Chennai is one of the most appreciated business destinations in India thanks to the fact that in the past few years it has become the country’s startup hub. Chennai is also a suitable option for those interested in starting a company in tourism in India because of its favorable geographical location.
Below, we invite you to read about the company formation steps in Chennai.
Those who want to register a business in India and decide for Chennai can rely on our local specialists who can provide them with tailored company formation services.
Types of companies to be registered in Chennai
Foreign entrepreneurs can set up both small and medium-sized businesses under various legal forms by simply registering them with the local office of the Trade Register in Chennai.
For small businesses, the sole proprietorship or the one person company is the most suitable, while for medium and large-sized ones, the private limited liability company is the most appropriate.
No matter the choice, you can ask for guidance and assistance from our agents in Chennai who can help you decide on a suitable legal form.
Most business owners and managers required cost-effective, dependable, accurate, and secure accounts receivable and claims administration solutions. Our Indian accountant will get to work right away and finish projects fast and at a high standard. Please do not hesitate to contact us if you would like more information on any of our services.
Company formation steps in Chennai
The procedure of starting a business in India and more specifically in Chennai is not complicated for foreign investors as long as they respect the Company Law and make sure they have all the documents prepared and filed in due time with the local authorities.
Here are the steps related to setting up a business in Chennai:
- trading name reservation – the name can be verified prior to the reservation;
- preparing the Articles of Association and other papers in accordance with the type of legal entity selected;
- opening the corporate bank account in order to deposit the share capital;
- filing for company incorporation with the Trade Register and obtain a tax identification number;
- registering for social security and pension purposes in order to hire employees;
- applying for the necessary business licenses in accordance with the industry to operate in.
Our company formation agents in Chennai will be at your service through every step of the procedure in order to ensure a smooth incorporation process.
Specific requirements that must be considered when starting a business in Chennai
Foreign investors who want to open businesses in Chennai, India must know that specific requisites apply upon the appointment of company directors. These must obtain the Director Identification Number (DIN) – this requirement also applies to foreign nationals nominated as directors alongside the Indian residence permit.
Our company formation specialists in India can guide you on how to obtain this signature.
Services related to company formation in Chennai
In order to help foreign investors who want to settle in Chennai and wonder how to form a company in India, our officers can provide advice and guidance in incorporating any business form. Among our services are:
- document preparation and verification in order to ensure their correctness;
- paperwork filing services with all relevant authorities;
- tax and VAT registration;
- assistance in obtaining various types of business licenses and permits;
- advice on the employment regulations when hiring workers;
- tax advice and accounting services.
In the past few years, startups have become quite popular in India and especially in Chennai, which is why those who want to set up business here are encouraged by the government.
The government has even created a portal called StartupIndia where investors can register in order to obtain various benefits.
If you need more information on how to open a company in India and more specifically in Chennai, do not hesitate to send us your questions we will make sure to answer as soon as possible.
Why invest in Chennai, Tamil Nadu?
Chennai is one of the largest and most important regions in India, attracting thousands of investors from every corner of the world every year. According to various surveys, Chennai is also the safest city in the country which also makes the most visited one, therefore businesses in tourism will thrive here.
Apart from these, Chennai is also the home of the largest Special Economic Zone in India which makes it very appealing for businesspersons.
Here are some facts about the Tamil Nadu region’s economy:
- the region has the largest number of special economic zones – 37;
- it ranked 1st in terms of tourism arrivals in 2017;
- it occupies the 1st position among all other Indian regions in terms of numbers of factories and industrial workforce;
- between 2018 and 2019 the total value of the goods exported from there was valued at 30.52 billion USD.
If you are interested in company formation in Chennai and need assistance, please contact our local representatives.