India Entry Strategy 3 : India Joint Venture Office
Foreign Companies can set up their operations in India by forging strategic alliances with Indian partners. It is essentially a medium to long-term contract which is specific and flexible. A joint venture can be organized as a partnership firm, a corporation or any other form of business organisation which the participating firms choose to select. It generally has the following characteristics:-
- Contribution by partners of money, property, effort, knowledge, skill or other assets to the common undertaking.
- Joint property interest in the subject matter of the venture.
- Right of mutual control or management of the enterprise.
- Right to share in the property.
- Joint Venture may entail the following advantages for a foreign investor:
- Established distribution/ marketing set up of the Indian partner
- Available financial resource of the Indian partners
- Established contacts of the Indian partners which help smoothen the process of setting up of operations
The investors are only required to notify the Regional office concerned of RBI within 30 days of receipt of inward remittances and file the required documents with that office within 30 days of issue of shares to foreign investors. The proposals shall contain
- Details of Whether the applicant has any existing financial or technical collaboration or trade mark agreement in India in the same field for which approval has been sought; and
- If so, details thereof and the justification for proposing the new venture or technical collaboration; Applications can also be submitted with Indian Missions abroad who will forward them to the Department of Economic Affairs for further processing; Foreign investment proposals received in the Department of Economic Affairs are generally placed before the Foreign Investment Promotion Board (FIPB) within 15 days of receipt.
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