport details, proof of address and identity. This will need to be verified and attested by the Indian Embassy in the country they are residing in. This process is not only time consuming but can be frustrating when there are any delays in getting the documents attested by the embassy.

Also, NRIs need to obtain a DIN and a digital signature certificate to become directors of a company. 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. This can be a challenge as NRIs often live in other countries and don't have the required documents to prove their address or identity.

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