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Modern Business America

US, Singapore, UK Lead In Offshore Business Presence In India

US, Singapore, UK Lead In Offshore Business Presence In India

 

SYNOPSIS
A foreign company is defined under the companies Act as an entity incorporated outside India which has a place of business in India whether by itself or through an agent. Any company incorporated in India with foreign investment is regarded as an Indian company.

New Delhi: The US, Singapore and the UK have the maximum business presence in India in terms of operations by active foreign companies, followed by China and Hong Kong which together come in the fourth place, according to data available from the ministry of corporate affairs.

A foreign company is defined under the Companies Act as an entity incorporated outside India which has a place of business in India whether by itself or through an agent. Any company incorporated in India with foreign investment is regarded as an Indian company.

The number of active foreign companies reported to have a place of business in India as on 31 March, 2022 was 3,303. During FY22, 58 foreign companies got registered in India. The figures indicate the extent of cross-border operations of overseas companies in India without incorporating a local subsidiary in the country, a phenomenon common in the service industry.

Data from the ministry showed that the US led the pack with 424 active foreign companies having operations in India, followed by 261 Singapore companies, 255 UK companies, 189 companies from China and Hong Kong together and 164 Japanese companies. Although over 5,000 foreign companies have so far been registered in India, only 3,303 are active as of end of FY22, data showed.

 

 

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