- February 10, 2015
- Posted by: Rayvat Accounting
- Category: Accounting, Finance
A country with second most largest population in the world, India has seen an exponential growth in terms of economic growth. With summits and economic fairs like the Vibrant Gujarat and India Shining, a large number of AUS, US, UK and NZ firms from other countries now wish to do business in India. But the way the business is conducted in India, is a bit different than in other countries. The firms that wish to do business here would have to conduct a whole new market research and modify their Product Offerings and Pricing Structures based on the demands of the customers.
If we see the business culture of the US based companies, the work is done keeping in mind of maintaining highest efficiency. These firms aim for Complete Productivity and efficiency in all aspects and levels of the business. Please have a look at our Work Methodology. But, Indians look for much more than just efficiency, sometimes even the relationships are taken into consideration, which is why the US firm wanting to do business in India would need to take that into consideration as well. Expect your Indian business partner to ask questions about you and your country as well, and not just about your business.
It is also important for the firms to understand that although India is one country the tastes and preferences of the people vary in almost each state. What would work quite successfully in one state might fail terribly in another. With complete diversity as well as different languages, India is one of the most complex business destinations.
There are many cultural dos and don’ts for different states, and the best way to offer the products is to do so after understanding the customer psychology. What would work in Punjab, would not work in Tamil Nadu. The marketing department would have to pull up its socks and create a custom made campaign that would keep all these in mind.
Doing business in India is tricky, but if the firm manages to successfully navigate the complex cultural diversity, they would have a huge customer base all ready to devour their service offerings.
Rayvat Would Help these firms to manage and prepare their financial statements, registration and incorporation of the firm. Thus, you can deal with the complexities of the business part while leaving the accounting and financing to us.
How to Register a Company Incorporation In India.