Ease of doing business in India
Bank on Remunance for establishing Indian business; Country Improves by 79 positions in World Bank Report ‘Doing Business’
Good news for all the companies who are eying India, the fast-emerging market and a developing economy, as the next business destination. The country has improved its ranking by 79 positions in five years (2014-19). In the recent World Bank’s ease of doing business 2020 report, the country jumped to 63rd position, among 190 nations.
The economists project an extremely positive outlook on the growth prospects as India figured among the top 10 performers on the list for the third time in a row. India’s ranking witnessed improvement even as the Central Government took drastic steps such demonetization and ghastly implementation of Goods of Service Tax. These two steps alone uprooted lakhs of small businesses and it had resulted in the growth that stagnated.
With growing opportunities, all a foreign company needs is an experienced local partner, aPEO service provider like Remunance – that understands the business objectives and provides the best solution for establishing a successful India business operation.
Consultancy firm McKinsey in a report released recently mentioned that India rose from 130th overall in 2016 to 63rd in 2020 in the business index (Source Indian Express). Even the government is confident that there won’t be much change in India’s position as numerous reforms taken during the last six years have made India a favorite destination for doing business. The government aims to make India one of the easiest countries to invest in,Company subsidiary formation and creating wealth.
Keeping in view the favorable scenario to enter in India, the country with top economies of the world, all you need is to partner with Remunance. It offers a one stop solution to all foreign companies who are aiming India as the next business operations destination.
As a foreign company that does not have any establishment in India cannot directly hire employees to work in India. If this foreign company does not wish to establish an entity in India or would prefer to test the waters before that, going through a PEO/ EOR agency like Remunance is the ideal way forward in order to build the team in India.
A Professional Employer Organization (PEO) in India is an excellent starting point for small, medium, and growing businesses to venture into a new country. PEO is a company that acts as a legal employer for the employee in another country while the employee works for his actual employer company (Client). The PEO agency takes care of cost-effective services for HR, payroll, insurance, benefits, and risk management. Remunance goes one step further – in addition to what generally PEO agencies offer, we provide extended services like leave management, recruiting, employee training, office infrastructure and HR management.
Hiring a team through a PEO over an outsourcing agency has multiple benefits to the employer:
- The hiring process is transparent and collaborative. The team is hired based on your requirements in India and you are involved at every step of the process.
- The team is dedicated to work only for you (employer abroad) with direct reporting and periodic interactions
- The employee policies are mutually decided by the PEO agency and you in order to incorporate the same company culture as your office abroad.
- There is no problem of divided attention of the workforce/ lack of control over the delivery and efficiency
- It helps you test the waters in order to establish your own subsidiary in India
- Completely trained and experienced team built for you in the PEO stage can be then transferred once company subsidiary formation is done.
While Subsidiary formation is definitely an option for a large company planning to expand in India, However, for medium size and growing companies, there is a risk free and cost-effective alternative of going with a PEO agency. This method is not only beneficial from cost point of view but also largely reduces all the compliance and paperwork for forming and (God forbid) closing a legal entity. The Company is not required to spend the time and energy in tedious paperwork, hiring of resources in a new territory, getting acquainted with new laws and policies etc. Leaving all the headache to the professionals who have relevant experience, you can easily hire a team,set up an office and begin your work right away with Remunance.
The other allied services of Remunance include- HR, Accounting, Taxation & Payroll management. Remunance comes with a proven experience of establishing over 56 global companies in India. Remunance has been offering the PEO/EOR services in India for over 15 years and this long experience, maturity, seamless processes & professional approach helps establish any foreign entity in India in the easiest manner.