Setting up a business in India as an NRI

A lot of people have started avoiding even the idea of starting a business in India. There is such a hassle involved that it seems not worth the idea. Things have gotten a little better over the years. There are now some simple steps that you can take to make sure that your process goes as smoothly as possible.

-  Get your business name approved in the state that you are opening the company.

- Register your company. This usually takes a few days.  

-  You need to obtain a Memorandum of Association. This Memorandum will state all of your company objects. Make sure to obtain the original.

-  You need to obtain Articles of Association. This Article will state all of your company financial regulations. Make sure to obtain the original. 

-  You need to obtain a Power of Attorney.

-  If you are going into business with any partners, have a legal agreement made for each partner to sign. 

-  Then, you will need to follow up with the Ministry of Company Affairs until you have received your Certificate of Incorporation. 

All in all, you should set aside at least forty days to get your business set up in India. It is best if you have a PIO card before you start. 

If you are living outside of India and are looking to start a business in India, you will first need to apply for a PAN card. You can do so at: http://www.pancardonline.com/apply.html

Also, let it be known that because you are starting a business in India, you will be required to file your taxes in India every year. Make sure that you register with the Director General of Foreign Trade if you are an export/import business.

Foreign Direct Investment: Money invested by an NRI.

Foreign Investment Promotion Board: The ones that approve an NRI’s investment.