How Can a NRI Register a Business in India?

How Can a NRI Register a Business in India?

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With the Indian economy growing steadily, many NRIs are considering setting up businesses in India. The country has a large number of skilled labour and inexpensive land to offer and the government encourages foreign investment with multiple schemes.

A NRI can register a business in India either as a private limited company or a limited liability partnership (LLP). The process is simple and straightforward, but there are certain rules that need to be followed. For example, an NRI or PIO must first obtain a DIN (Director Identification Number) and a digital signature certificate before becoming a director of an Indian company. In addition, the company must have a PAN and TAN (Tax Deduction and Collection Account Number) for tax purposes.

The NRI can also set up a trust, though there are certain restrictions on how and to what the trust can invest. In order to do so, the NRI must submit a letter of consent from the proposed trustee along with a copy of their passport and address proof to the Consulate General of India. The documents need to be attested and notarized by a public notary in the country of residence and the Indian Embassy in that country.

In order to be deemed as an NRI, the individual must have been present in India for at least 60 days during a calendar year or 365 days during the four consecutive years immediately preceding the current year. In addition, the individual must be a citizen of India or a person of Indian origin and must have a valid Indian visa. NRIs wishing to form a company will need to submit the following documents with the MCA portal.

 

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