Tag Archives: Company formation in India

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New compliance for directors – DIR-3 KYC

The Central Government of India decided to conduct KYC drive to bring down the shell companies. Ministry would be conducting KYC of all the directors of the companies as a part of updating its registry.

MCA (Ministry of Corporate Affairs) has amended and inserted a new rule, Rule 12A (Directors KYC) vide the Companies (Appointment and Qualification of Director) Rules, Fourth Amendment Rules, 2018 . The rule came into effect on July 10, 2018.

In a registered company or new company registration, every director who has been allotted Director Identification Number (DIN) on or before 31st March, 2018 and whose DIN is in ‘Approved’ status would be mandatorily required to file form DIR-3 KYC by August 31, 2018.

Directors of the company will be going through this KYC procedure annually.

Need for this amendment

  • Government is administering a drive to maximize corporate governance in order to get rid of shell companies, unprincipled and dishonest directors who are running benami companies (where actual owners and directors are not on the records or books). This KYC exercise is undertaken to sift that only genuine individuals are responsible for running the affairs of any company.
  • MCA would be conducting KYC of all the directors of the company as a part of updating its registry.

Who all are covered under this compliance?

  • All the individuals whether residents in India, non-residents or foreign nationals, who are directors / partners any companies / LLP are required to file KYC form.
  • The KYC details are to be mandatorily submitted by director of the company and by disqualified directors as well.

Directors are required to fill the DIR-3 KYC E- Form available on the MCA’s website.

Information Required 

  • It is mandatory for the Indian directors that all the data furnished in the DIR-3 KYC form is in accordance with the information registered with the Income Tax Department (in PAN)
  • The full name of applicant, as mentioned in attached documents, should be provided without using any abbreviations.
  • Using of prefix, Late is not required for a deceased person. The married women are also required to fill in their father’s name only.
  • It is obligatory for a foreign national with a DIN, to possess a passport. The passport number shall be duly filled in the form. For Indian nationals, having a passport isn’t compulsory, but in case the person has a passport then its details must be mentioned in the form.
  • Details of AADHAR should be in compliance with the details furnished in both PAN and DIN.
  • The applicant must provide personal working mobile number and e-mail id. An OTP shall be sent for the verification of both the contact details.
  • Present residential address should be the one mentioned in the documents attached for the address proof. The permanent address may or may not be the same.

Documents to attach with Form

  • Identity proof (PAN / Passport/ AADHAR Card): The document should declare applicant’s and his father’s name along with the photograph of the applicant and his date of birth.
  • Proof of present address: Passport/ AADHAR Card/ Voter Identity.

Signatures

  • The form has to be digitally signed by the applicant using digital signature.

Certification of DIR-3 KYC form

  • The form has to be certified subsequent to its verification, with the original documents, by a practicing CA/CS/CMA professional.

Fee for filing DIR -3 KYC form

  • No fees to fill form DIR-3 KYC provided the form is being filled within the specified time-frame.
  • The applicant will be filed with a fee of INR 5000 in case of delayed submission.

Consequences for not filing e-form DIR-3 KYC

  • After expiry of the due date by which the KYC form is to be filed, in case of non-compliance, the DIN shall be marked deactivated along with the reason “Non-filing of DIR-3 KYC” .However, the de-activated DIN shall be re-activated only after filing of E-form DIR-3 KYC.
  • Also late fee penalty of INR 5000 shall be levied on filing after the expiry of due date.

Make sure you file DIR-3 KYC before 31st August 2018. If you need any assistance to comply with this new rule reach out our experts.

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Section 8 Company Formation

In India, a non-profit organization can be registered as a Trust, by making a Trust deed or as a Section 8 Company, under the Companies Act, 2013. According Indian Companies Act, 2013, a section-8 company can be established for promoting commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other object, provided the profits, if any, or other income is applied for promoting only the objectives of the company and no dividend is paid to its members.

Procedure for formation of section 8 company is listed below:
1. Digital Signature Certificate (DSC) & Directors Identification Number (DIN): The only secure and authentic way that a document can be submitted electronically is DSC. All filings of e-forms on MCA Portal are required to be filed with the use of DSC of the authorized signatory. Further, DIN for all the proposed Directors of the Company must be obtained. For obtaining DIN an application in Form No. DIR – 3 should be filed on MCA Portal with documents attested by a practicing professional.

2. Name approval: By submitting an application in Form – INC 1, applicant can obtain approval for selected names from the Registrar of Companies (RoC). The Applicant can give maximum six names in order of preference. The name once approved by the authority is valid for sixty days. The name once approved by the authority is valid for 3 months. Name approval generally takes 1-2 business days.

3. Main instrument: After obtaining name approval, constitutional documents i.e. Memorandum of Association (MOA) and Articles of Association (AOA) is to be drafted and subsequently filed with the RoC along with the forms and other necessary documents stated below:

  • Affidavits
  • Consent Letters
  • Certificate of Compliance from a practicing professionals
  • Subscription pages of MOA & AOA– Both documents shall be signed by each subscriber who shall mention his name, address, description and occupation, if any, in the presence of at least one witness who shall attest the signature and shall likewise sign and add his name, address, description and occupation, if any. The witness shall be a practicing professional
  1. Issuance of license with registration fee: For Section 8 company license, promoter has to file E-Form INC 12 accompanied by:
  • MOA and AOA
  • A declaration confirming the application by a practicing Company Secretary
  • Names, addresses, occupation and descriptions of the promoters as well as Board Members
  • A statement showing details of assets & liabilities as on date with the application
  • Estimated future annual income and expenditure, specifying the source of income and object of expenditure
  • A statement giving brief description of work, if any, already done by the association
  • A statement specifying briefly the grounds on which the application is made
  • A declaration in prescribed form on non – judicial stamp paper by each person making an application
  • A letter of authority with payment of prescribed fee
  1. Other requirement: Following forms are to be filed with the RoC after issuance of license:
  • Form INC – 7 for declaration of compliance with the requirements of the Act on application for registration of a company;
  • Form INC – 22 for notice of situation of registered office;
  • Form DIR – 12 for appointment of directors of the company; and
  • Subscribers and proposed directors may delegate their authority to a person(s) to carry out appropriate change(s) as suggested by the RoC in any of the incorporation papers that have been filed.

6. Clarifications / additional Information required by ROC: Documents submitted for the purpose of incorporation are thoroughly reviewed by the RoC. RoC may require certain clarifications, if required. The person authorized shall present clarifications with Roc as needed.

7. Certificate of Incorporation: After providing clarifications, the Certificate of Incorporation is issued by the RoC along with a unique Company Identification Number (CIN) and the Company is deemed to be incorporated from the date of certificate issued. Consecutively, company may apply for other tax and regulatory registration as may be required to run the business smoothly like PAN, TAN, Bank account, etc.

8. Subscription money: A new bank account solely at the name of the company newly incorporated shall be opened by the Board of Directors and the Subscribers. Further to that, they shall deposit their subscription money in bank account to help the company raise initial capital to start its business.

Minimum Requirements for Section 8 Company:
1. At least 2 shareholder and 2 Director (both can be the same person)
2. At least one Director shall be resident in India
3. No Minimum capital required
4. PAN is a mandatory requirement in case of Indian nationals
5. Identity Proof (Voter ID/Aadhar Card/Driving License/Passport); Passport is mandatory requirement for proof of identity in case of foreign nationals
6. Proof of Residence
7. Registered utility proof that is any office address proof
8. Any documents establishing the ownership such as sale deed / house tax receipt along with no objection certificate, in case the premises are owned by a Director and Promoters

We, a Chartered Accountant firm, serve a number of clients who need assistance for various regulatory compliances including setting up business in India, company formation in India, income tax return filling, bookkeeping, accounting, GST and auditing. If you require any guidance for the any professional service, please contact AJSH & Co LLP.

For further queries, click here!

Company formation in India

Case study: Company formation in India

Background
The client is a London based company with presence in over 80 countries across six continents. The company helps its clients to successfully deliver projects around the world by sourcing and supplying top professionals in fields such as IT, Telecom, Project Management, Cyber & IT Security, Presales, Sales & After Sales, Compliance and Security. With offices in Europe, Middle East & Africa, Asia and America, the Company is striving to be at the top in delivering the best possible services and support to organizations that need complex services on a global basis. 

Case Overview

The Company is helping many of the worlds’ leading companies to achieve their business goals by providing them a world class outsourcing, staffing and contingent workforce services by aligning their hiring processes to each client’s distinct requirements. Support for achieving that, comes from the staff specializing in the following departments of the business:

  •  Recruitment & Outsourcing
  • Legal
  • Accounting
  • Accommodation
  • Travel
  • Visa & Immigration
  • In-Country support services
  • Health and safety support

 The client wishes to expand its operations and provide its discrete services in India. 

Challenges

The primary objective of the client was to provide their services in other countries. For this purpose they needed to set up their company at a location where they could set up a robust and reliable distribution network. Apart from this, they had various other requirements with respect to their business and location as well. Some of their requirements were:

  • Setting up of the business in a location in India where companies from the same industry were located;
  • Secure a specific name pattern for the Indian Company similar to its other entities around the world;
  • Appointment of a Director who is ordinarily resident and citizen of India to satisfy the Indian Companies Act requirement; and
  • The Indian Company would provide support in project specific needs of their clients tailored to meet their objectives along with local operational support in the territories where its client does not operate. 

 Business Solution

The client approached us for assistance in incorporation / formation of an Indian Company. After having a detailed discussion with the client and understanding their requirements, our team listed down their preferences keeping in mind their requirement to set up business in India at minimum cost. We assisted the client in identifying the desired location, apply for the name in the desired pattern, appoint a nominee Indian director and complied with other applicable statutory requirements of shareholding, directorship etc. Thus, we successfully incorporated an Indian Company for the client as specified.

Current Status

The Company has expanded its operations to India with an endeavor to expand even more. Their customers are highly satisfied with their delivery times generating a goodwill for them. They were able to increase their business by more than twice as planned. The client recently shared with us their requirements to expand further into many more countries with our assistance. Thus, we extended our services happily to them.

We have served a number of clients for their company incorporations who have benefitted from our professional services. For a more detailed discussion on company incorporations in India, or to obtain further assistance in setting up business in India, company registration in India, company formation in India, post-registration compliances, accounting and bookkeeping, tax compliances, please contact AJSH & Co LLP. If you have any query regarding this Click Here.

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Reasons to set up a limited company

Setting up a limited company will mean more administration and more paperwork than if you are a sole trader but there are many advantages to being a limited company, not least eliminating and personal financial liability.

When a sole trading business fails then the owner is personally responsible for any debt, which can have a negative effect on your credit rating and ability to obtain personal loans in the future. You could risk becoming personally bankrupt if the debts are too high for your to pay off.

If you set your business up as a limited company you are protected from this risk.

What are the Benefits :

Whilst running a limited company does have its fair share of responsibility, and the administrative responsibilities are certainly greater than other ways of working, there are many advantages too.

    • Limited liability – In simple terms, if you run a Limited Company you are protected should things go wrong. Assuming all rules have been followed, as a director you will not be personally liable for any financial losses made by the company.

    • Separate entity – A Limited Company is a legal entity in its own right. This means that everything from the company bank account, to the ownership of assets relates to the business. They are totally separate from the interest of the directors and shareholders.

    • Tax – As a director and shareholder of a limited company you could elect to take the majority of your income in the form of dividends, which enables you to manage your own tax liability and potentially save on National Insurance costs.

    • Perception – If you plan to do business with larger companies, it can help if you are working via a Limited Company as it gives off a more professional image. In some industries, it may even be a mandatory requirement as they will not deal with sole traders or partnerships.

    • Protection – As well as the limited liability protection mentioned above, once you have successfully registered your company, your company name is protected by law. Companies House has very stringent rules for the naming of companies so no one else can use the same name as you, or anything deemed too similar.

    • Ownership and succession – As the sole shareholder in your business, you own the business. However, a Limited Company can easily transfer ownership of shares, or existing shareholders can sell a stake in the company to other parties at any time. If for example a shareholder wishes to retire, or bring a new director on board, it is far easier to transfer ownership, or part ownership, of a Limited Company than it is with a less formal business structure.

    • Take home pay – It’s safe to say that this is the area where you can really reap the rewards of running your own Limited Company. The only person you need to pay as a Limited Company is yourself – combined with the tax efficiencies on offer, this means you can keep anything from 81 to 86 percent.

Accounts

Accounts must be prepared each year but most small companies are not required to have them audited so the process is relatively simple, especially now that the process can be done online.

If you have any query regarding this Click Here

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VAT Registration in India

Value Added Tax or VAT is a mandatory requirement for all kinds of business. Proprietorships, partnerships, private limited companies, manufacturing firms and even traders of any kind of products need VAT registration. VAT is similar to Central Service Tax (CST) and Taxpayer Identification Number (TIN). They use the same 11 digit number.
What is VAT?
VAT is an indirect tax levied on goods and services when they are sold to the ultimate customer. VAT is paid by the producers to the government. The producers then collect the tax amount from the consumer, by adding it to the price.
A registered business may also apply for the Input Tax Credit (ITC) and apply it on future sales. This will relieve the company of paying VAT themselves. With ITC registration, the VAT amount is added to the retail invoice and the customer makes the payment.
When is VAT Registration Compulsory?
Businesses with an annual turnover of more than Rs.5 lakhs (in some states it is Rs.10 lakhs), must acquire a registered VAT id. The VAT rates vary from state to state, business categories and the type of goods delivered. The amount of VAT charged is controlled by the state governments. This is why it varies from place to place.

The tax is based on value addition to manufactured goods. VAT id owners having an annual turnover of Rs. 50 lakhs are entitle to the Composition Scheme. Under this scheme the business must pay only a small percentage of tax on its gross turnover. However, it requires the said business to compromise its ITC agreement and forgo its benefit.
Acquiring a VAT id
To obtain a VAT id you need to go through the process of VAT id registration. The procedure involves 6 basic steps.
Step – 1 Locate Central Tax Office
Identify the Central Tax Office within the city your business is based. The tax office should house the VAT registration department as well.
Step – 2 Obtain Registration Form
Request for a VAT id registration form from the VAT office.
Step – 3 Attach Valid Documents
Fill out the application form with the correct details and attach the following documents to it:
– Central Sales Tax registration certificate (Form A)
– Professional Tax registration certificate
– Proof of address and ID of the proprietor, partner or director
– Four passport size photographs of the proprietor, partner or director
– Bank account number and PAN card number of the proprietor, partner or director
– Documents stating the details of your business activities
– In case of a partnership, a copy of the Partnership deed
– Incase of a private limited company, a copy of the memorandum of association and articles of association
– A copy of the rental agreement of the business
Step – 4 Verification
At this step, the local VAT authorities will inspect your business premises at a time scheduled by them.
Step – 5 Collect Registration Certificate
The last step after verification and fee payment requires you to collect the Taxpayer Identification Number (TIN) provided immediately. The VAT registration certificate will be issued either the next day or within a week via post.
Why is VAT Registration Important?
VAT is a primary tax that adds to the nation’s revenue and economy. As a result it is a mandatory tax for all business establishments. The registration process is very easy. The fees are fixed and the verification process is simple. (Company registration in India)

Releated : How to Register a  Company in India

If you have any query regarding this Click Here

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How to Register a Company in India

Being register as a company is always turned to be a hectic schedule while accompanying with several rules and guidelines. In India as per New Companies Act, 2013; different companies of different rules as for private limited, public limited, govt. company, semi government company, One Person Company, NGO and many more. Company law for varied companies generally varies that need to be accompanied by the owners or partners before applying with company registration.

Company Registration India acts and laws do not only bring the status of legality but also the level of credibility and reliability in the target market. Companies with business laws are always preferred by the target audience where they expect the services with high quality ad best cost. Registered products and services are always be treated with high concern in compare of those unregister services. Thus, not only from law point of view but also from marketing and branding purpose; those company registration services have really proved to be as a bloom for all types of business houses.

Let’s start the registration procedure: 4 Steps

Step 1: Acquire Director Identification Number(DIN)

This is the first process in registration that each director of the company should obtain their identification number. As per the amendment act 2006, acquiring a DIN  is compulsory for every director i.e. as such every existing and intending directors have to obtain their DIN. To get DIN one need to file a eForm DIN-1. The DIN-1 form is available on Official site of the ministry of corporate affairs the link is DIN-1 Form.

  • Register yourself on MCA Website first and have a login id. After filling DIN-1 Form, one should upload the filled form by clicking to eForm upload button on MCA website and should pay applicable fees.
  • After getting generated DIN one should intimate their company about DIN. The director can intimate their company about DIN  by using DIN-2 Form.
  • Then company should intimate the Registrar of Corporates(ROC) about all director’s DIN through DIN-3 Form.
  • If there is any change in DIN or need for any updation  like change of address, personal details etc, then director should intimate this change by submitting the eForm DIN-4 Form.

Step 2: Acquire Digital Signature Certificate(DSC):

In order to ensure the security or authenticity of documents filed electronically the information act 2000 demands a valid digital signature on the documents submitted electronically. This is the only and safest way that one can submit their documents electronically. The digital signature certificate should be acquired by only those agencies which are appointed by the controller of certification agencies (CCA). One should not use DSC given by any other agency which is not approved and it’s illegal to use others DSC as yours or the false one.

If you already have a digital signature then you can use the same, no need to apply for another. But do check for your digital signature validity, agencies issue DSC’s with one or two year validity after expiry you have to renew it.

One can acquire his/her Digital Signature certificates  from these government listed agencies like TCS, IDBRT, MTNL, SAFESCRYPT, NIC, nCODE Solutions etc. to check out their price details of these Govt approved agencies, Go to this link.

Step 3: Create a account on MCA Portal – New user registration

This is about having a registered user account on MCA Portal for filing a eForm, for online fee payment, for different transactions as registered and business user. Creating an account is totally free of cost. To register yourself on the MCA portal, click on the register link.

Step 4: Apply for the company to be registered.

This is the final major step in a registration of your company which includes incorporating company name, Registering the office address or notice of situation of office and notice for appointment of company directors, manager and secretary. And also regarding the take and pay for their qualification shares.

After submitting these forms, once the application has been approved by MCA, you will receive a confirmation email regarding the application for incorporation of a new company, and the status of the form will get changed to Approved.

Formalities to be followed while company Incorporation in India:

  1. Obtain a TAN card
  2. Obtain a Permanent account number (PAN) from income tax dept. India
  3. If required: Documents obeying shop and establishment acts.
  4. If required: For foreign trade, Registration documents of import export code from Director, General of foreign trade.
  5. If required: Registration documents of Software technologies Parks of India (STPI).
  6. If required: RBI approval for foreign companies investing in India and FIPB approval.
  7. Both Indian and foreign directors need to have valid Digital Signature Certificates from authorized agencies.

If you have any query regarding this Click Here

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Foreign Direct Investment (FDI)

India has already marked its presence as one of the fastest growing economies of the world. It has been ranked among the top 10 attractive destinations for inbound investments. Since 1991, the regulatory environment in terms of foreign investment has been consistently eased to make it investor-friendly.

The measures taken by the Government are directed to open new sectors for foreign direct investment, increase the sectoral limit of existing sectors and simplifying other conditions of the FDI policy. FDI policy reforms are meant to provide ease of doing business and accelerate the pace of foreign investment in the country.

Foreign Direct Investment (FDI)

FDI because the name suggests, it’s associate degree investment directly created by a remote company into business in another country. Such investment may well be either within the kind of business enlargement in another country or may well be a results of acquisition of the corporate.

Direct Foreign investments in India approval were introduced by the then Finance Minister Dr. Manmohan Singh in 1991 under Foreign Exchange Management Act to promote such investments thereby increasing supply of domestic capital & increase the economic growth.

As per Foreign Exchange Management Act, ‘FDI’ means investment by non-resident entity/person resident outside India in the capital of an Indian company under Schedule 1 of Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations 2000.

Advantages of FDI in India
There are several benefits of increasing foreign direct investment in India. First of all, with more FDI, consumers will be able to save 5 to 10 percent on their expenses because products will be available at much less rates and to top it all, the quality will be better as well. In short, it will be a win-win situation for the buyers. It is also expected that the farmers who face a lot of economic problems will also get better payment for their produce. This is a major benefit considering how many farmers have been giving up their lives lately. It is expected that their earnings will increase by 10 to 30 percent.

FDI is also supposed to have a positive effect on the employment scenario by generating approximately 4 million job opportunities. Areas like logistics will be benefited as well because of FDI and it is assumed that 6 million jobs will be created. The governments – both central and state – will be benefited because of FDI. An addition of 25-30 billion dollars to the national treasury is also expected. This is a substantial amount and can really play a major role in the development of Indian economy in the long term.
Steps Taken by Government to Promote FDI
The Indian Government has taken a number of steps to show its willingness to allow more foreign direct investment in the country. In the infrastructure development sector, it has relaxed the norms pertaining to area restriction, the laws regarding gaining a comfortable exit from a particular project and the requirements relating to minimum capitalization. If companies are ready to commit 30 percent of their investments for affordable housing, then the rules for minimum capitalization and area restriction will be waived off. It is expected that this will benefit the construction sector a lot, especially in the form of greater investment inflow.

The Indian Ministry of Finance has also proposed that 100 percent FDI will be allowed in railways-related infrastructure. However, this does not include the operational aspects. While it is true that the foreign investors will not be allowed to intervene in railway operations, they will be able to provide for high-speed trains, such as bullet train, and enhance the overall network in the process.

Who can invest in India?

  • A Non-resident entity means a person resident outside India.
  • Non Resident Indian or Person of Indian Origin (PIO holder) or Overseas Citizen of India (OCI holder).
  • A body corporate means a company incorporated outside India.
  • Foreign Institutional Investor (FII) means an entity established or incorporated outside India which proposes to make investment in India and which is registered as a FII in accordance with the Securities and Exchange Board of India (SEBI) (Foreign Institutional Investor) Regulations 1995..
  • Foreign Venture Capital Investor (FVCI) means an investor incorporated and established outside India, which is registered under the Securities and Exchange Board of India.

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company formation in india

How to Register Foreign Companies in India

India is one of the fastest growing economies in the world with healthy resources and a large market base. In the past few years, there is a great boost in foreign direct investment in India (FDI) because of the changed regulatory environment in the past few years. Therefore, it is very easy for foreign nationals to start a business in India.

Sometimes people get often confused in “Indian Company” and “Foreign Company”. If a foreign national incorporates a company in India then it is an Indian Company. But when a foreign company set up a branch office in India then it is known as Foreign Company.

Foreign Direct Investment (FDI)

The amount/capital to be invested by any foreign national/NRI shall be classified as FDI in India. In 1990s, there was high number of restrictions on FDI in India where as today, there are amendments in all the rules and regulations of company formation in India.

FDI is classified as

  • Business where FDI is not allowed at all.
  • Business sectors where permission is required from Foreign Investment Promotion Board(FIBP)
  • Business where no permission required.

All foreign nationals/ NRI’s must go through FDI policy before company incorporation in India in order to check any restrictions, prohibition in the proposed business activity

Entry Strategy into Indian Market

A foreign company can commence operations in India by incorporating a company under the companies Act, 1956 through registration of company or establishing a branch or liaison office.

Establishing a private limited company is the easiest and fastest way to set up in India. FDI of up to 100% into a public limited or private limited is permitted under the FDI policy wherein no approval from RBI or central government is required. For the purpose of registration or incorporation, an application has to be filed with Registrar of companies (ROC). For more information please visit http://dca.nic.in.

Other entry strategy as a foreign company is to open a branch office, liaison office and Project Office. In this case, approval from RBI or central government is mandatory. Therefore, the time and money required for setting up a private limited or public limited company is much less than forming such offices.

Requirements for incorporation of company in India

In order to start a company in India, a minimum of two persons and an address are required in India. A company must have a minimum of two directors and   a minimum of two shareholders. According to Indian rules and regulations, one director must be both an Indian citizen and Indian resident.

One should establish a company with three directors which includes two foreign nationals and one local citizen. In this case, 100% of the shares of the Indian company can be held by foreign nationals/ NRI. The address in India is served as the registered office of the company.  Foreign companies establish their offices in metro cities like Delhi, Bangalore, Mumbai and Chennai etc.

Cost for company registration in India

Company formation services in India are inexpensive. The company formation process can be completed within few weeks. The incorporation process can be easy with the help of tax advisors in India. It would cost you some pennies but the whole process will be easy for you.

If you have any query regarding this Click Here

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Powerful Ways to Grow Your Business

Running your own business is often hard work, specially till you manage to build momentum and getting things moving smooth.
If you’re ambitious for your business, you won’t want to hang about. So here are nine growth strategies to help you get the most from your time and effort as a business owner or as an entrepreneur.

Before you give in to frustration, here is some advice that can help you to grow your small business successfully.

1. Patience Is Necessary

You’ll need to be patient. Contrary to what you see and hear, there is no such thing as a business becoming an overnight sensation. If you want your business to have a fighting chance, you’ll need to have a great deal of patience.

2. Be Prepared to Work
As a small business owner, you’ll need to work like you’ve never worked before. Instead of people delegating work to you, you’ll be assigning it to everyone else. You’re the one who is in charge now. You are responsible for ensuring that every single aspect of your business is covered.

If this is your first time establishing your own business, you might want to hire a consultant. Also, pay close attention to how other successful small business owners in your area are managing their responsibilities.

3. Find Your Customer Base

No matter where you look, no business can survive without a good customer base. This is the digital age, meaning the majority of your customers are somewhere online. Look for them on social media websites such as Twitter, Facebook, and Instagram.

Don’t underestimate the power of social media. Create a strong brand presence, and work on establishing your authority and credibility.

4. Learn Your Audience

So you know where the customers are, and you are ready to go after them. Before you try to get their attention, make sure you have something beneficial to offer them. Find out what it is they want, and work with your marketing team so you can figure out effective ways to deliver that.

5. Be Mindful About What You Post

Anything that you post online and on social media should be tasteful, engaging, and positive. Don’t go crazy and post irrelevant or insubstantial stuff just to gain visibility. Establishing your business as a good and credible one takes time. When you post information that does not appeal to or relate to your intended audience in any kind of way, you hurt your progress and could lose some of your following.

6. Encourage Your Customers to Share
One way you can get your customers to boost your marketing efforts is to encourage them to share their experiences on social media. Make sure that the platform you use is set up so you can monitor what is posted. It is not possible for you to please all of your customers, so don’t be alarmed if you get bad reviews occasionally. Although you might not want negativity on your social media sites, you should not get in the habit of extreme censorship or you risk your organization’s credibility.

7. Network Everywhere

Everywhere you go is a perfect opportunity for you to network. Even if you are going to the grocery store, you are bound to come across someone who is interested in the products and services you offer. Or you might encounter someone in a position to offer you some useful advice.

Many local businesses have bulletin boards and community areas where business owners like yourself can leave flyers and business cards for people in the local community to find. This method is still an effective way to network, so make sure you take advantage of networking opportunities every chance you get.

8. Research Your Competitors

If you want to know how well your business is doing or if you are covering every aspect of marketing possible, take a look at what your competitors are doing. Watch their commercials and go online to see what deals they are offering.

Research what their customers are saying about them. While you are doing your research, you’ll be able to see what your competitors’ shortcomings are. You’ll also be able to determine what services and products their customer base wants so you can tailor your offerings accordingly.

9. Pay Attention to the Trends

Entrepreneur David Kiger notes the importance of business owners staying focused on trends in their industries. These trends can give entrepreneurs direction and also keep them from using up valuable resources. Think of trends as guidelines for you to follow while you work on growing your business so you can better meet the needs and demands of your customers.

Don’t let inexperience or a lack of time keep you from achieving success with your business. You just have to work harder and longer until you see your dreams becoming more of a reality. Work on improving your strategies and sticking with them long enough to see what works and was doesn’t. Then you can make adjustments as needed to improve your chances for success.

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Business Opportunities In INDIA

India has emerged as the number one FDI destination in the world during the first half of 2015.With FDI capital inflows of US$30.8b, India has outpaced all other economies, moving up to the premier position from being in the fifth spot during the corresponding period of the previous year.
In FY15, India’s growth was 7.3 per cent, which would increase to 7.5 percent each in the next two years of 2016-17 and 2017-18.

Why invest in India?
India is a large and rapidly growing consumer market constituting up to 300 million people for branded consumer goods.

  • This market is estimated to be growing at 8% per annum.
  • Demand for several consumer products is growing at over 12% per annum.

Consultancy on following:

Key Investors

  •  Expansion of business
  •  Setting up of new business abroad
  • SMEs and Large size firms

Benefits

  •  Better Business Contacts
  •  Ease of Business Promotion
  •  Effective communication
  •  Global Presence
  •  Improvement in Quality of Service
  •  Cost Savings
  •  Increased Revenue Potential

INDIA GROWTH & INITIATES

  • By 2040, India will have added 1bn people (Almost it’s entire current population to the middle class)
  • The biggest youth population in the world.(572 million are under the age of 24)
  • One of world’s top ten industrial producers.(19th largest exporter and 10th largest importer in the world.)
  • World’s third largest economy by 2030.
  • One of the world’s biggest telecom markets (with over 850 million wireless subscribers ).
  • One of fastest growing retail markets. (The estimated economic value of top 5 retail markets is $450 billion.)
  • Purchasing power parity, India’s economy is fourth largest in the world at $ 4.06 trillion

Now that you now know these facts, it becomes important that you sit and check yourself to see if you would still want to go ahead with setting up business in India. This is not to say that India isn’t a favorable place for business. As a matter of fact, you can make loads of returns of investment in India.

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