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Corporate Tax Rates reduced in India – A Revolutionary Move to Revive the Economy
  • India, Newsletter

Corporate Tax Rates reduced in India – A Revolutionary Move to Revive the Economy

India’s economy has been little slow in the first quarter of this fiscal year supplemented with a drop in consumer demand and also investment. The GDP’s slowdown affected the investments in various sectors such as automobile, real estate, manufacturing, etc. and these sectors are also going through a slump. The Indian Government is quite aware of this current situation of the economy and has made efforts to give a few economic boosters a couple of weeks back. However, now the government has announced a great benefit for the Indian Corporate sector. On 20 September 2019, the Indian Government has passed a Taxation Laws (Amendment) Ordinance, 2019 which is meant to amend the Finance (No. 2) Act, 2019 to offer effect to the corporate tax cuts, elimination of super-rich surcharge which was levied on capital gains tax, etc. The main takeaways from this announcement and ordinance are as mentioned below:

The takeaways
1.Decrease in Corporate Tax to 22% certain for domestic companies:
  • Reduction in corporate tax to almost 22% (effective tax rate comes to 25.17% after surcharge and cess) applicable for all domestic firms from Financial Year (FY) 2019-20.
    This rate will be applicable subject to the following:
    • Company is not availing any exemptions or other incentives, which inter-alia includes:
    • Any SEZ benefits
    • Extra depreciation allowance
    • Deduction for investments made in new plant and/or machinery specifically in notified backward states
    • Deduction given for tea, coffee, rubber development allowance or in site restoration fund
    • Expenditure made on account of scientific research, skill development project, agricultural extension project, etc.
    • Specific Tax Holidays given under Part C of Chapter VI (such as profit link deduction for SEZ development, undertakings in particular states or areas, housing projects, etc.). But, deduction in regards to employment of new employees given u/s 80JJAA would still continue to be given.
  • Company would not set off any loss which is carried forward from the previous year in case such loss is attributable to any of the exemptions or incentives that are mentioned above in the current or following year.
  • Tax return should be filed by the firm within the prescribed due date.


Please note that the above-mentioned concessional tax rate is at a discretion of the taxpayer, that is, they could either go for the concessional tax rate of 22% or have an option of continuing with the existing tax rate of 25%/30% with continuing the tax incentives/exemptions that are provided above. In case the option of a concessional tax rate of 22% is exercised even once in any year, then it cannot be withdrawn subsequently.
Companies which are not opting for applying the concessional tax rate could carry on paying at the current corporate tax rate and continue claiming the exemptions or incentives. After the tax holiday period or exemption expires, the firms can choose the concessional rate.

  • The entity opting for 22%, would not be liable for Minimum Alternate Tax (MAT).

2.Decrease in Corporate Tax to 15 % for some particular manufacturing firms:
  • The concessional corporate tax rate applicable for a new manufacturing company is now reduced to 15% (at an effective tax rate of 17.01%), and is subject to the below-mentioned conditions:
  • Company should be incorporated after 1 October 2019 and should have started production on or before 31 March 2023.
  • The company should be involved in manufacturing or production, or research with regards to such article produced.
  • All the terms and conditions mentioned for taking this 22% rate (specified in point 1) would be applicable.
  • Such firms should not have been formed by splitting any already existing businesses or by using previously used plant or machinery or utilise any building that was earlier used as a hotel or convention centre.
  • Additionally, provisions of Domestic Transfer Pricing would be applicable for the transaction which happens between a new manufacturing firm and all the related parties.
  • Please note that the above-mentioned concessional tax rate is at a discretion of the taxpayer and after the option is exercised in any year, it cannot be withdrawn subsequently.
  • The company which is going for 15% tax rate, would not be eligible for Minimum Alternate Tax (MAT).

3.Decrease in MAT rates:
  • MAT has been cut from 18.5 % to 15%, in case of the firms that do not choose to pay tax under these concessional tax rates.

4.Rollback of increased surcharge:
  • The increased surcharge which was announced in the Finance Act 2019 in regards to individuals, Association of Person (FPIs would get covered here), HUF, etc. on income going above some stated limit has been relaxed in terms of capital gains resulting from sale of equity share in a firm or a unit of a business trust which is eligible for securities transaction tax (STT), or a unit of an equity-oriented fund.
  • Increased surcharge which was introduced in the Finance Act 2019 would also not be applicable to Foreign Portfolio Investors (FPI’s) while a sale of any security including derivatives is done.

5.Respite from Buy-back tax:
  • Listed companies which have announced buy-back of shares earlier than July 5, 2019, would not be charged with any buyback tax.


The FM has also talked about increasing the scope of Corporate Social Responsibility (CSR) spending of the usual 2% to other beneficial areas. The CSR can now be consumed on incubators which are funded by central or state governments, or any agencies or PSU of central or state government, and also publicly-funded universities, National Laboratories, IIT’s, and any Autonomous bodies who are involved in research in fields of science, engineering, technology and medicine.

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India: Government woos global investors and opens doors to new FDI
  • India, Newsletter

India: Government woos global investors and opens doors to new FDI

The government recently allowed foreign direct investment (FDI) in the sectors of coal mining, digital media, and contract manufacturing while simplifying rules for all the single-brand retailers to make it more attractive and appealing for global brands like Apple, Uniqlo and IKEA to come and invest in the country.

Additionally, the finance ministry has informed about new rules that allow 100 percent FDI for insurance intermediaries. These FDI amendments are in line with the recent budget announcements, though a ruling on aviation is still awaited. “The changes in FDI policy will result in making India a more attractive FDI destination, leading to benefits of increased investments, employment and growth,” said Piyush Goyal, the commerce and industry minister.

This simplification of FDI norms has been done days after India’s finance minister Nirmala Sitharaman introduced a draft of new measures to offer a boost to the slowing economy. These steps come amidst a predicted slowdown in the flow of global FDI and are aimed at encouraging investment, particularly in new ventures, provided that domestic firms are denying to pump in money for expanding facilities, quoting the main reason as excess production capacity.

At least two of these amendments are intended for more high-profile businesses. Thus, simpler rules in single-brand retail are basically aimed at supporting international players like Japanese retailer Uniqlo, who can now hope to accept online sales for the next couple of years while it opens its retail outlets. The Swedish household goods and furniture retailer IKEA, for example, could not commence online sales till the time they opened their first store in Hyderabad city recently.

Likewise, by permitting 100 percent FDI in the field of contract manufacturing, the government is hoping to pull in investment from big organizations like Apple that has stayed away from India so far and has been demanding some special sops. Though the government eased rules in the past too for the iPhone manufacturer, by decreasing the sourcing burden, this American giant has not agreed to open stores in the country. In addition, some rules were simplified recently to treat all the exports from India as part of the 30 percent domestic sourcing obligation, Piyush Goyal announced.

The minister also mentioned that the twin moves are basically meant to make Indian companies a part of the international value chain especially at a time when global players are thinking of expanding their footprint much beyond China and setting up in other markets as well.

Various analysts are of the view that the amendment in the rules for the coal mining sector, where 100 percent FDI was permitted in case of captive mines only, is now expected to open the entry for global giants like Shenhua Group, BHP Billiton and Anglo American Plc. Now, these organizations would be permitted to sell the coal that they mine besides the process of handling, separation, washing the coal and crushing it. In the last five years, the government led by Narendra Modi has simplified the rules for the coal sector, and has also moved to a method of auctioning blocks after a Supreme Court order. These steps are intended to tackle with the coal shortages in India, which happens to be among the biggest global producers of the mineral.

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Over 2,200 Indian companies join Dubai Chamber in H1 2019
  • Newsletter, U.A.E

Over 2,200 Indian companies join Dubai Chamber in H1 2019

India is Dubai’s second-largest trading partner due to bilateral non-oil trade between the two countries. So if you are thinking of new business setup in Dubai, then this is surely a good idea.

Approximately 2,208 Indian firms joined as new members in Dubai Chamber of Commerce and Industry (DCCI) in the very first six months of this year. This marked an almost 18 percent increase as compared to same time period in last year and also highlighted a mounting confidence in the emirate as an investment hub.

Indian companies accounted for about 24.4 percent of new member firms that got registered with DCCI in the time period between January to June 2019, thus bringing the total figure of Indian members to 38,704.

The latest numbers were released by the DCCI before the official visit of Indian Prime Minister Narendra Modi to the UAE last week.

Hamad Buamim, the President and CEO of DCCI, said that the rise in Indian members joining the Chamber ensues important developments that have reinforced the India-UAE relationship in the past few years, which includes various high-level visits and meetings, strategic cooperation agreements being signed by both the governments, a stable upsurge in bilateral trade and the flow of investment and expansion of direct flights. All these steps taken by both the countries have pulled in more people to go in for Dubai company formation.

India is still Dubai’s second-largest trading partner as it clocked a figure of $31.6 billion (116 billion UAE dirhams) worth of bilateral non-oil trade last year. As per data, currently, the bilateral trade is dominated by mineral products and base metals, precious metals and pearls.

Recent DCCI analysis suggested that there are many areas where India could potentially enhance its exports to the UAE such as pharmaceuticals, vehicles, electrical machinery, apparels and clothing accessories.

Besides that, printed books, carpets, natural pearls and textiles were recognised as high-potential products that could be exported from the UAE to India in the near future.

This year, according to data, almost 9,062 firms joined DCCI as new members in the H1 of 2019, thus marking a year-over-year (y-o-y) increase of approximately 22 percent and getting the organisation’s total membership 240,000 plus.

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  • Newsletter, Oman

New investment law to operate in Oman starting January 2020

Oman’s Ministry of Commerce and Industry is going to enforce a new law starting January 2020 with an aim to make the country an attractive investment destination. The launch of this law is a move to ascertain the steadiness of foreign investments in the Sultanate.

Mohammed bin Rashid Al Badi, the Acting Director of the Legal Department at the Ministry of Commerce and Industry, was of the view that the ministry will apply the Foreign Capital Investment Law that is issued under Royal Decree No. 50/2019, starting from January 2, 2020. The law is anticipated to come into force after six months of its publication in the official gazette, and while talking about this, Mohammed Al Badi said: “Until the implementation of the new Foreign Capital Investment Law, the law which is already in force will continue to regulate foreign capital investment. The new Foreign Capital Investment Law will apply to all non-Omanis who want to establish a project that is economically feasible for the Sultanate, for which they would use their own capital and assets.”

He also said that for creating an appropriate investment environment in the Sultanate, an investment services centre had been founded at the Ministry of Commerce and Industry for the registration of foreign investors, business setup in Oman and for facilitating various licencing procedures.

It is compulsory for the investment services centre and other applicable organizations to comply with processes and timelines for allotting foreign investors with requisite permits, approvals and licenses. If the applicants fail to get a reply in the stipulated time, it would mean that their application has been rejected.

Al Badi also said that the Foreign Capital Investment Law offers multiple incentives and benefits for foreign investments to foster their stability and flow in the Sultanate, as they eventually have an impact on the economic development. It permits the investor to set up a company or do company formation in Oman in one of the acceptable activities, thus allowing them to own all of the capital.

This law does not specify a minimum benchmark for foreign capital investment in a specific project, as far as it complies with the proposed time frame for its execution as per the economic feasibility study.

He also said that the law does not allow for any substantial changes without the ministry’s approval. “Article 18 of the law gives the investment project the right to avail all of the advantages, incentives and guarantees enjoyed by the national projects in accordance with the laws already practiced in the Sultanate. Additional benefits may also be given to foreign investment projects established in the less developed regions of the Sultanate.”

Article 19 of the law allows the allocation of land or real estate for the investment project specifically under a long term lease. It also permits the right of usufruct without the requirement for the provisions of the Royal Decree controlling the use of land in the Sultanate, or the Land Law, to be complied to. This is as per the rules and guidelines laid out by the regulations in coordination with the pertinent authorities.

These authorities would specify and assign sites in each governorate for setting up of investment projects with the right of usufruct. They would also offer general services like water, gas, electricity, roads, sewage, communications and other such facilities to the project area. Article 21 of the law demands that the investment project can, either by itself or through a third party, import whatever it needs for its setting up process, expansion or operations.

This also includes any production requirements such as raw material, machinery or spare parts and means of transport that are apt for the nature of its activity, without the need for registering itself as an importer.

Al Badi also said that to stabilise the foreign investment in the Sultanate, the Foreign Capital Investment Law provides some guarantees; for example, the rights of investment projects being established in the Sultanate. Article 23 of the Foreign Capital Investment Law No. 50/2019 specifies that projects cannot be detained and investment is now allowed to be frozen or taken into custody, except if there is a court ruling for it. It also gets exemption from taxes of the state.

The newly launched Foreign Capital Investment Law also assures that the investment project cannot be seized, except as per the provisions of the expropriation law in public interest. In that case, a fair compensation needs to be provided without any delay. This is specified in Article 24 of the law. Likewise, the right of usufruct or lease is not permitted to be seized in the case of privatization of the land or real estate; the only exception is in cases that are prescribed either by law or by a court ruling.

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Singapore charms new investments in spite of economic slowdown
  • Newsletter, Singapore

Singapore charms new investments in spite of economic slowdown

The whole world is reeling under the effects of strong economic headwinds coupled with the US-China trade tensions. But that has not stopped Singapore from charming and pulling in huge unexpected amounts of investment commitments.

In first six months of 2019, Singapore has already attracted a whopping $8.1 billion of investment commitments particularly in the manufacturing and services sectors.

This is way higher than the last year’s figure of $5.3 billion of investment commitments for the same period.

In fact, the figures quoted in the Economic Survey of Singapore recently, have already exceeded the lower bound of the Economic Development Board’s (EDB) estimations done in February for the year 2019.

The EDB has forecasted that Singapore is all set to attract anywhere between $8 billion to $10 billion worth of fixed-asset investment commitments in this year, which is in line with previous few years.

In 2018, the country pulled in $10.9 billion worth of investment commitments – a target which seems well within reach.

Song Seng Wun, CIMB economist said last week that these are positive signs, particularly in the technology and chemicals sectors and a good time for company formation in Singapore.

He also said that near-term growth apprehensions, higher operating costs and issues related to manpower should not discourage companies with deep pockets.

It is not surprising that the top ranking foreign investors still continue to be the US and Europe, said Mr Song. The technology, data services, and chemicals industries continue to be dominated by American organizations, closely followed by European companies.

Technology firm named Micron, the social media leader and giant Facebook and British home appliance company called Dyson are just a few of the known companies that have established their shop here.

Chua Hak Bin, Maybank economist cautioned that though companies may state envisioned investment commitments, the real spending could come in much lower.

New fixed-asset investment is pouring in at an important juncture, given that Singapore is in need of boost of a capital expenditure to shield the export downturn.

“We hope that these commitments materialise into actual capex spending and job creation, as there have been episodes in the past where the two have not been correlated,” said Mr. Chua.

He also said that it is not clear that Singapore is gaining from shifts in supply chains because of the US-China trade war or not. “Singapore appears to be gaining more US investments than from China,” he said.

Though manufacturing sector still remains an important pillar of the Singapore economy, Mr. Song is of the view that the services sector could pull in more fixed-asset investments as compared to the manufacturing sector by the end of 2019 and company incorporation in Singapore in services sector would be more.

He also said that the requirement for data, research and development and scientists will surely create jobs and that is why the Singapore Government has been so engrossed in the knowledge economy and the skill-sets that are required to participate in it.

It is also very important to translate investment commitments into real and actual jobs.

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Industry leaders foresee a double-digit growth in the UAE construction sector in 2020
  • Newsletter, U.A.E

Industry leaders foresee a double-digit growth in the UAE construction sector in 2020

The construction sector in UAE is all set to show a record growth of almost 6 to 10 percent in 2020 in spite of problems like extended deadlines and tight budgets.

Over 50 percent of the industry leaders surveyed in the UAE for a Global Construction Survey mentioned that the construction sector in the country is resilient and is slated to grow because of increasing investment in technology innovation. Therefore, company formation in Dubai in this sector is going to be profitable.

On the other hand, the country’s professionals were still divided on the question if the UAE companies are completing projects within the set timelines and budget, with timelines (44 percent) and cost overruns (44 percent) positioning as the top obstacles facing capital construction projects, as per the survey.

However, the survey report stated that these challenges of timelines and budgetary constraints are being tackled as the industry has adopted practises and procedures to link governance to the outcomes of the projects. The industry leaders in UAE realise that well-managed and executed projects with right management practices and suitable controls are more probable to attain broad measures of success in the future. For people planning business setup in Dubai free zone, these are the few things to be kept in mind.

Other than that, the UAE is already experiencing technological disruption in this sector due to 3D printing and automation. As per the survey’s global findings, the usage of robots in this field, intelligent tools, unmanned aerial vehicles and equipment would continue to automate many repetitive, less complex but high-risk tasks, resulting to a workforce which is even more leaner, specialized and digitally-enabled.

Over 80 percent of the leaders who were surveyed in the UAE were of the opinion that digital modular fabrication is going to be widely implemented in the coming 10 years, which would be followed by intelligent construction equipment (56 percent) and robots (25 percent). Another aspects would be usage of data analytics and predictive modelling, which is likely to play a significant role in the coming five years.

It is being believed that the construction sector is actually the lifeblood of the economy of UAE. The industry leaders are of the opinion that the industry is anticipating single- to double-digit growth in 2019. As the pace of disruption speeds up, the sector leaders would have to consider executing a three-pronged approach to justify governance and controls, enhance human performance and revolutionize with technology to become fully future-ready.

To summarise, a strong workforce coupled with good technological investment is the need of the hour for the sustainable growth of the construction sector in the UAE. It is actually the people who form the backbone of the industry and the sector’s leaders should invest in human capital to spur overall performance and make sure that project deliveries are on track.

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Singapore Develops 40 New Standards for New Tech and Business Models
  • Newsletter, Singapore

Singapore Develops 40 New Standards for New Tech and Business Models

MORE than 40 new standards for budding areas like drones, video analytics, and additive manufacturing would be developed in the coming year, as the Singapore Standards Council (SSC) has decided to step up its efforts on standardisation to keep pace with economic transformation and all the new technologies.

Last year, the industry-led SSC issued 19 new standards for supporting such nascent fields; for example a technical reference on some data interchange for last-mile delivery by using parcel locker networks, and some other technical reference for autonomous vehicles.

Enterprise Singapore (ESG), which supervises the implementation of the Singapore Standardisation Programme steered by the SSC, said that it would also enhance industry collaboration by pulling in more new industry experts who can lead and assist the development of the new standards. This is especially going to be important for nascent areas where better collaboration and discussion are required for identifying the unaddressed and new needs for standards development.

As of now, around 2,000 standards partners are taking part in the Singapore Standardisation Programme, thus representing a diverse array of stakeholders from academia, industry, and government organisations.

SSC is also going to strengthen its contribution and involvement in international fora, so that it can continue to advance Singapore’s interest in standards. As of now, it participates in technical committees which develop international standards in fields such as artificial intelligence, blockchain, circular economy and smart manufacturing.

Additionally, SSC is spearheading the development of some new standards by the International Standards Organisation for cloud computing, bunkering, and water efficiency.

These standards are a set of specifications that are designed to improve and foster innovation, market acceptance, and quality in several products, materials, methods and services, which are reviewed once in a period of five years. While it is voluntary to comply with the Singapore standards, it is mandatory when these standards are utilised by the government bodies in regulations or administrative needs for safety, health or other environmental issues.

ESG was of the view that disruptive developments could cause economic displacement and also offer opportunities for various new business models to flourish, and standards function as guides for best practices, aiding businesses to navigate better and respond to the disruptions.

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DIFC Announces Four New Licences Which Simplifies Doing Business in Dubai
  • Newsletter, U.A.E

DIFC Announces Four New Licences Which Simplifies Doing Business in Dubai

The Dubai International Financial Centre (DIFC), which is the leading global financial hub in this region, has announced new licensing classifications to make it simpler and more reasonable for companies and businesses to set up their base in the centre and do company registration in Dubai.

The following four new licencing categories have been introduced under the new Operating Law and Regulations: short-term licences, commercial permissions, restricted licences, and dual licences.

All the four new classifications have been introduced with a reduced licence fee and enhanced flexibility, thus permitting more firms to set up and do business out of the centre and do best company formation in UAE.

Khalid Al Zarouni, who is the Senior Vice President & Registrar of Companies at DIFC Authority, was of the view that the new categories of licences and fees launched under DIFC’s Operating Law and Regulations are a boon and a first of its kind in this region. This will enable all the businesses in DIFC to expand, while also boosting a better and specialized portfolio of businesses to set up in the financial centre.

The new amendments to the licencing regime are a response to market demand and to demonstrate the DIFC’s obligation to offering a nurturing business environment that is well balanced with suitable levels of protection, in compliance with international best practices.

Key highlights of the new four categories

Here are the major highlights of the four new licencing categories:

Short-term licences

Under this category, the retail businesses and all other non-financial companies would be now able to run their businesses out of the DIFC with flexible rates and shorter timeframes. This also includes a reasonably-priced registration fee of $100 and the licence fee between $300 to $5,100 as per the duration.

Restricted licences 

This category of licenses is meant for companies interested in creating or testing new and innovative products or services in the DIFC. Companies getting this licence would benefit from a decreased registration fee of $100 and an annual licence fees that could range from $1,000 to $4,000. The objective is to offer better flexibility for innovation, advancement, testing and also access to the DIFC ecosystem, including incubator and accelerator programmes.

Commercial permissions

This category would permit both DIFC and non-DIFC companies like retail outlets, event companies, training providers and educational service providers to perform or run their main business activities in the DIFC at reasonable rates. Fees for commercial permissions vary between $100 to $2,000, depending on the activity and the duration.

Dual licencing 

This kind of licence helps non-financial and non-retail entities that are licenced by the Dubai Economic Department, and having an affiliate in the DIFC for operating from the centre. These would include law and audit firms, family businesses, consultancy firms, holding companies and corporate service providers, who would get advantage from an annual fee of $1,000.

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UAE Decreases and Withdraws Government Services Fees
  • Newsletter, U.A.E

UAE Decreases and Withdraws Government Services Fees

UAE is cutting down or withdrawing a range of federal government fees for the purpose of easing the cost of doing business in the country and increase its appeal to prospective investors.

A statement issued by the Ministry of Finance recently affirmed that the cabinet has announced a decision to withdraw or cut down some specific charges on approximately 1,500 federal services under three ministries by up to 50 percent. The reduced fee would come into effect from this month onwards.

Around 1,200 fees have been decreased or withdrawn at the Ministry of Interior, 80 fees at the Ministry of Economy and almost 200 fees at the Ministry of Human Resources and Emiratisation.

“These decisions are expected to further enhance the business environment in the UAE, empower entrepreneurs and encourage them to create new investment opportunities in the UAE,” the Ministry of Finance’s statement quoted.

This amendment will also help in the creation of additional jobs in the country while strengthening its competitive ranking and position as a global business hub. It will also help in enhancing the rate of company formation in Dubai and company formation in UAE.

Fees being cut down by the Ministry of Interior includes the fees of issuance or renewal of various security licenses, surveillance systems licences, and security guard licenses. The list of withdrawn fees also includes business and other industrial licensing services.

Fees will be cut down at the Ministry of Economy for renewal of registrations of foreign subsidiaries, registration or renewal process of foreign trademarks, the procedure of sale or acquisition services for international companies and dispute services.

The list of cancelled service fees includes the ones imposed on requests for detailed information, requests for registration or renewal of an agent, and fees for other additional services in an effort to “reduce (the) financial burden on companies operating in the country”, as per the statement. 

The decreased fees in the Ministry of Human Resources and Emiratisation is going to include the issuance and renewal of the work permits, the alteration or change of employment contracts and training permits that are issued within the country and also for work permits issued outside the UAE.

The Ministry of Finance also mentioned that it would carry on reviewing all the fees for federal services and devise policies to decide the fees charge and the effect these have on the market.

So if you are looking for professional advice for your company or need good business setup consultants in Abu Dhabi, please get in touch with us, and we would be glad to help.

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India Positioned at the 52nd Rank on Global Innovation Index
  • India, Newsletter

India Positioned at the 52nd Rank on Global Innovation Index

India has moved up five places in last one year and has reached to the 52nd position on the Global Innovation Index (GII), 2019. If we compare the last year’s data, India has gone up by 29 places in the last five years, thus reaching this rank.

Switzerland continues to top this list and Israel has for the first time found its way in the top ten.

India’s 2019 position in GII signifies the highest jump or move by any of the major economies in the world. India also continues to remain on the second position in terms of the innovation quality amid middle-income economies.

The ranking also represents that India has been able to sustain its leadership ranking as the most innovative country in the Central and South Asia region each year starting since 2011.

India also ranks 15th in the global companies’ R&D expenditures, due to its good and consistent performance in critical economic indicators like productivity growth and exporting services such as information and communication technologies this year.

Piyush Goyal, the Commerce and Industry Minister, said at the launch of the Global Innovation Index 2019that enabling and expediting entrepreneurship through innovation is a very important component under the vision of new India by the year 2022. India’s continuous rise at the global innovation index is an evidence of its people’s entrepreneurial prowess and the rate and success of company formation in India.

He also said that “Innovation does not come new to India and we are seriously looking at increasing our spends at R&D. Right from establishing hundreds of Atal Innovation Labs to Mangalyaan and Chandrayaan, this new approach and engagement adopted by the government have become the new hallmark of India as we move towards a more prosperous country.”

With consistent top ranking of our nation in GII, it is the best time to try your entrepreneurial journey. But in case you don’t know where to start or how to register a pvt. Ltd. company in India or how to go about company formation in Mumbai, then do get in touch with us and we would be glad to assist you.

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