#settingupacompanyinIndia

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Expanding Into A Global Market

The marketplace is going through several changes, some evident, some subtle. If there was one word that could perfectly encompass the situation today, it would be opportunistic. More and more opportunities are opening up, and the world is churning out entrepreneurs who can seize them. In 2020 alone, there were 1.26 million company registrations in India.As the business market, the tech industry is also rapidly changing. We live in a world where everything seems to be prefixed with the word “instant”. From instant one-day delivery to instant messaging. We have come closer as a community. So why shouldn’t our business goals align with this change? There is scope for an idea to flourish into something huge which will reach all corners of the world.

Four  Industries Ideal for global expansion

Technology :

Technology defies geographical limitations. People at opposite corners of the world can connect at dizzying speeds. Banking on the admirable speeds of communication and data transfer, techpreneurs are looking into video streaming, online gaming, OTT entertainment platforms, digital content, AI assistants (think Siri and Alexa), and remote banking. There’s plenty of room for innovation and global growth.

E-Commerce :

Ever wonder why the Amazon logo has that arrow underneath? The arrow goes from A to Z in Amazon, signifying that they sell A-Z products online. While this was brilliant, they’re surely not the only ones selling A-Z products online. Anyone can sell globally on online stores. With a strong supply and delivery chain, you can ship to practically every country. 

Energy and other resources :

Fuel is in demand. Additional overheads of storage, transport, and maintenance can be taken care of. If you have a genius idea that can minimize or revolutionize the usage of fuel, or maybe eco-friendly alternatives, pursue it. You have a sizeable market opportunity.

Defence :

Not all technological innovation is for infotainment. Countries all over the world are behind in updating their defence strategies. This includes technological marvels including aircraft, radars, warning systems, etc. Just look at India’s Tejas MKIM military jet or the iDEX4Fauji initiative shouldered by the Defence India Start-up Challenge (DISC). Defence technology has major scope for globalization for researchers or techpreneurs.

Any business management expert will tell you; India is ripe full of business opportunities in these industries. We’re catching up to the latest technology. We’re as savvy as anyone else when it comes to online shopping. We’re into the fuel trade and our rich heritage makes us a trending favorite for tourists. If you’re looking into setting up offices in India, we can help. Through Indcubate, we provide business consultation services to industrialists looking to expand business in the Indian markets. Drop us a query and we’ll take it ahead!

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How to start a company from scratch

A fruitful idea is the beginning of any company from scratch. I already have experience, I have a great desire to work, so the idea to create my own company comes to my mind. Enough to be content with "crumbs from the master's table" - you give your own business!

The choice of direction depends only on you and your imagination. But no matter what business you start, follow the rules that are accepted in business. It is great if there is a ready-made professional nearby in this type of business , who has studied all the ways and nooks of the business from his own experience. But not everyone can be so lucky. And learning from your own mistakes can sometimes be very painful.

I will share with you my personal experience of on setting up a company from scratch. And you do not have to "bump up" and "plunge into history" when creating your own business . I was involved in setting up a community service organization. And if you use my experience, then a number of legal and accounting mistakes can be easily avoided on your way to wealth and independence. Taking advantage of the advice of an experienced "player" in the world of business, you will save at least time and energy, and at most a lot of money.

You already know that an idea is the beginning of beginnings. And any worthwhile business starts with her. The more original and “fresh” it is, the more successful your start and further path to personal and financial freedom will be. But if you spend all your energy and time on inventing this "bicycle", there may not be time left for the implementation of your great idea. Life is short ... And it is not a fact that your fantasies will become the impetus that will push you to actively solve the problems arising in connection with it. But let's say that you have found this wonderful guiding star for your business - an attractive idea in all respects. And they are already ripe for opening their own company, which is called upon to implement it.

We conduct market research and write a business plan

The next step towards your dream should be methodical and complete market research. How many competitors are in this niche, the methods of their work, what their services cost, where are the "pitfalls" in this area of ​​business - you must answer all these questions in detail and accurately. Think about whether you can withstand the powerful competition with giant firms? If research is done well, this information will not only pay off, but possibly save you from ruin.

Knowing your competitors by sight is not a whim, but a vital necessity.

After examining the information received, you will definitely find new, non-standard solutions that you use when drawing up your business plan . And even then, your business idea will take real shape.

And if you have already taken all these steps, and having received the result, you were not afraid and did not give up further actions in this direction, go for it! This means that the technology for developing your business that you invented or borrowed has been tested for strength.

The next step is writing a business plan.

I'm not going to send you off to study business textbooks and practice writing the perfect business plan right now . At the moment, you need a business plan that cannot be read about in any textbooks or manuals. It is intended only for your personal use and will help, at the beginning of the difficult path to the "top", to anticipate costs, resources, calculate all possible options for future activities

All this preparatory work can be done without interrupting your main one. You still need a regular salary. So what then? This is life. But in your free time, no one will forbid you to prepare for the start of your business. Time for analyzing and drawing up a business plan, collecting and studying the necessary information will not be wasted. Everything that you do will give you confidence, and your future business, reliability.

By the time yours is fully drafted, you are still working and making your living. But they are already actively involved in the organization of their company. After "shoveling" a pile of various information, you will master the art of prioritizing and planning your time, that is, time management. Having tried your hand at working 10-12 hours a day, not counting weekends and holidays, you will understand whether you are able to devote so much time to work. Do you have enough "gunpowder" and health, of course.

But, working “for your uncle,” always remember that the main thing for you is to systematically and persistently engage in the development of your own company. Otherwise, your idea will never "hatch out of the egg."

You still have two options for running your business: real and virtual. If you're leaning towards the virtual , then the next chapter is not for you. If you are a realist to the marrow of your bones, listen further.

How to find an office for rent

Before looking for an office for your company, decide on its size. Then choose a location and lease terms. After all these manipulations, you will be able to "estimate" the cost of "renting" premises, choosing not the highest in the city. At the same time, it is very important how much time you yourself plan to spend there. Perhaps you will have long and frequent business trips, and the secretary will remain "on the farm". Then, a modest option on the outskirts of the city is the best option. If you are planning frequent visits by clients or partners, then it will be more convenient for them to look for you in the center, in a building with convenient parking and an entrance. Of course, it will cost more, but the benefit will not be in saving money, but in increasing it.

Numerous real estate agencies can recommend different options for renting an office space. No one will force you to immediately conclude a service contract, it will be enough to get a free consultation and draw conclusions ... A lot of this kind of information can be obtained on the Internet and on the pages of specialized newspapers. Ask friends and relatives, perhaps they will tell you a good option. And only then decide whether to hire a real estate agent or not.

It also happens that you don't need an office from the very beginning. Start working from home. If already "time is running out", feel free to quit and start your own path to well-being.

If the work is already "in full swing" and not today or tomorrow you may need an office, it means that you have quit your job a long time ago and are ready for further adventures.

Browse through several suitable options and choose the best one. Take your time, grabbing the first thing that comes along, you may miss out on much better. Ask the owners of your future office. It is important what you are offered: rent or sublease.

Find out the period for which you are offered to conclude a lease. If for the standard 11 months with prolongation, this is normal. If not - think about how not to "get stuck" in unplanned expenses with an unplanned increase in the rental price.

Consult with lawyers about the proposed form for concluding a lease agreement. Warn property owners that you intend to formally record the rent through bookkeeping and tax returns.

For any business, it is vitally important how the rent is paid. Is everything reflected in the contract. It may be more convenient for you at first, while there are not enough funds on the account, to pay money to the organization's cash desk. And only then, go to the standard monthly transfer to the account.

Does the rent include such necessary things as: utility bills, internet, telephone.

Go into all the details, write it down in your diary and carefully calculate - how much is an acceptable option for you.

And remember, "He who seeks, he will find ...". If not immediately, then after some time the option you need will surely be found.

Registration of a new company in the State Tax Inspectorate.

Of course, you can work without registration for the first time, but not for very long. In any case, you can't hide from this. The status of a legal entity has not only disadvantages (in the form of taxes) but also its advantages.

So, the registration process starts with the name. The first thing you will be asked about both during registration and, in the course of work, clients and partners - what is the name of your organization? Decide who will handle the registration: yourself or a trusted company. Personally, I hired a specialized company, which itself solved all the issues with the paperwork. True, you yourself must decide what form of reporting you will work with: according to a simplified scheme or a general one.

I would recommend "simplified". On the "general" - you will always have time to switch, if you wish. And its maintenance will require, in addition to a good and, of course, an expensive accountant, and other resources. And with the "simplified" report you will submit once a quarter, save on taxes, it will be easier to deal with your finances yourself. And it will be possible to take the accountant who comes. He will only need to work on the submission of the quarterly declaration. You can do the rest yourself. And the documents will need to be drawn up several times less.

A friendly accountant advised me on time to work according to a simplified scheme, and I, using his advice, made the right choice. But, be careful, when submitting documents to the State Tax Inspection, it is imperative to attach an application for the "simplified form". The organization you have contracted for this job may forget to attach such a statement. And then, in the package of documents you received after registration, it may not appear.

In this situation, at the most inopportune time, you will find yourself working on a common tax system. This means that it will be necessary not only to resubmit the declaration, but also to redo all the documents. Moreover, to bear the additional costs of hiring an experienced accountant and the additional payment of some taxes.

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setting up a company in India