Mar. 11 – In the new issue of India Briefing, we take a look at setting up liaison offices, project offices, Branch offices and private limited companies in India.
Investment into India is booming. Following the reelection of the Congress Party to power in 2009, the country is reaping the benefits of the market reforms being brought to the table by the now emboldened central government. And as a result of India’s focus on development, the door has now been thrown wide open to large amounts of foreign investment. In this issue of India Briefing we examine how to set up several different types of legal entities in India: the liaison office, the project office and the private limited company. We also take a look at the advantages that setting up in India’s special economic zones and compare incorporation requirements and business costs between India and China. Read the rest of this entry »
Mar. 11 - Indian companies are expected to resume hiring from April to June with the organized sector forecast to create one million jobs by 2011 backed by the strength of the improving economy according to two global employment trend surveys.
According to the Employment Outlook Survey compiled by the human resources consulting firm Manpower, two in every five Indian companies plan to hire more people in the second quarter of the year. Another survey by human resources services provider Ma Foi Management Consultants said that polled companies were upbeat about their prospects for 2011 although most are still cautious about the coming second quarter. Read the rest of this entry »
Mar. 10 - When India adopts the International Financial Reporting Standards (IFRS) in 2011, many changes will need to be made including ensuring that company staff are properly trained to apply the new rules.
Financial assets defined as a financial asset of one entity and a financial liability or equity instrument of another entity including cash, equity shares and a contractual right to receive cash or another financial asset will be computed for differently under the new IFRS. Read the rest of this entry »
Mar. 9 - A proposal to implement a construction tax under the new services tax will invariably hike prices for real estate projects still under construction or pending approval from authorities.
The tax would apply to the construction of complex service or commercial or industrial construction services as well as services offering premium prices based on a flat’s location in a multi-storey building. Read the rest of this entry »
Mar. 9 - The Confederation of Indian Industries has ranked New Delhi as having the best quality of life for its residents among all cities in the India based on their latest “Liveability Index.”
After New Delhi, the next best cities to live in are Mumbai, Chennai and Bangalore. The survey looked at 37 Indian cities in over a decade to compute for a quality of life index. It also used hard data collected from reliable sources to eliminate the possibility of personal bias or a sampling error obscuring the reality. Read the rest of this entry »
Mar. 8 - The following are highlights of tax proposals submitted for the Karnataka State Budget 2010 -11 ranging from commercial taxes to luxury tax and entry tax.
Value added tax
- VAT exemption on paddy, rice, wheat, pulses and products of rice and wheat extended for one more year beginning January 4, 2010
- Tax on masala powder mixtures, macaroni, sports trophies, shields and medals, scrap metal, electric generators of less than 15 KVA, railway concrete sleepers, school bags costing up to Rs 200, reduced from 12.5 percent to 5 percent Read the rest of this entry »
MUMBAI, Mar. 5 – India will soon adopt the International Financial Reporting Standards (IFRS) system with the government requiring that all companies shift to the new standards beginning April 1, 2011.
This is a radical change that companies will have to prepare for by making sure that their accountants are adequately trained with the new system. The system is expected to be adopted by India’s top listed companies by the set deadline and eventually by all companies in India by 2013. Read the rest of this entry »
OP/Ed Commentary: Chris Devonshire-Ellis
Chris Devonshire-Ellis with Dhanendra Kumar
Mar. 4 - In discussions with Gajendra Haldea, the advisor to the Deputy Chairman of Infrastructure Planning Commission, and with Dhanendra Kumar, the Chairman of the Competition Commission of India, two things stood out as the mantras for the execution of public-private partnerships.
Firstly, that the Indian government knows full well the constraints it is operating under and that any arrangements must adhere on both government and private sectors to principals of being cost effective, commercially sustainable and affordable, and having time-bound deliverables. Read the rest of this entry »
Mar. 2 - India will grow at the rate of 9 to 10 percent for the next 25 years, Prime Minister Manmohan Singh said in Riyadh on Monday.
“Despite the economic slowdown, we hope to achieve a growth rate of 7.5 percent in the current financial year,” the economist-turned-prime minister told the Majlis-ash-Shura, the Saudi parliament during his state visit. Read the rest of this entry »
Feb. 26 - A proposal to amend bills governing chartered accountants, cost accountants and company secretaries during India’s Budget session may allow large consultancy firms to register in the country.
Changes will be made on the Institute of Chartered Accountants of India Act, the institute of Company Secretaries of India Act and the Institute of Cost & Works Accountants of India Act that will allow professional bodies from various fields to form Limited Liability Partnerships (LLPs). Read the rest of this entry »
