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


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

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NRIs and foreign nationals are one of the largest contributors to the Indian economy. They bring with them skills, technology and a global perspective. They are also an important source of investment for the Indian economy. The government supports their efforts and encourages them. It does so by providing a number of schemes and incentives for investments in India including subsidized rates of electricity, free land for promising ventures and tax exemption for some period.

NRIs can start a company in the form of a Private Limited Company or a Limited Liability Partnership depending on the type of business they want to set up. Notwithstanding these perks, it is important to note that there are some strict guidelines that have to be followed while setting up a business in India. The guidelines are mainly governed by FEMA (Foreign Exchange Management Act) and the Income Tax Act. A double tax avoidance agreement (DTAA) is a necessary part of the entire process to prevent taxes from being paid twice on the same income.

There are a number of ways in which an NRI can register a business in India. One way is by registering the company as a Private Limited or a Limited Liability Partnership. The compliance requirements for these are minimal and they have to comply with FEMA, FDI, RBI and Income Tax guidelines only.

Another way is to approach a chartered accountant who specializes in NRI matters. They will be able to guide you through the entire process and assist you with filing your returns. Then, they must register the business with the Ministry of Corporate Affairs (MCA) However, the disadvantage is that it can be difficult to find such an expert since they are few and far between.

 

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