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Procedure for export and import in India

Procedure for export and import in India

As far as overall merchandise exports are concerned India ranks 19th in the world. In terms of overall imports it lies at the 12th spot. The present Indian government is said to be in favour of businesses and as such it is expected to sign a number of deals that would make the trade sector much more liberal than it already is. It is expected that in the days to come these trade liberalization deals would make it easier for more import and export related businesses to start in India. However before you start such a business there are a few things that you need to know really well. Documentation is an important part of this business. As the entrepreneur or business owner it is important that you understand this part really well.

The first step

If you wish to do an import and export business in India you need to get an Import Export Code (also referred to as IE Code). This particular code will be provided by the Directorate General of Foreign Trade. You can get this code by providing your PAN and opening a business bank account. There are plenty of websites in India that can help you get the IE Code. If you need a import export code (IEC) license for your business, we can assist you to obtain the IE Code in Bangalore Karnataka or anywhere in India through online.

Commercial invoice

Commercial invoices are issued by sellers to the buyers. They have the terms of transaction such as the date when the transaction happened, details pertaining to sellers, details of buyers, value of the transaction, and terms of shipping to name a few. It is on the basis of the commercial invoice raised by the seller that customs duty is imposed on a shipment.

Airway bills

An airway bill can be regarded as the proof that goods and shipment are being sent by the air. These bills also act as proofs of the fact that the air cargo agent has received the goods that are to be shipped. Such a bill acts as an invoice for the air shipment as well as being a certificate of insurance. It also provides guidance to the air cargo agent regarding how it is going to handle, dispatch, and deliver the shipment in question. Typically, an airway bill would contain details such as information on the consignee and the shipper. It will mention the destination airport as well as the departure airport and describe the goods that are being shipped. It would bear the carrier’s sign and seal as well.

Bill of lading

A shipping agency provides bill of lading for the goods that it has shipped. Such a bill normally has information regarding the shipper, the consignee, the vessel that is carrying the goods, the port where the goods are loaded and one where they are discharged, the place of delivery and receipt, the mode of payment, and the carrier’s name.

Some more important documents in this regard are bill of exchange, certificate of origin, packing list, and letter of credit. A bill of exchange is used when an importer decides that it would pay the exporter at a future date or before it. This date is normally arrived upon by mutual agreement.

How can I Apply for Shop & Establishment Registration in Karnataka?

How can I Apply for Shop & Establishment Registration in Karnataka?

No matter what kind of shop or establishment you are opening in Karnataka you would have to apply for registration with Department of Labour, Karnataka. These days the Karnataka government has made it easy for you to perform these procedures online by starting the e-Karmika portal. This is the online facility where you can register, as well as renew your establishments. All this is done under the aegis of Karnataka Shops and Commercial Establishments Act, 1961. This particular act just happens to be one of the many State Labour Laws and Rules that the Department of Labour is implementing.

Rules and laws

The department performs a whole range of functions and this includes enforcing a number of laws in the state. As per these laws, the citizens need to interact with the department. All this is part of various enactments of the Indian government as well as the Karnataka government. Karnataka Shops and Commercial Establishments Act, 1961 covers a number of areas where the department is supposed to work. They may be mentioned as below:

  • Issuance of registration certificate
  • Filing of annual returns
  • Renewal of registration certificate
  • Exemption on weekly holidays for shops and establishments
  • Amendment in registration certificate
  • Exemption for women working in night shift
  • Issuance of duplicate registration certificate
  • Submission of appeals    

Documents to be uploaded

As you would know as a prospective business owner, certain documents always have to be provided at various stages of your existence to relevant authorities. Here too scanned copies of certain documents need to be uploaded at the time of making the application for opening a shop or any other establishment in Karnataka. Those documents may be mentioned as below:

  • Proprietor/ managing partner/ director’s photo
  • Authorisation letter for authorised signatory/self attestation letter for owner
  • Address proof for the establishment/ shop (rental/ lease agreement etc.)
  • Challan/payment receipt/transaction receipt
  • Identity proof of the owner/ authorised signatory (PAN card/ driving license/ voter card, etc)
  • Duly filled registration form signed by owner/authorised signatory
  • Statutory documents (partnership deed/ BBMP trade license/ incorporation certificate/ memorandum of article)

Registration fee

If your company does not have any employee other than yourself you would need to pay a registration fee of INR 250. In case there are between one and nine employees in your establishment you would need to part with INR 500. In case the number is between 10 and 19 you would have to pay INR 3000 as registration fee.

In case you have hired anywhere between 20 and 49 employees you would have to pay INR 8000. The amount would go up to INR 15,000 in case there are 50 to 99 employees in your shop or establishment. If you have 100 to 250 employees you should be paying a registration fee of INR 30,000. If there are between 251 and 500 employees in your unit then the registration fee payable by you would increase to INR 35,000. If the number of employees in your company is between 501 and 1000 the registration fee applicable for you would be INR 45,000. If you have more than 1000 employees you should pay INR 50,000 as registration fee.

Difference between Registered and Unregistered Trademarks

Difference between Registered and Unregistered Trademarks

There are several areas of difference between a registered and an unregistered trademark. At the very basic level they differ in terms of the protection that they offer to their respective owners. A registered trademark can be described in legal jargon as a statutory remedy and the latter can be regarded as a common legal remedy. In case of registered trademarks it is very important that you are able to establish the fact that an infringing mark is exactly, or at least highly, similar to your trademark as that will help establish the fact that there has been an infringement of sorts.

The thing with unregistered trademarks

The thing with unregistered trademarks is that you may get some protection from them but this is only applicable when the product or service in question enjoys a significant position in the market that it is operating in. It is very important that your common buyers are aware that such a trademark belongs to you. These trademarks also differ from one another in terms of the signs that represent them. A registered trademark is represented by ® and an unregistered trademark is represented by , which stands for the trademark symbol.

Laws related to trademarks

The laws related to trademarks tend to differ from one country to another. For example, in India you have Trademarks Act. It may also be that in a particular territory it is not obligatory for you to register your trademark like it happens in India. It needs to be said that in this particular respect India differs significantly from so many other countries of the world. In India an unregistered trademark is also granted protection and it comes with several benefits as well. However, as you would know, the matter of statutory right of infringement is not applicable to an unregistered trademark like it happens with a registered trademark. This is the reason why it is always better to get your trademark registered because of the benefits that come with it and the value that it has.       

Advantages of a registered trademark

There are several advantages that you enjoy when you register your trademark. For starters, you have a whole host of exclusive rights. This includes the right to exclusive use of the trademark in question for your products and services. Normally you need to register a trademark for a decade and then keep on renewing it. The process of registration is governed by various laws for such purposes in different countries.

In India this is done by Trademarks Act 1999. There are certain reasons as to why you should get your trademark registered. For starters, it helps your goods and services to be identified and distinguished from those of your competitors. You can also advertise your goods and services in an effective way by using your registered trademark. It also plays a major role in keeping your commercial goodwill safe. The most important thing of all is that if a buyer is aware of your trademark he will not buy any substitute product or service that is nowhere as good as what you offer.

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Difference Between Trademark, Copyright and Patent

Difference between Trademark, Copyright and Patent

Difference between Trademark, Copyright and Patent

Before you attempt to understand the differences between the concepts known as trademark, copyright, and patent it is very important that you comprehend what they are. A trademark can be filed by product owners as well as business owners. They normally deal with the following components:

  • name
  • word
  • slogan
  • symbol
  • design
  • image   

If any one of these is trademarked then it acts as the signature of the brand or business that has done the trademark work. Its main function is to differentiate a product or a brand from others of its ilk, ones that can be regarded as its competitors.

Difference with regard to basic nature

A copyright is an intellectual property right that can be sought by any one of the following entities:

  • authors
  • artists
  • choreographers
  • architects
  • creative professionals

It is true that it is impossible to copyright an idea as such but you can always copyright the tangible form of an idea. This can and does include all of the following original works and more:

  • authorship
  • photographs
  • sculpture
  • choreography
  • architectural work
  • sound recording
  • motion pictures
  • different creative work

Patents, on the other hand, are filed for by designers and inventors. With the help of a patent these entities are able to protect inventions that offer new and improved functionality. This can include things such as machines, chemical compositions, and processes, as well as the designs for all of these.

Differences with regards to benefits

As far as a trademark is concerned it improves the rights of the entity that has filed it by way of making available legal evidence. It provides a public notice of ownership as well. It acts as sufficient proof of the fact that the owner has exclusive rights to the product or brand mark in a certain nation. In case someone infringes the copyright the owner has the right to sue that particular entity.

The benefits are similar in case of a copyright as well. Here too the owner has legal proof of ownership apart from the fact that the copyright serves as a public notice of ownership. Provided that the owner has the copyright for the same he can sue a person at a court of law for infringing his copyright.      

With the help of a patent an owner is able to prevent any manufacture, sale, usage, and import of the invention that has been protected under the same. He has the exclusive rights in this case.

Difference with regards to tenure

A trademark has to be renewed every 10 years but it does remain valid for a lifetime. The validity period is the same for a copyright as well. However, in case of a patent the validity period expires at the end of 20 years and it cannot be renewed after that. A provisional patent can be availed for a one year period however. The biggest thing about these three is that while they are unique a product can have one or more of them at a time.

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How Trademark is Important for Your Business?

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How to Register an IT Company in Bangalore, India

How to Register an IT Company in Bangalore, India

You can form a private limited IT company in Bangalore rather easily. All you need is two members. You can have more than this number but it should never exceed 200 members. It is also important that your company has at least a couple of directors and 15 at the most. In most cases there are three kinds of programmes that service providers in this domain have for such clients. The basic plans normally offer the following facilities:

  • Digital signatures
  • MOA (memorandum of association) and AOA (articles of association) drafting
  • Director identification number (DIN)
  • Certificate of incorporation
  • Name reservation
  • TAN (tax deduction and collection account number) and PAN (permanent account number) for your company

How to form a limited liability partnership (LLP) in Bangalore?

If you wish to form your IT company in Bangalore as an LLP you need at least two designated partners. In these cases however there is no upper limit on the number of partners that may be there. Here too the service providers offer three levels of services – basic, standard, and professional. The basic plans normally offer the following services:

  • Digital signatures
  • MOA and AOA drafting
  • DIN
  • Certificate of incorporation
  • Name reservation
  • TAN and PAN for your company

The standard plans give you all the facilities of the basic plans alongwith professional tax enrollment, and commercial and shop establishment. In the standard plans you have facilities such as Registrar of Companies (ROC) yearly filing for the first year alongwith all the facilities of the basic plans.

How to form a one person company in Bangalore?

You can form your IT company in Bangalore as a one person company too. It is a lot like a private limited company but you can operate it just by yourself. After operating it as such for a couple of years you can change it to a private limited company. This can also be done if your company’s annual turnover exceeds INR 2 crore. Here too the services are divided into three categories – basic, standard, and professional. The basic plans offer the following services:

  • Digital signatures
  • MOA and AOA drafting
  • DIN
  • Certificate of incorporation
  • Name reservation
  • TAN and PAN for your company

How to form a partnership firm in Bangalore?

You can always form your IT company as a partnership firm in Bangalore. In fact, such a company can be formed by one or more people. A partnership firm can be created when all the interested parties sign on the partnership deed. At the basic level these service providers would provide services such as partnership deed, stamp duty, registration certificate, and PAN and TAN for an LLP. In the standard plans you would get services such as shops and commercial establishment, professional tax enrollment, and all the services provided in the basic plans.

How to form a foreign subsidiary in Bangalore?

If your IT company in Bangalore is actually a subsidiary of an international enterprise then you would need at least a couple of directors as well as shareholders. The same also applies to foreign nationals who wish to set up such a company in the city. However, at least one of your directors should be a resident of India. Both the shareholders can be non resident Indians (NRIs) or foreign nationals. In the basic plans for such work you get the following services:

  •  Digital signatures
  • MOA and AOA drafting
  • DIN
  • Certificate of incorporation
  • Name reservation
  • TAN and PAN for your company

The standard plans for such incorporations include all the facilities of the basic plans and more such as the following:

  • Share certificates
  • Minutes of first board meeting
  • Statutory register
  • Service tax

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Know Which Items Could Get Cheaper Under GST

Know Which Items Could Get Cheaper Under GST

The Modi government has changed the tax system of India which has been pending from last 10 years long residency rule and finally GST is rolled out for number of goods and services. This is the biggest tax reformation since Independence will hold the key role of nation’s growth, development and integration if it is implemented properly, will bring transparency in taxation system and put efforts to stand a nation in a good position.

GST is applicable for supply of goods and services to traders, businessman, taxpayer, restaurants, service sectors, etc. and even if to end consumers. So people are thinking which items/product’s tax got hiked under GST regime or decreased their tax as compared to the earlier tax system.

Most of us looking for which products and services get cheaper in recently rolled out GST. Apart from certain items/things/services are completely exempted from tax base, here we are discussing about the diminished tax rate of GST for certain products and services. Items that will have cost low from now days onwards.

Below is a comprehensive list of the goods and services which have become cheaper than the earlier tax rate.

SL. No

Items - Things

Old Tax Rates (%)

GST Rates (%)

1

Soyabean, Groundnut, Sunflower Seeds

6

5

2

Coffee, Tea

6

5

3

Frozen Vegetables

6

5

4

Sweetmeats

12

5

5

Bakery Mixes, Dough’s, Pizza Bread

12

5

6

Vegetables Fat & Oils

12

5

7

Tea Concentrates, Soups

12

5

8

Handmade Safety Matches

18.5

5

9

Broomsticks

18

5

10

Beet Sugar, Cane Sugar

26

5

11

Steel Utensils

18.5

5

12

LPG for Domestic Supply

17

5

13

Household Copper Articles

18.5

5

14

Copper Utensils

18.5

5

15

Iron / Steel / Household Articles

18.5

5

16

Iron / Steel / Kerosene Stoves

18.5

5

17

Sand Lime Bricks

6

5

18

Peat

19.5

5

19

All Ores and Concentrates

18.5

5

20

Kerosene PDS

17

5

21

Tar

12

5

22

Coal

12

5

23

Lignite

12

5

24

Braille Typewriters

13.5

5

25

Animal or Human Blood Vaccines

6

5

26

Sand Lime Bricks, Fly Ash Bricks

6

5

27

Geometry Box

18.5

5

28

Pencil Sharpeners, Knives

18.5

12

29

Meat & Fish Preparations

19.5

12

30

Candles

26

12

31

Tooth Powder

26

12

32

LED Lights

26

12

33

Milk Beverages

26

12

34

Ready to Eat Namkeen/Bhujia

26

12

35

Sports Goods

18.5

12

36

Bicycles

18.5

12

37

Spectacle Lens

18.5

12

38

Aluminium Utensils

18.5

12

39

Power Driven Water Pumps

12.5

12

40

Fertilizers

18.5

12

41

Tractors

18.5

12

42

Sewing / Knitting Needles

18.5

12

43

Works Contracts

15

12

44

Non AC / Alcohol Serving Restaurants

13-14

12

45

Aluminium Foil

18.5

18

46

Infant Use Preparations

19.5

18

47

Pasta, Corn Flakes and Cakes

19.5

18

48

Condensed Milk

18.5

18

49

Toilet Paper

18.5

18

50

Hot Water Bottles

18.5

18

51

Petroleum Jelly, Paraffin Wax

20

18

52

Ice cream, Instant Food Mixes, Sharbet

26

18

53

Refined Sugar

26

18

54

Soap

26

18

55

Dentrifices - Toothpaste

26

18

56

Hair Oil

26

18

57

Whey Proteins & Fitness Supplements

26

18

58

Hat and Other Headgears

26

18

59

Printers

26

18

60

Petroleum Coke, Petroleum Bitumen

27.5

18

61

Copper Bars, Rods, Wires

18.5

18

62

Copper Screws, Nuts, Bolts

18.5

18

63

Nickel Bars, Rods, Wires

18.5

18

64

Nickel Screw, Nuts, Bolts

18.5

18

65

Nickel Tubes, Pipes, Netting

18.5

18

66

Aluminium Ingots, Rods, Wires

18.5

18

67

Lead Plates, Sheets, Strips

18.5

18

68

Zinc Goods

18.5

18

69

Tin Bars, Rods

18.5

18

70

Padlocks, Locks

18.5

18

71

Helmets

18.5

18

72

Plastic Products

18.5

18

73

AC, Alcohol Serving Restaurants

22

18

74

Cement

30

28

 

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Which products and services have become costlier after GST roll out?

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What Became Costlier After GST Roll-Out

What Became Costlier After GST Roll-Out

You know that GST Council has finalized 4 categories of tax rate under GST regime i.e. 5 percent, 12 percent, 18 percent and 28 percent. Apart from this tax rate for Gold, Silver, Precious Stone and Processed Diamond is 3 percent and uncut rough Diamond would be taxed on 0.25 percent. GST Council has already rolled out different tax slab rate for 1211 items / things relating to consuming products and services. There are also certain items that have been completely tax exempted from GST regime; it is a boon for common man to run their livelihood easily. Huge products and services are came under 12% - 18% tax rate and out of that luxury and sin goods are comes under 28% tax rate. Yes, it will create a positive growth and development of a nation like India.

But we are talking about the things or goods that were less taxed earlier as compared to today’s tax rate under GST for the same items / products. So which products and services are became costly after GST rollout?

Let’s have a look on certain products and services that have increased their tax rate. Below is a comprehensive list of goods and services which would be costlier after GST implementation.

SL. No.

Items-Things

Old Tax Rate (%)

GST Rate (%)

1

Agarbatti

0

5

2

Branded Paneer

0

5

3

Branded Cereals

0

5

4

Nuclear Fuel

0

5

5

Heavy Water and Other Nuclear Fuels

0

5

6

Compressed Air

0

5

7

Solar Water Heater

0

5

8

Renewable Energy Devices

0

5

9

Butter, Ghee, Cheese

6

12

10

Dry Fruits

6

12

11

Jam, Jellies

12

12

12

Frozen Meat

6

12

13

Steam

0

12

14

Children’s Drawing Books

0

12

15

Fly Ash Bricks

6

12

16

Preserve Vegetables

0

18

17

Cell phones

6

18

18

Telecom

15

18

19

Coca Butter, Oils Chocolates

26

28

20

Instant, Aroma Coffee

26

28

21

Coffee Concentrates, Custard Powder

26

28

22

Protein Concentrates, Sugar Syrups

26

28

23

Razors

26

28

24

Dental Floss

26

28

25

Toothpaste

26

28

26

Deodorants

26

28

27

Aftershave

26

28

28

Shaving Cream

26

28

29

Leather Bags

6

28

30

Yachts

18.5

28

31

Air Conditioners

26

28

32

Refrigerators

26

28

33

Storage Water Heaters

26

28

34

Dish Washing Machines

26

28

35

Photo Copier, FAX Machines

26

28

36

Wrist Watches

26

28

37

Furniture

26

28

38

Video Game Consoles

26

28

39

Exercise Equipment

26

28

40

Manicure, Pedicure Sets

26

28

41

Perfumes

26

28

42

Beauty or Makeup Preparations

26

28

43

Skincare Items Including Sunscreen

26

28

44

Shampoos, Hair Cream, Hair Dyes

26

28

45

Wigs, False Beards, Eyelashes

26

28

46

Stoves (Except Kerosene, LPG)

18.5

28

47

Electrical Hot Plates

18.5

28

48

Wall Paper

18.5

28

49

Paints and Varnishes

26

28

50

Putty, Wall Fillings

26

28

51

Plaster

26

28

52

Ceramic Tiles

26

28

53

Tempered Glass

26

28

54

Rubber Tyres

18.5

28

55

Plastics Products

18.5

28

56

Calcerous Stone

18.5

28

57

Artists’ Students’ or Signboard Colours

18.5

28

58

Pianos

26

28

59

Revolvers

26

28

60

Artificial Flowers

26

28

61

Five Star Restaurants

18

28

 

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Claim Income Tax Refund: A Step by Step Guide

Claim Income Tax Refund: A Step by Step Guide

One of the first things that you need to do in order to claim your tax returns is file your income tax returns (ITR) for the year. Normally, the last date for filing tax returns in a year is July 31 and here you file the tax returns for the previous year. For example, in this financial year 2017-18 you will be filing the tax returns for 2016-17, which will be regarded as the assessment year. A financial year is normally taken as April 1 of one year to March 31 of the next. It is always better to avoid filing at the last time since there can always be mistakes with such an approach. Always file your returns several days before your deadline so that you do not have to face any undue issues.

Keeping all the necessary papers close by

Before you start the process of filing reports it is important that you have your important papers with you. This would items such as the following:

  • salary statements
  • bank statements
  • business income statements
  • Form 16 from your employers
  • Form 16 from your banks where you have made investments
  • certificates of interest that you have paid
  • proofs of investment and related documents
  • insurance documents that may be relevant
  • 26AS tax credit extract

The business income statements are however applicable only if you have a business as such.   

Filing the income tax

The next step is filing the ITR. You can do this by filing either ITR-1 or ITR-4 form. The form contains a number of fields that are important for this purpose. Some of them may be mentioned as below:

  • name
  • address
  • your complete income
  • the income that is liable to be taxed
  • taxes deducted at source (TDS) if any
  • total dues
  • refund due

This form would contain all your financial data for an assessment year. You can fill this form by yourself or take the help of a tax lawyer or chartered accountant if you wish to. The form basically explains itself and this is why you can easily fill it.

Identifying the amount to be refunded to you

Once you have submitted the form you will be able to see the refund in the refund column. This would happen only in case you have paid more taxes than you are supposed to. If you wish to identify this sum you would need to click on the button named validate, which is there on the sheet named taxes paid and verification. Over there, you would need to note the refund amount and also keep a copy of the ITR form thus generated.

Sending the form to the income tax office

If a figure is actually shown in the refunds column then it means that you have actually paid more taxes than your actual liability. In order to claim the refund you would need to take a print out of that form and then sign at the place where you are supposed to. The form also has the address of the income tax office – it is there where you would have to send the form. The form can be sent through ordinary post or speed post. After this you need to enclose the form, put it in an envelope and then send it to the specified address.

Waiting for the refund to be processed

This is the final stage. After the Income Tax Department gets the signed form it would inform you by way of SMS (short message service). It would definitely verify the figure in case it finds something wrong with it. However, as soon as they are okay with the data that you have furnished the application would be processed and the extra taxes that you have paid would be refunded to you. Throughout the entire process you would keep receiving communication from the Income Tax Department by way of SMS or e-mail. Normally it can take anywhere between one month to four months for the refund to be processed. In any case you can be sure that if you follow these steps properly you would get the refund and that too on time.

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Why Bangalore is a good place for business?

Why Bangalore is a good place for business?

There are some good reasons as to why investors are so keen on putting their money in Bangalore. This district with a population of 9.6 million people has a glorious history of technological innovations. The city has a fantastic network of support for entrepreneurs, who are willing to become parts of the growth story that is Bangalore. The ecosystem over here is throbbing with life and presents everyone a chance to do well. Bangalore has had a rich history of being a tech capital even long before internet and companies working with such technology came along. It was at the capital city of Karnataka that the first-ever Indian Institute of Science was established more than a century back – in 1909.

Contributions made by Bangalore

Ever since, Bangalore has made sterling contributions in domains such as advanced computing, nuclear technologies, and space. This means that when as an investor you try and set up shop in Bangalore you can be sure that you will have enough local talent willing to work productively to make your dream a reality. As has been said already, there is more-than-enough support for business entrepreneurship in this capital city of Karnataka. There are bodies such as the UK Indian Business Council (UKIBC) that have been pumping in significant amounts of money in the city’s business ecosystem.

Utilization of funds

The money derived from the programme is expected to be used for support services such as the following:

  • mentoring
  • policy insight
  • training
  • expertise in market entry
  • networking events
  • market research

There are certain areas such as Koramangala where the business infrastructure in Bangalore is really strong. Here you will find that the ecosystem for small businesses is really good. Here they can get all the help that they need in order to fulfill their true potential and also gain exposure to markets around the world.

Help coming in from other countries

Countries such as the United Kingdom have been making the most of the potential on offer in the startup scenario in Bangalore. They are associating with the state government of Karnataka to provide funding for new business enterprises by way of the Karnataka Information Technology Venture Capital Fund (KITVEN Fund). Other investors such as incubators, angel investors, and venture capital funds are also coming to the city in droves to partake in the growth of the city’s economy. They are all looking for the best investment opportunities – ones that the city is known to provide.

Networking opportunities

As may be gauged from a business ecosystem as busy as the one in Bangalore there are plenty of networking opportunities to be had. The business culture in this city is also second to none as can be understood from the words of Ian Felton, the Deputy High Commissioner of Great Britain in Bangalore, the city in future is going to be one of the faces of the country. It has a high-tech society that is truly cosmopolitan and has a global outlook to boot.