Doing business all over the world, TMF Group knows what challenges arise when looking across borders. Based in the Netherlands, TMF Group has over 120 offices with more than 6,000 employees around the world. We serve clients of all sizes across all sectors and partner with them to enable their growth journey. Our mission is to help our clients expand and operate both within and beyond their home markets. We strive to integrate with our clients’ internal teams to help make sure their processes are compliant to local rules, enabling them to focus on growing their businesses. Some of the lessons we have learned in dealing with intercultural situations, might be useful for Dutch entrepreneurs looking at the Indian market.
India is an attractive option for Dutch companies looking to expand their markets, especially in services, retail, manufacturing, pharmaceuticals, steel, information and space technology. While services continue to be the dominating sector, the Make in India project announced by the government in 2014 is helping to transform India into a global design and manufacturing hub. According to the World Bank’s latest Global Economic Prospects report, India will be the fastest growing economy in the world in the next three years.
Planning to invest in India? There are various entry options available, such as setting up as a Foreign Company (Liaison/ Branch/ Project office), Foreign Direct Investment (FDI) and Foreign Portfolio Investment. Finding a partner to do this with is key to successfully navigate the legislative environment of this emerging country brimming with opportunities.
Challenges and golden rules to doing business
India is an enormous country with vast economic potential, but awareness is key to traverse the diverse and complicated corporate landscape. It takes time to do business in India, so it is essential to match your global reach and culture with local knowledge to make your business more relevant to the Indian market. Once you break through the ceiling and invest in your relations, sky is the limit.
Three golden rules apply to everyone looking to do business in India:
- Think big – incremental is a missed opportunity in Indian context.
- Gain local knowledge to unleash growth – proactively managing compliance and control can allow you to focus on your business and customers
- The legislative environment is transforming to a more substance-based approach, which is becoming more in sync with Dutch business ethics and values. This should provide an added comfort to any Dutch company on maintaining high corporate standards while exploring exponential growth in India.
On TMF Group
“We provide global business services to clients operating and investing across Asia, Africa, Europe, Middle East and the Americas. We focus on providing specialised and business-critical financial, compliance and administrative services that help our clients to operate their corporate structures in different locations,” Shagun Kumar, Managing Director of TMF India.