Starting up a business in India was a physical process traditionally, involved a lot of paperwork and the complexity of the regulatory systems, particularly with Non-Resident Indians (NRIs). This experience is being reinvented by Savetaxs, a Jaipur-based financial services company, which provides a fully digital platform that lets NRIs establish businesses in India remotely. The innovation removes the travel requirement, legalization and enables businesspersons worldwide to contribute to the economic development of India without having to be physically present in India.

Savetaxs offering personalized guidance

The issue of the right business structure is one of the most frequent problems that NRIs have to face. Most of them default to the format of the private limited companies without the knowledge of whether the format suits their operations. Savetaxs meets this need by providing individualized information on options to either utilize a private limited company, limited liability partnerships (LLPs), partnerships, or sole proprietorship.

When the business form is completed, NRIs will be left navigating a maze of regulatory provisions, digital signatures, director identification numbers, memorandums of association, GST registration, and PAN applications. In the case of a foreign national, the situation is further complicated by the fact that the Foreign Exchange Management Act (FEMA) of India has to be followed.

The Co-founder of Savetaxs, Shubham Jain, said, “A consultant starting a small practice doesn’t need the same setup as someone planning to raise venture capital. We see people waste money on complex structures they don’t need.”

Quotation Source: MyNation 

Savetaxs’ digital infrastructure

Savetaxs provides long-term compliance services as opposed to most service providers, who stop engaging with customers once the initial set-up is completed. This involves Registrar of Companies (ROC) filing, annual tax filing, financial reporting, and regulatory filing. These services are important as temporary measures to remain in a good position and to prevent penalties.

The digital infrastructure at Savetaxs is round-the-clock, serving clients in time zones, both US and UK, and the UAE and Singapore. The firm has plans to handle more than 5000 cases, and it is ramping its operations to address the increasing demand of the international Indian diaspora.

Savetaxs was founded in 2020. Savetaxs focuses on the NRIs, Overseas Citizens of India (OCIs), and foreign nationals in Indian. Other than incorporation of businesses, the firm provides tax filing, advisory services, repatriation services, and NRI banking services. Savetaxs has received a reputation of reliability, transparency, and client-oriented service with more than 2.5 lakh applications processed in 30 countries or so. The success of the platform can be explained by the fact that it integrates regulatory knowledge with user-friendly digital products, which make NRIs more familiar with the business environment in India.

The other Co-founder of Savetaxs, Ankit Mangal, said, “The rules change frequently. What worked last year might not work now. That’s why we have CAs and legal experts who track these changes full-time.”

Quotation Source: MyNation  

Conclusion

The Savetaxs is transforming the way NRIs start and operate businesses in India. The firm enables global entrepreneurs to be confident and comfortable in taking part in the growth story of India, as it eliminates the physical presence requirement and streamlines complex processes. The availability of cross-border opportunities and a changing regulatory environment is making platforms such as Savetaxs not merely service providers, but also their enablement of innovation, investment, and economic inclusion.