India is Set to Continue Its Infrastructure Development in the Next Few Years
India is developing at every corner of the country. The major cities in India require reorganisation of its city planning. For every infrastructure development in the country, India may or may not have sufficient capacity to accommodate such a requirement. There are also plans to develop modernised cities with advanced infrastructures. Hence, if you plan to set up a construction business in India, you have made the right decision.
No Easy Business
The construction industry is full of complexities from the beginning. But if you are passionate about seeing the structure come to life, block by block, then it is a suitable industry to dive into. There are many constructions sites you can visit and see the labyrinth of processes that works to make everything work simultaneously. These labyrinth of works usually come from a myriad of construction-related companies.
When a country desires to better itself, the first attraction will be the infrastructure and building construction. Visitors from all over the worldwide would relish in proper and functional public infrastructure. A modern and sophisticated development is a bonus if the technology is already a common thing. Thus, there are an array of construction categories you can choose to be an expert. There is construction technology, electrical installation, government and civil projects as well as renovations works. The abundant of labour workforce in India is also another attraction of foreign companies setting up construction business in India.
The Company That Builds
To set up a construction business in India, you need to get a company registered. Company registration in India is pretty straightforward. It begins with you outlining your business plan. The business plan for a construction company should include details such as raw materials supplies, a logistics plan, fleet organisation, required working capital and inventory. After which, get some research done as construction requirements vary at different states in India. Next, is incorporation your company with the Ministry of Corporate Affairs (MCA). The following are the general steps to company incorporation in India.
- After acquiring the company registration certificate, register for GST number.
- Obtain a Tax Identification Number (TIN)
- Obtain a Public Works Department (PWD) license
- Open a bank account under the company’s name
- Register with the Provident Fund
A construction site is not without its hazards and safety issues. Thus, it is essential to get the business, employees and workers insured. Should there be losses, damages or casualties incurred during the business period, the insurance coverage will be a significant relief to the business owner. Be sure to get the extensive and necessary range for your construction business. Another possible strain of managing a construction business is the cash flow or working capital requirement. Look out for financial assistance from banks or financial institutions such as construction equipment loan, letter of credit, overdraft, term loan or working capital financing.