Business Setup Services in India for Foreign Companies

Setting up a business in India as a foreign company involves much more than registering an entity. The overseas investor must decide how it intends to operate in India, choose the appropriate legal structure, review Foreign Direct Investment rules, prepare foreign documents, establish banking and capital flows, obtain operating registrations and create an ongoing tax and compliance framework.

EzyBiz India Consulting LLP provides end-to-end Business Setup Services in India for foreign companies, multinational groups, overseas entrepreneurs and international investors. Our assistance covers India-entry strategy, entity selection, company incorporation, FDI and FEMA compliance, banking, capital infusion, GST, taxation, transfer pricing, accounting, payroll and continuing regulatory support.

Whether you are searching for business setup in India, setting up business in India, company setup services in India, starting a business in India as a foreign company or establishing an Indian subsidiary, the correct starting point is the same: determine the commercial and regulatory structure before beginning incorporation.

Foreign businesses that are still evaluating their overall India strategy can also review our India Market Entry Consulting services.

What Business Setup in India Means for a Foreign Company

Business Setup Is Broader Than Company Incorporation

Company incorporation creates the legal entity, but a business is not necessarily ready to operate merely because a Certificate of Incorporation has been issued.

A complete India business setup may involve entity structuring, FDI review, shareholder documentation, banking, foreign-capital infusion, FEMA reporting, GST, import-export registrations, accounting systems, employment, payroll, contracts, transfer pricing and sector licences.

Our Foreign Company Registration in India guide explains the distinction between incorporation of an Indian subsidiary and registration of the foreign company’s own place of business in India.

Who These Business Setup Services Are Designed For

This service is designed primarily for:

• foreign companies establishing their first India operation;
• multinational groups incorporating an Indian subsidiary;
• foreign investors establishing manufacturing or trading businesses;
• technology, SaaS and professional-service companies;
• businesses establishing Global Capability Centres or captive service operations;
• foreign companies considering a Branch, Liaison or Project Office;
• overseas entrepreneurs planning an Indian business; and
• international groups requiring ongoing India tax, FEMA, accounting and compliance support.

Why Foreign Companies Set Up Business Operations in India

Access to Customers, Talent and Manufacturing Capabilities

India provides access to a substantial consumer and enterprise market together with technology professionals, engineers, finance specialists, manufacturing capabilities and expanding supply chains.

Foreign companies may use India as a sales market, manufacturing location, technology centre, sourcing hub, service-delivery base or regional operating platform.

Investors can review sector and investment information through Invest India.

International manufacturers considering India for supply-chain diversification can also review our China Plus One manufacturing guide for India before selecting their location, investment structure and Indian entity.

India as a Regional and Global Operating Base

For many multinational groups, the commercial case for India extends beyond domestic sales. Indian entities may support global software development, engineering, finance, analytics, procurement, research, customer support and other functions.

This makes the operating model, inter-company agreements, transfer pricing and management structure important from the beginning of the setup process.

Business Structures Available to Foreign Companies in India

Wholly Owned Subsidiary in India

A foreign parent seeking long-term ownership and operational control may establish a Wholly Owned Subsidiary in India, generally in the form of an Indian private limited company.

Foreign ownership of up to 100% is permitted in many sectors, subject to the applicable FDI policy, investor profile and sector-specific conditions.

A WOS is a separate Indian legal entity and can undertake permitted commercial activities, employ personnel, maintain bank accounts and enter contracts in its own name.

Joint Venture in India

A Joint Venture in India may be appropriate where a local or strategic partner contributes distribution, licences, customer relationships, infrastructure, manufacturing capability, technology or specialist market knowledge.

Before forming a JV, the parties should consider due diligence on the proposed partner and document ownership, Board representation, reserved matters, funding obligations, intellectual property, transfer restrictions, deadlock arrangements and exit rights.

Limited Liability Partnership

An LLP may be considered for eligible consulting, professional, service and other businesses where foreign investment is permitted under the applicable FDI framework.

The decision should take into account foreign-investment conditions, taxation, profit distribution, management rights, future fundraising and exit requirements rather than incorporation simplicity alone.

Branch Office in India

A Branch Office in India is an extension of the foreign parent rather than a separately incorporated Indian company.

It may undertake only activities permitted under the applicable FEMA framework. The parent company remains directly connected to the Indian operation from a legal and liability perspective.

Liaison Office and Project Office

A Liaison Office in India is primarily intended for representation, communication, market research and promotion. It cannot ordinarily undertake revenue-generating commercial activities.

A Project Office in India is normally linked to execution of a specific qualifying Indian project or contract.

Can a Foreign Company Do Business in India Without Setting Up an Entity?

Distributor, Importer and Cross-Border Contracting Models

Not every overseas business needs to incorporate an Indian entity immediately.

A company testing the Indian market may initially consider a distributor, importer, channel partner, independent contractor or other permissible cross-border commercial arrangement.

The model should nevertheless be reviewed for Permanent Establishment exposure, GST, customs, withholding tax, employee presence, contract execution, invoicing and FEMA implications.

Hiring Through an Employer of Record or Similar Arrangement

Some foreign businesses use an Employer of Record or other third-party employment arrangement to hire a small Indian team before establishing their own entity.

This can be a transitional commercial model, but it should not be treated as a substitute for tax and regulatory analysis. The foreign company’s activities, employee functions, authority to conclude contracts and level of Indian presence may create Permanent Establishment or other regulatory considerations.

Where the intended Indian operation is substantial or long-term, establishing an appropriately structured Indian entity may provide a more sustainable operating framework.

Compare India Business Setup Structures

Quick Comparison of the Main India Entry Options

Structure	Separate Indian Entity	Revenue Activity	Foreign Ownership	Typical Use
Wholly Owned Subsidiary	Yes	Permitted subject to law	Up to 100% where permitted	Long-term controlled India operation
Joint Venture	Yes	Permitted subject to law	Shared as agreed, subject to FDI rules	Strategic partnership
LLP	Yes	Permitted subject to applicable framework	Subject to FDI conditions	Eligible professional/service businesses
Branch Office	No	Specified permitted activities	Foreign company itself	Direct foreign-company presence
Liaison Office	No	Generally no revenue activity	Foreign company itself	Market research and representation
Project Office	No	Project-related	Foreign company itself	Execution of a specific project

How to Choose the Appropriate Structure

The appropriate structure depends on factors including:

• activities to be undertaken in India;
• expected revenue model;
• ownership and management control;
• need for an Indian partner;
• employee requirements;
• investment amount and funding model;
• tax and Permanent Establishment considerations;
• repatriation strategy;
• sector licensing;
• long-term expansion; and
• eventual restructuring or exit.

The fastest or least expensive structure at incorporation is not necessarily the most efficient structure for several years of operations.

FDI and FEMA Requirements for Business Setup in India

Automatic Route and Government Route

Foreign investment is permitted under the Automatic Route in many sectors where the investment satisfies the applicable sectoral conditions.

Other sectors, investors or transactions may require prior Government approval or additional regulatory approvals.

Current FDI policy material and Press Notes can be reviewed through the Department for Promotion of Industry and Internal Trade.

Sectoral Caps, Investor Country and Beneficial Ownership

The FDI analysis should consider the exact business activity, sectoral ownership restrictions, licensing requirements and conditions applicable to the proposed business.

The jurisdiction of the immediate foreign investor may not be the only relevant factor. Ultimate beneficial ownership and the complete upstream ownership structure can also affect the investment route.

Funding, Pricing and FEMA Reporting

The funding plan should be finalised before foreign capital is transferred. Relevant considerations may include:

• type of equity or other permitted instrument;
• pricing and valuation;
• mode of remittance;
• share allotment;
• FC-GPR and other applicable reporting;
• future capital infusions;
• share transfers;
• downstream investment; and
• eventual repatriation or restructuring.

The Reserve Bank of India foreign-investment reporting framework should be considered for applicable transactions.

EzyBiz provides dedicated FEMA and RBI Advisory Services for foreign investors and foreign-owned Indian companies.

Step-by-Step Process for Setting Up a Business in India

Step 1 – Define the India Business Model

Before selecting a legal structure, management should define:

• products or services to be offered;
• target customers;
• revenue model;
• employees required;
• imports or exports;
• capital requirements;
• expected inter-company transactions; and
• long-term India objectives.

Step 2 – Choose the Entity, FDI Route and Location

The appropriate WOS, JV, LLP, Branch, Liaison, Project Office or non-entity model is then evaluated.

At the same stage, the business should consider the proposed Indian state and city because location can affect talent, industrial infrastructure, incentives, licences, logistics, registered-office arrangements, payroll requirements and state-specific compliance.

Step 3 – Prepare Documents and Complete Incorporation

For an Indian company, the foreign shareholder documents, proposed directors, registered office and Digital Signature Certificates are prepared.

The incorporation application is filed through the applicable Ministry of Corporate Affairs process.

Where the foreign business is establishing a Branch, Liaison or Project Office rather than incorporating an Indian company, a different FEMA and regulatory process applies.

Businesses planning to incorporate an Indian entity can also refer to our Company Registration Services in India for assistance with incorporation, documentation and post-registration requirements.

Step 4 – Open the Bank Account and Bring in Capital

After incorporation, the company proceeds with corporate bank onboarding and foreign-capital remittance through permitted banking channels.

Share allotment, corporate records and applicable FEMA reporting should then be completed within the relevant timelines.

Step 5 – Complete Operational Registrations and Go Live

Depending on the business, operational readiness may involve:

• GST registration;
• Import Export Code;
• Shops and Establishments registration;
• employment and payroll registrations;
• factory or industrial approvals;
• sector licences;
• accounting implementation;
• customer and vendor contracts; and
• internal financial controls.

The implementation objective should be a business that is operationally ready—not merely legally incorporated.

Documents Required for Business Setup in India

Documents from the Foreign Corporate Shareholder

The documentation depends on the parent jurisdiction and selected structure. Common corporate documents may include:

• Certificate of Incorporation;
• constitutional or charter documents;
• registered-office details;
• Board Resolution approving the India investment;
• Board Resolution approving share subscription;
• authorised representative or Power of Attorney documents;
• group ownership chart;
• ultimate beneficial ownership information; and
• name or trademark authorisation where relevant.

Documents of Foreign Directors and Individual Shareholders

Common KYC information may include passport, residential-address proof, photograph, email address, mobile number and other prescribed identification details.

Foreign documents should be checked carefully before authentication to avoid repeating notarisation or apostille because of an inconsistency in names, addresses or certification.

Apostille, Legalisation and Registered Office Documents

Documents executed outside India may require notarisation, apostille or consular authentication depending on the country of execution and applicable Indian requirements.

An Indian incorporated company also requires a registered office. Relevant documents may include the lease or rent arrangement, recent utility bill and owner consent or NOC, depending on the circumstances.

Business Setup Timeline and Cost in India

Indicative Setup Timeline

Stage	Indicative Position
Business model and structure review	Approximately 2–5 business days
Foreign-document preparation and authentication	Depends on parent jurisdiction
Indian company incorporation	Often approximately 1–3 weeks after complete documents are ready
Corporate bank onboarding	Depends on bank KYC
Capital infusion and FEMA reporting	Subject to applicable corporate and regulatory process
GST and operating registrations	Depends on registrations and licences required

Government approval, sector licences, complex beneficial ownership or incomplete overseas documentation can extend the overall timeline.

What Determines the Cost of Business Setup?

There is no single fixed cost for every foreign-owned business. Cost factors can include:

• selected business structure;
• authorised share capital;
• state stamp duty;
• number of foreign directors and shareholders;
• notarisation and apostille;
• registered-office arrangements;
• banking and FEMA work;
• sector registrations;
• GST or IEC;
• professional implementation support; and
• ongoing accounting, payroll, audit, tax and compliance.

Common Causes of Setup Delay

Common causes include incomplete foreign documents, incorrect apostille, unclear beneficial ownership, company-name queries, sector classification issues, bank KYC, inconsistent parent-company records and beginning incorporation before the FDI route has been confirmed.

Running incorporation, banking documentation and post-incorporation planning as coordinated workstreams can reduce unnecessary waiting time.

Location, Sector Licences and Operational Readiness

Choosing the Right State and City

Location should be evaluated before major hiring, leasing or manufacturing commitments are made.

Technology and service businesses may prioritise talent availability and operating costs, while manufacturers may prioritise industrial infrastructure, suppliers, ports, airports, power, land and state incentives.

The registered office does not necessarily need to determine the long-term operating footprint, but management should understand the compliance and logistical consequences of the proposed location.

Sector-Specific Licences and Registrations

Company incorporation does not itself authorise every type of business activity.

Depending on the sector, additional requirements may include factory approvals, pollution-control permissions, FSSAI, BIS, WPC or telecom-related permissions, pharmaceutical licences, import approvals or other industry-specific registrations.

The regulatory checklist should therefore be based on the actual product, service and operating location rather than using a generic incorporation checklist.

Intellectual Property, Data and Commercial Contracts

Foreign companies should also consider intellectual-property ownership, trademark protection, technology licensing, confidentiality, employment IP clauses, customer contracts and data-related obligations before operations scale.

Trademark and other intellectual-property information can be reviewed through the Office of the Controller General of Patents, Designs & Trade Marks.

Where technology, software or proprietary know-how is provided by the foreign parent to the Indian entity, the commercial arrangement should also be reviewed for tax, transfer-pricing and FEMA implications.

Bank Account, Capital Infusion and FEMA Compliance

Corporate Bank Account and Beneficial-Ownership KYC

Indian banks generally review the subsidiary, overseas parent, shareholders, directors, authorised signatories and ultimate beneficial owners before the account becomes fully operational.

Banks may request the foreign group’s ownership chart, business profile, expected transaction pattern, source of funds and properly authenticated corporate documents.

Bank onboarding should therefore be planned while incorporation is underway rather than only after the company has been formed.

FC-GPR, FLA and Future Cross-Border Transactions

Where an Indian company issues eligible equity instruments to a non-resident investor, applicable FEMA reporting should be completed within the prescribed regulatory framework.

Future reporting may also arise for share transfers, downstream investment, additional capital, foreign liabilities and assets, permitted foreign borrowings or restructuring.

A FEMA compliance calendar should therefore be maintained from the first year of operations.

Tax, GST, Transfer Pricing and Profit Repatriation

Corporate Tax and Withholding Tax

An Indian incorporated subsidiary is generally taxed in India as an Indian company under the applicable income-tax framework.

The business may also have withholding-tax obligations in relation to salaries, rent, professional services, interest, royalties and cross-border payments.

Official tax information can be accessed through the Income Tax Department.

Foreign groups requiring cross-border tax structuring can review our International Tax Advisory Services.

GST, Imports and Exports

GST registration depends on the nature of supplies, turnover, location, place-of-supply rules and other provisions of GST law.

EzyBiz assists foreign-owned businesses with GST Registration Services in India.

The official GST system is available through the GST Portal.

Companies undertaking imports or exports should also consider Import Export Code and customs requirements. Relevant information is available from the Directorate General of Foreign Trade.

Transfer Pricing and Repatriation

Transactions between the Indian entity and its foreign parent or other associated enterprises may be subject to Indian transfer-pricing provisions.

Common arrangements include management support, technical services, software, royalties, cost allocations, loans, guarantees and purchase or sale of goods.

EzyBiz provides Transfer Pricing Advisory Services covering policy review, benchmarking, documentation and reporting.

Profit-repatriation mechanisms such as dividends and legitimate inter-company payments should be planned with due consideration to commercial substance, tax, withholding, treaty, transfer-pricing and FEMA requirements.

Employees, Payroll and Global Capability Centre Setup

Hiring Employees, Payroll and Expatriates

A foreign-owned business should implement compliant employment and payroll processes before regular hiring begins.

Depending on employee numbers, salaries and location, requirements may include payroll processing, TDS, provident fund, employee state insurance, professional tax and other labour-related compliance.

Foreign employees may require additional review of visa, tax residency, secondment, payroll and social-security implications.

Captive Service Centres and GCC Operations

Multinational groups increasingly use Indian subsidiaries for technology, engineering, finance, analytics, procurement, HR, research and shared services.

A captive or GCC setup should additionally consider location, employee scale, inter-company service agreements, transfer-pricing methodology, intellectual property, management reporting and operational controls.

See our dedicated Global Capability Centre Setup in India services.

First 90 Days and Ongoing Compliance After Incorporation

Corporate Records, Accounting and Initial Implementation

The first few months after incorporation should be used to establish the company’s operating and compliance infrastructure.

Depending on the entity, initial actions may include Board resolutions, share certificates, statutory registers, auditor appointment, accounting systems, invoicing controls, payroll, expense approvals and bank authorisations.

Foreign-owned entities requiring ongoing finance support can review our Accounting and Bookkeeping Services in India.

Maintain an Annual Compliance Calendar

The ongoing compliance calendar may cover:

• ROC filings;
• financial statements and statutory audit;
• income-tax returns;
• TDS and withholding tax;
• GST returns;
• transfer-pricing documentation and reporting;
• FEMA reporting;
• FLA reporting where applicable;
• payroll and labour compliance;
• sector licences; and
• Board and shareholder matters.

Creating these controls at the beginning is substantially easier than correcting missed filings after the company has begun operating.

Common Mistakes While Setting Up Business in India

Choosing a Structure Mainly Because It Is Cheap or Fast

The lowest incorporation cost does not necessarily result in the lowest long-term cost.

A business structure should be evaluated for permitted activities, ownership control, liability, tax, employees, capital, repatriation, compliance burden, expansion and eventual exit.

Restructuring an unsuitable entity later can be considerably more complex than selecting the appropriate structure at the beginning.

Completing Incorporation Without an Operational Plan

Another common mistake is treating incorporation, banking, FDI, GST, accounting, payroll and transfer pricing as unrelated activities.

This can lead to a legally incorporated company that cannot efficiently receive capital, raise invoices, hire employees or begin normal transactions.

Business setup should instead be managed as one implementation project with parallel legal, banking, tax and operational workstreams.

Country-Specific India Business Setup Guidance

Why the Investor’s Home Country Matters

The investor’s jurisdiction can affect foreign-document authentication, apostille procedures, banking KYC, tax-treaty considerations, investment review and beneficial-ownership analysis.

Country-specific guidance is therefore useful in addition to the general India business setup framework.

Explore Country-Specific India Entry Guides

• India Market Entry Services for US Companies
• India Market Entry Services for UK Companies
• India Market Entry Services for German Companies
• India Market Entry Services for Dutch Companies
• India Market Entry Services for Japanese Companies
• India Market Entry Services for Singapore Companies
• India Market Entry Services for Chinese Companies
• India Market Entry Services for Taiwanese Companies
• India Market Entry Services for Australian Companies
• India Market Entry Services for South Korean Companies
• India Market Entry Services for French Companies
• India Market Entry Services for UAE Companies

For all jurisdictions, visit our complete India Market Entry Services by Country hub.

Frequently Asked Questions About Business Setup in India

Business Setup, FDI, Tax and Compliance FAQs

1. Can a foreign company set up a business in India?
Yes. Depending on the proposed activity and applicable regulations, a foreign company may establish an Indian subsidiary, Joint Venture, LLP, Branch Office, Liaison Office or Project Office or consider an appropriate non-entity commercial model.

2. Can a foreign company own 100% of an Indian business?
Up to 100% foreign ownership is permitted in many sectors, subject to the prevailing FDI policy, sector-specific conditions, investor profile and beneficial-ownership requirements.

3. What is the most common structure for a foreign company setting up in India?
An Indian private limited company structured as a Wholly Owned Subsidiary is commonly considered for long-term commercial operations where 100% foreign ownership is permitted. The appropriate structure nevertheless depends on the proposed business.

4. Does a foreign company need an Indian shareholder?
Not merely because the investor is foreign. Where 100% foreign investment is permitted, the intended beneficial ownership can generally remain foreign, while the company must still satisfy the statutory member requirements applicable to an Indian private company.

5. Does the company need an Indian resident director?
An Indian company must satisfy the resident-director requirement prescribed under company law. Foreign nationals may also serve as directors subject to applicable requirements.

6. Is RBI approval required for every foreign-owned company?
No. Many foreign investments are permitted under the Automatic Route. Government approval or other regulatory conditions may apply depending on the sector, investor, beneficial ownership and transaction.

7. How long does it take to set up a company in India?
A straightforward foreign-owned Indian company may often be incorporated within approximately one to three weeks after complete and properly authenticated documents are ready. Banking, foreign capital and operating registrations may require additional time.

8. Is there a minimum capital requirement?
There is no general statutory minimum paid-up capital applicable to an ordinary private limited company, although sector-specific requirements and practical working-capital needs should be considered.

9. Do overseas documents require apostille?
The authentication requirement depends on the country of execution and applicable Indian rules. Documents may require notarisation, apostille or consular legalisation.

10. Is GST registration mandatory immediately after incorporation?
Not solely because a company has been incorporated. GST applicability depends on the nature of supplies, turnover, location and other provisions of GST law.

11. What is FC-GPR?
FC-GPR is a FEMA reporting form generally relevant when an Indian company issues eligible equity instruments to a person resident outside India as foreign investment.

12. Can a foreign company hire employees before incorporating?
Depending on the business model, a foreign company may consider third-party employment arrangements. Permanent Establishment, employment, tax and regulatory implications should be reviewed before implementing such a model.

13. Does the Indian business need an Import Export Code?
IEC may be required where the business undertakes import or export of goods or otherwise falls within the applicable DGFT requirements.

14. Can profits be sent back to the foreign parent?
Profits and other legitimate cross-border payments may generally be repatriated through permitted mechanisms subject to company law, taxation, withholding, transfer pricing, treaty and FEMA requirements.

15. Is transfer pricing applicable to a foreign-owned company?
International transactions with foreign associated enterprises may be subject to India’s transfer-pricing provisions and corresponding documentation and reporting requirements.

16. What licences are required to start business in India?
The requirements depend on the activity, industry and location. In addition to incorporation, businesses may require GST, IEC, labour registrations, factory approvals, FSSAI, BIS, environmental permissions or other sector-specific licences.

17. Can a foreign company test the Indian market without incorporating?
Yes, depending on the facts, models such as distributors, importers or other contractual arrangements may be considered. PE, tax, GST, customs and FEMA implications should first be reviewed.

18. Can EzyBiz handle ongoing compliance after setup?
Yes. EzyBiz provides ongoing FEMA, accounting, payroll, taxation, GST, transfer pricing, ROC and other regulatory support after the India business becomes operational.

Why Choose EzyBiz India for Business Setup Services?

EzyBiz India Consulting LLP provides coordinated support across India entry, company setup, FDI and FEMA, taxation, transfer pricing, accounting and continuing regulatory compliance.

Our objective is not simply to obtain an incorporation certificate. We help foreign management establish an India operation with the legal, banking, tax, accounting and compliance framework required to begin and scale business activities.

End-to-End Business Setup Support

Our assistance may include:

• India entry and business-structure advisory;
• FDI and beneficial-ownership review;
• Wholly Owned Subsidiary incorporation;
• Joint Venture structuring;
• Branch, Liaison and Project Office support;
• foreign shareholder and director documentation;
• notarisation and apostille guidance;
• company incorporation;
• bank-account opening assistance;
• foreign capital infusion and share allotment;
• FC-GPR and other FEMA reporting;
• GST and Import Export Code support;
• tax and international-tax advisory;
• transfer pricing;
• accounting and bookkeeping;
• payroll and employee compliance;
• ROC and secretarial compliance;
• manufacturing and GCC setup support; and
• ongoing India regulatory compliance.

Related India Entry Services

• India Market Entry Consulting
• Foreign Company Registration in India
• Wholly Owned Subsidiary in India
• Joint Venture Registration in India
• Branch Office in India
• Liaison Office in India
• Project Office in India
• FEMA & RBI Advisory Services
• International Tax Advisory Services
• Transfer Pricing Advisory Services
• GST Registration Services
• Manufacturing Setup in India
• Global Capability Centre Setup in India
• Accounting and Bookkeeping Services in India
• India Market Entry Services by Country

Reviewed By

CA Anil Agrawal, Founder, EzyBiz India Consulting LLP
Chartered Accountant with 20+ years of professional experience in taxation, India market entry, business setup, FEMA, international taxation, transfer pricing and regulatory advisory.

Last Updated

September 2026

Disclaimer

The information provided on this page is intended for general informational purposes only and should not be construed as legal, tax, FEMA, investment, accounting or regulatory advice.

The appropriate business setup structure and compliance requirements in India depend on the proposed activity, sector, ownership and beneficial-ownership structure, investor jurisdiction, foreign-investment route, location, employees, transaction model and actual conduct of business.

Foreign Direct Investment policy, FEMA and RBI regulations, company law, taxation, transfer pricing, GST, customs, employment rules and sector-specific requirements may change from time to time. The applicable regulatory position should therefore be verified based on the law and procedures in force when the investment or business setup is proposed.

Foreign companies and overseas investors should obtain professional advice based on their specific circumstances before incorporating an entity, making an investment, transferring funds, appointing employees, entering contracts or commencing business operations in India.