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How to Start Business in India

Because India has embarked on the road of liberalisation, it has only become easier to start a company. The Indian government also embarked on the idea of a single window clearance, something that was considered the need of the hour. There are numerous options for starting a business in India. One can incorporate a private limited company, set up a public limited company, form a partnership or limited partner company or simply go the sole proprietorship path. Foreigners also have the option of joining an Indian partner with a joint venture company or simply setting up a branch or liaison office. All the forms of incorporation mentioned above are governed by a set of legislation, Legislation to be adhered to whether you are an Indian citizen, a foreign national or merely a non-resident or a non-resident person. In depth let's explain the same.

Partnership Act 1932:

The Indian Partnership Act, 2013 regulates a partnership business. A partnership company is simply an understanding between two or more people known as partners who decide together to start a business. It, along with a partnership agreement negotiated between and by partners, would regulate the way a partnership firm is managed and regulated.

Limited Liability Partnership Act 2008:

A combination of an incorporated company and a partnership company is a limited liability company. Such a corporation, regulated by the aforementioned regulations, is similar to a partner company except for the restriction of partner liability. The law, along with a limited partnership liability agreement signed and enforced by and between partners, would regulate the way the company is owned, managed and regulated.

Indian Companies Act 2013:

The Indian Companies Act, 2013 is a master legislation governing an incorporated entity, such as a private limited company, a public company, whether listed or not, a joint venture company or simply a one-man company. It, along with the association's articles and memorandum, will control the manner and method of running such an organization.

Reserve Bank of India periodically notifies rules regarding the establishment of branch, liaison, or project office in India. As mentioned above, with prior RBI approval, foreign nationals are permitted to establish the aforementioned offices in India. Foreign nationals start a company in India, It will also mean compliance with the financial regulations concerning the repatriation of money to and from their country of origin.

In addition to the above, there are ancillary laws such as the Income Tax Act, indirect tax laws to be brought together in the form of Goods and Service Tax, as well as various labor and employment laws governing employers and employees. Whether someone is an Indian national or a foreign national, the above-mentioned legislation would regulate an entrepreneur wishing to start a business in India. Other law regulates companies listed on the stock exchange. Since they are not relevant to starting a business, however, we did not deliberately address them in this article.

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