Amidst global uncertainties, India has recently become a strong example of economic growth and resilience. India is the best destination for foreign companies looking to expand because of its strong GDP growth, considerable demographic advantages, and progressive reforms. This post covers the essential aspects of entering and succeeding in the Indian market, providing valuable insights and strategic guidance for companies looking to capitalise on India's dynamic growth story.
From startups to industry leaders, India offers unparalleled opportunities to expand its market presence and attract top-tier talent.
#FOMO - Wondering why India matters? Here's what makes it essential for your growth journey:
$1.7 trillion! That's the projected growth in India's consumer spending by 2030.
You did indeed read that correctly! According to the IMF, that's the anticipated consumer spending in India from 2019 to 2030. In perspective, that's equivalent to Australia's current GDP and surpasses that of Mexico, Spain, Switzerland, and Singapore combined, according to the latest IMF data from October 2022!
India's market demands your attention regardless of your industry—healthcare, ed-tech, fin-tech, e-commerce, FMCG, manufacturing, or any other sector.
However, tapping into this opportunity for a new company formation in India requires more than mere recognition. With a population of 1.3 billion and growing, understanding the evolving preferences of Indian consumers is crucial. Their awareness evolves rapidly, necessitating a deep understanding of local markets.
India boasts the world's second-largest internet user base, making it a paradise for digital products.
It's the largest market for Instagram and was TikTok's former largest market.
Online gaming in India is growing at a staggering CAGR of 38%, ranking it as the second-largest market globally.
India is on track to become the next global SaaS capital. SaaS adoption is growing annually at 20% and is projected to capture 7-8% of the global market by 2025.
The e-commerce sector is booming, expected to reach US$ 74.8 billion by the end of 2022, with a growth rate of 21.5%. By 2030, it could soar to US$ 350 billion.
These figures highlight India's flawless internet penetration and growing usage, solidifying its place as a pillar of any growth strategy for a digital product company.
However, navigating India's regulatory landscape, which includes laws on data security, privacy, storage, online payments, and content moderation, is crucial. These regulations evolve swiftly, demanding continuous monitoring and adherence. Customising experiences for Indian consumers and enterprises is essential for forming a company in India.
India's Growth is Revving Up!
India is a nation where a young and skilled population (median age: 28.4!) fuels a spending spree. This isn't a dream; it's the reality of India's large and growing demographics. Consumer spending is set to soar, and innovation is bubbling over with this dynamic workforce at the helm.
But wait, there's more! India's climb in the Ease of Doing Business Index signals a business-friendly revolution. The Indian government has launched several programs to make it easier for businesses to do business in India. This has helped India move quickly in a ranking by the World Bank’s Ease of Doing Business.
The government has also made investing in certain areas of the economy easier for foreign companies, like healthcare and medicine. This makes India a more attractive place for companies to grow their businesses.
The "Make in India" program has helped India build a strong workforce and improve its infrastructure. This benefits both Indian and foreign companies.
The days of bureaucracy are over; changes have made the world more hospitable and straightforward for investors to do business.
Is the Indian economy strong?
The answer is a resounding yes! With a booming economy and a government actively promoting business growth, there's no better time than NOW to explore company formation in India.
A Growing Economy Awaits YOU!
Let's help you navigate this exciting opportunity of company registration in India, which will equip you with the knowledge and resources to establish your business and capitalise on India's thriving market.
The Secret Weapon: Indian Talent!
Low Cost + Skilled Talent = Dream team.
Top companies are building successful remote teams in India. Why?
Because India offers a win-win situation for businesses.
Cost savings: Building remote teams in India can be 60-70% more cost-effective.
Top talent: India is a leading source of skilled professionals in tech, medicine, finance, and more. India offers a vast pool of highly skilled individuals.
India is a great option for your company, whether you're looking for new customers or a talented workforce.
Mobilising India's cost-effective remote talents alongside its robust internet infrastructure positions it as a cornerstone in any company's growth strategy.
Now, Are You Ready to Enter India?
But wait! There are even more factors to consider to maximize your business success in this dynamic market.
Understanding the Indian Consumer: For a new company formation in India, it makes business sense to understand and customise the Indian experience of your product or service. This local insight can significantly enhance your market appeal and customer satisfaction.
Adhere to Regulations: Compliance with the ever-changing laws related to your industry, labour law regulations, taxation, and investment considerations is critical for the smooth functioning of your business. Leveraging local expertise can help avoid hefty penalties, reputational loss, and project delays.
Leverage Indian Talent: Even if your product is not built for the Indian market, leveraging Indian talent to build those products or services can be a game-changer for your business in terms of long-term cost and skill advantages.
Are you worried about the cost, effort, and hassles of establishing a base in India?
Don’t Worry! OBOX Got YOU Covered!
Our experts at OBOX assist companies in enjoying the benefits of expansion and forming a company in India without undertaking any of the associated hassles.
If you are a new entrepreneur, we will assist you with everything from entity setup, recruitment, EOR/ PEO to the latest compliances for overseas entrepreneurs.
Considering the Indian Market, But Unsure About Company Formation in India?
Suppose you wish to leverage the Indian talent market or explore the long-term fit for your offerings in India. In that case, we become your extension in India for all administrative and HR purposes through our Employer of Record solution. We establish your remote team and handle all employer-related legal requirements, such as payroll and office infrastructure, without requiring you to incorporate your company in India. In contrast, the team works dedicatedly for your company abroad.
Are you ready to dive into company registration in India? We're here to help. Please refer to this (insert guidebook link) guidebook for more details about our extensive Employer of Record/ Professional Employer Organisation for India.
If You Want to Establish a Dedicated Indian Entity
As your Indian operations grow substantially and warrant a dedicated Indian entity, we will help you set up the correct entity type, assist in adherence to all corporate compliances, and support your expats, who will be key to establishing your home company’s culture, values, and methodology in this new entity.
Reach out to us at info@oboxhr.com to connect with our team of experts.
YOU can Grow with India!
A decade ago, India was the 11th largest economy in the world. Today, it is the 5th largest and is soon expected to be the 3rd largest, with notable organizations and people touting this as India’s decade. We strongly suggest you have India in your business growth story and make it a propelling force to fuel your own growth story.
