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Largest Consumer Market in the Coming Decade

  • 4th Largest Automobile Market, 3rd Largest Biotech Destination, many more

  • 1.4 million Companies in Active Operation & Rising

  • Competent Legal Systems in Place to Safeguard Company Structures

  • Large Talent Pool at Low Wage Rates

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    Most Promising Business Opportunities in India 2021

    India remains an important market for global companies because it is the most credible alternative to China’s hegemony in the global supply chain. Unlike the latter, India continues to maintain friendly trade relations with other major economies such as the US, the UK, the European Union, and Japan.

    Discovering business opportunities to expand or register a business in India is no longer a matter of exploration or trial-and-error. There are many clear pathways to investor success. New areas of activity have emerged of late and old ones are increasingly being organized for greater efficiency and investor-friendliness.

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      3rd Most Attractive FDI Destination in the World

      Saw 49.6% Growth in Q1, 2021 Forms 17% of India’s GDP India is the 6th Largest Consumer Market in the World

      Manufacturing, for example, has received a significant boost with regulatory relaxations now being offered. Combined with low labor costs, leaner operating expenses, infrastructure that is comparable to some of the most advanced systems in the world, Special Economic Zones (SEZs) where you can export products duty free, along with other incentives to boost local manufacturing and trade facilitation, India has shown solid intent to attract businesses from outside its borders.

      Institutional skilling of workers continues to pick up the pace and there is the true capacity for bulk manufacturing, assembly, and industrial processing. There is also a visibly eager readiness to honor contractual commitments without resorting to tit-for-tat trade policies.

      The PLI Scheme, Dell, and Apple

      The recent Production-Linked Incentive (PLI) scheme for mobile manufacturers and IT hardware witnessed a slew of proposals, that included Dell and three of Apple Inc’s own manufacturing partners – Wistron, Pegatron, and Foxconn-Hon Hai, being accepted for a USD 1 billion plan to boost manufacturing plant setups in India. Along with 10 local companies, the goal of the PLI deal is to invest a cumulative sum of INR 110 billion in manufacturing mobiles worth INR 10.5 trillion over the next five years. Apple has previously declared intent to shift up to 10% of its iPhone 12 production to India.

      Prior to the pandemic, several companies from Korea, Japan, Germany, and the US were in talks with partners in India to commence manufacturing of goods as diverse as capital goods, energy equipment, and auto parts.

      Apart from smartphones, IT hardware, and auto components, India’s manufacturing sector also covers chemicals and petroleum products, drugs and pharmaceuticals, and other electronic equipment including consumer appliances.

      The most well-known regions in India for setting up manufacturing plants include the

      • Mumbai-Aurangabad industrial belt, Pune,

      • The Gurugram-Bhiwadi-Neemrana Corridor

      • Bengaluru

      • Chennai

      • Hyderabad

      • Ahmedabad

      • the Bharuch-Ankleshwar Cluster in Vadodara

      • and many others

      These regions are actively promoted by the government and have sufficient roads, access to shipping ports, airports, communications, and digital infrastructure.

      Tax Incentives for Manufacturing

      To encourage manufacturing, there have been a number of tax reforms such as the abolition of the Minimum Alternate Tax (MAT) and the Dividend Distribution Tax, the reduction in effective Corporate Tax on income to 17.16% for new manufacturing units and to 25.17% for all others. Federal State governments have their own offering of subsidies on capital, interest, stamp duty, employment, and refunds on State GST.

      Other Incentives

      100% FDI is allowed in companies investing in manufacturing units for automobile components, capital goods, and electronic systems via the Automatic Route (Zero approvals required from the GoI).

      If you’re looking to grow your business, bolster your supply chain, or to just diversify your Asia-Pacific portfolio to India, you can’t afford to miss these promising sectors discussed below.

      Each type of business has a different set of tax slabs and structures. For a Company & LLP, these taxes are charged directly. A partnership, too, attracts different kinds of tax structures. All these structures are charged basic 30% and 25% tax rates, respectively, for small companies. For a Sole Proprietorship, the tax rate lies between 5% to 25% after all exemptions.

      2nd Largest  Crude Steel Output Worldwide 2nd Largest Coal Producer in the World Just 20% of the Country’s Total Reserves have been Mined till date

      India possesses some of the largest reserves of Iron ore, Manganese ore, Bauxite, Chromium, Rare Earth minerals, Barytes, and other mineral salts. As dependent fields, such as the power sector, smart cities, and domestic manufacturing continue to expand, local markets are set to witness a huge demand for metals and mining products.

      India allows 100% FDI via the Automatic Route in the mining and exploration of Metallic and Non-metallic ores, Coal & Lignite, Steel, Titanium ores, and value addition and integration for Titanium ores.

      Incentives and Advantages in Metals & Mining

      • As before, you can save on labor costs and operating expenses in India, especially in the production and conversion of Steel and Aluminum.

      • Captive mines are currently allowed to sell coal in the open market.

      • As many as 20% of all mines and mining areas remain unexplored or under-explored.

      • PLI scheme for specialty Steel.

      • Single-window clearance for approvals in setting up coal mines.

      4the Largest Automobile Market Globally 40% Share in Automobile R&D Spends Worldwide Over 7% Share of National GDP

      With 26 million + vehicles being produced in 2020 alone, India is easily one of the largest markets for automobile buyers in the world. Rising incomes and a young, aspirational population are some of the key drivers of growth in this segment.

      By 2026, this segment is expected to cross USD 300 billion by value. Of the 20.1 million vehicle sales in 2020, 80.8% comprised two-wheeler sales while 12.9% comprised passenger cars. Among passenger cars, small and mid-sized cars accounted for the maximum sales.

      Incentives

      PLI and other government-promoted incentive schemes are available for locations in Lucknow and the hill state of Uttarakhand.

      BioTechnology

      14% Estimated CAGR Over 60 Bio-Incubators Contributes 70% to WHO’s Essential Vaccine Schedule

      India is the world’s leading producer of DPT (Diphtheria, Tetanus-Toxoids, & Pertussis), BCG (Bacillus Calmette Guerin for Tuberculosis), Recombinant Hepatitis B, and Measles vaccines. More than 5000 companies exist in the Biotech space in India and this number is set to double by 2025.

      India is also the largest producer of BT cotton in the world. More USFDA approved Biotech plants exist in India than anywhere else outside of the United States. Back in 2000, India became the first country to approve and market Biosimilars. Bio-pharmaceuticals account for over 60% of output in this sector.

      Some of the key growth drivers in this space are increased spending on public health infrastructure, capacity building, and the National Biomedical Resource Indigenisation Consortium initiative (affordable diagnostic and testing kits, PPE kits, and vaccines).

      FDI, Incentives & Advantages

      • 100% FDI is allowed under the Automatic Route for Greenfield Pharmaceuticals while this goes down to 74% for Brownfield Pharmaceuticals.

      • Government-sponsored Biotechnology Industry Research Assistance Council (BIRAC).

      • Formation of 9 BioTechnology parks, science clusters, and incubation centers by the government.

      BFSI

      87% FinTech Adoption Rate (Highest Worldwide) Over USD 10 billion Received in Funding (Last 5 Years) 3rd Largest FinTech Ecosystem Globally

      India has adopted FinTech products at a population percentage of 87%, which is remarkably higher than the global average of 64%. More than 2,100 FinTech businesses exist in the country today. The sector continues to grow at an astonishing CAGR of 22% year on year.

      Sub-segments in the FinTech and Financial Services sector include Insurance Technology, Regulation Technology, Personal Finance Management, Wealth Technology, Lending, and Payments.

      Growth Drivers

      • Investments from Venture Capitalists, Private Equity, and Institutional Investors

      • Innovative Business Models employing Artificial Intelligence and Machine Learning

      • Evolving Digital Behavior patterns

      • Development of Neo-Banking

      Incentives

      • Regulations governing Global In-House Centers

      • Framework for enabling ancillary services at International Financial Services Centers (IFSCs)

      • Framework for Innovation Sandboxes

      • IFSC Authority

      • its unique work culture,

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      World’s Largest Producer of Milk, Tea, Spices, Pulses, Cashew, Jute 19% of World’s Bamboo Cultivation by Area 21% of Global Coconut Production

      According to the latest data, India is the world’s second-largest producer of fruits and vegetables in the world and also, the second-largest producer of bamboo in the world.

      Foodgrain production in FY 2019 was 296.65 MMT while horticulture accounted for 319.55 MMT. Prior to the pandemic, India had recorded the world’s 9th largest agricultural product exports. Agri-machinery also contributed to USD 1024 million in sales, a major chunk of that product going to the ASEAN, the SAARC, the EU, the UK, Eastern Europe, and Africa.

      Basmati rice was exported to Iran, Saudi Arabia, the UAE, Kuwait, and parts of Europe, among others.

      Organic farming in India accounts for the 9th largest area in the world under this category of cultivation.

      Growth Drivers & Incentives

      • Exports

      • Favorable demographics

      • Genetically modified seeds, mechanization, irrigation

      • Policy & Logistics support by the government

      • 100% FDI in horticulture, floriculture, seed development, farming of vegetables, mushrooms, related services, and allied sectors

      HealthCare

      $372 Bn Expected Market Size by 2022 22.9% Healthcare Industry CAGR $2 Bn Medical Tourism Market

      From hospitals, medical devices, medical equipment, medical tourism, telemedicine, contractual healthcare, and health insurance, India’s healthcare sector continues to grow and witness investment growth annually.

      Hospitals constitute 80% of the healthcare service market. Medical Tourism contributes $2-3 Bn every year to this sector’s value. There has also been a 45.06% increase in the number of health tech startups, signifying the presence of cutting-edge research, innovation, and investment.

      As far as scope is concerned, the government’s National Health Policy insurance scheme is the largest of its kind in the world.

      Incentives & Growth Drivers

      • 100% FDI is allowed under the Automatic Route for greenfield projects

      • 100% FDI is permitted via the Government approval Route for brownfield projects

      • One of the largest sectors of the economy both in terms of employment and turnover

      • $ 200 Bn medical infrastructure to be ready by 2024

      Information Technology & BPM

      55% Market Share in Outsourcing Services Worldwide World’s Largest Business Process Management Destination 45% Share in Exports of Services from India

      Not only is the IT sector in India the largest employer and skilling industry, it is also the 3rd biggest hub for tech startups the world over. India is 3-4 times more cost-effective as regards labor than the United States.

      The National Optical Fibre Network program aims to cover every listed village and city within the country. Already, India has the second-highest number of internet subscribers in the world.

      The IT market size is projected to reach $ 100 Bn by 2025 and over the last two decades, India has received a total FDI of over $71 Bn.

      Half of the world’s Global Capability Centers (GCCs) are in India. The Ministry of Electronics and Information Technology (MEITY) is in the process of implementing a National Level Blockchain Framework. Data Center processing received an investment of $396 Mn in FY 2020.

      IoT, Artificial Intelligence, Machine Learning, & Health Tech are some of the areas which have seen the maximum startup activity.

      Incentives & Growth Drivers

      • Rapidly growing Digital Infrastructure

      • Large Skill Base at Cost-Effective Wages & High Revenue Generation

      • 8% Share in the National GDP

      • 100% FDI in Data Processing, Software Development, Supply, & Consultancy, BPM Consultancy services, Market Research, Testing, and Analysis via the Automatic Route

      • 100% in Business-to-Business E-commerce

      Oil and Gas

      3rd Largest Energy & Oil Consumer Globally No.1 Exporter of Petroleum Products in Asia 2nd Highest Volume of Oil & Petroleum Product Refiner in Asia

      Imports of Liquified Natural Gas (LNG) imports, used for cooking, heating, and power, are one of the highest in the world. At a consumption size of 213.13 MT of Petroleum-based products and 64.14 BCM of Natural Gas, India is one of the fastest-growing energy markets in the world.

      230 Bn Barrels of hydrocarbons, spread over a 3 Mn square kilometer area and 26 sedimentary river basins have been earmarked for investors. Biofuel refineries, Compressed Biogas facilities, Ethanol blending, and Natural Gas Production are being actively promoted by the government.

      A 33,764-kilometer network of natural gas pipelines is near completion, out of which nearly 20,000 kilometers are already in operation.

      Growth Drivers & Incentives

      • Investments of $118 Bn are to be invested in Energy and Power and Natural Gas infrastructure

      • Increasing City Gas Distribution

      • 1.3 TCM Natural Gas Reserves

      • Pricing and Marketing for Natural Gas are not restricted, National Data Repositories for resources available, Seismic Surveys, Field Discovery policies

      • Royalty Concessions for Early Production

      • Expansion of LNG Stations with City Gas Distributor License

      • $ 8.13 Mn Vehicle-Grade Bio-CNG and CBG Production

      • 100% FDI in Oil & Natural Gas Exploration

      Renewable Energy

      5th Largest Installed Capacity in Renewable Energy Worldwide 4th Largest Installed Capacity in Wind Power 5th Highest Solar Power Capacity (Installed) in the World

      India has abundant sun, wind, and water resources to power renewable energy projects worth 1000 GW and more. Currently, just 100 GW of this capacity is in place. BioPower and Small Hydro Power projects form 15.13 GW of this aggregate.

      Growth Drivers & Incentives

      • Ambitious commitments toward reducing carbon emissions intensity by 33-35% by 2025

      • Commitment to raising the contribution of non-fossil fuel power sources to 40% of the total capacity

      • 42 Solar Parks with a total capacity of 23,499 MW approved

      • The solar-Wind hybrid project being installed in Gujarat

      • An opportunity worth $223.61 Bn

      • PLI Scheme

      • 100% FDI through Automatic Route for Renewable Energy Generation & Distribution with reference to the Electricity Act, 2003

      Retail and E-Commerce

      No.2 in Global Retail Development Index (2019) $ 800 Bn Contribution to GDP (2020) 120 Mn sq. Ft. Retail Space Capacity across Major Indian Cities

      FMCG (65%) is the largest retail segment, followed by apparel and footwear (10%), and consumer electronics (9%). The E-commerce space is also expected to grow to a size of $350 Bn by 2030 in terms of Gross Merchandise Value.

      2020 alone, accounted for $537 worth of digital transactions in India.

      Consumer spending to reach $6 Tn by 2030

      • Consumer spending to reach $6 Tn by 2030

      • 974 Mn Expected Internet Users Expected by 2025

      • The rise in Rural Consumer Base

      • The average age of people in the country to become 29 by the year 2025, with largest skilled man force of 600 Mn +

      • Rising Incomes and Spending

      Apparel and Textiles

      6th Largest Exporter of Textiles, Apparel Globally 95% of Hand-Woven Fabrics across the Globe Originate in India 2nd Largest Producer of Silk Worldwide

      India has historically been one of the largest producers as well as consumers of cotton, jute, and silk in the world. The technical textiles industry segment is worth an estimated value of $16 Bn, which is 6% of the global market.

      India is also the makes the second highest quantity of PPEs, polyester, and fiber globally. As of March 2021, FDI inflows in the sector had touched $ 3.75 Bn. The sector continues to grow at an astonishing CAGR of 28%.

      Growth Drivers & Incentives

      • 2% Share of Textiles in India’s GDP

      • 12% Share of Total Exports

      • Large stock of raw materials

      • Complete Value Chains (Fiber, Yarn, Fabric, Apparel) already present within the country

      • Well-developed retail space and e-commerce infrastructure

      • PLI schemes for artificial fiber and complex textiles

      • 100% FDI via the Automatic Route

      Tourism and Hospitality

      3rd in Travel & Tourism Power & Performance Ranking (WTTC) 8th Largest Tourism Economy Worldwide No.9 in Terms of Cultural Resources & Business Travel

      A diverse geographical landscape, UN-designated world cultural and natural heritage sites, as well as specialty tourist attractions such as sea-cruises, adventure tourism, eco-tourism, and medical tourism make up the factors why Tourism and Hospitality is a valuable sector.

      Growth Drivers & Incentives

      • Tourism Segment Expected to Reach $ 35 Tn by 2029

      • Hospitality Segment to Reach $ 460 Bn by 2028

      • $29.9 Bn Contributions to India’s Foreign Exchange Earnings

      • 100% FDI through the Automatic Route

      • 100% FDI without Government Approval in Tourism Construction Projects (Hotels, Resorts, Recreational Facilities)

      • E-Tourist Visa Facility

      • State-wise Special Tourism Zones

      • Coastal Tourism Promotions among Indian Ocean Rim Nations

      • Policy-based promotional campaigns

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