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ICICI Bank on Tuesday launched an online platform called, ‘Infinite India,’ for foreign companies that will allow them to set-up or expand their businesses in India.
“The platform, called ‘Infinite India’, offers banking solutions as well as value-added services such as incorporation of a business entity, corporate filings, licences and registrations, HR services, compliances and taxation among others,” the bank said in a statement.
The private sector lender said it is an industry-first initiative that offers significant convenience to foreign companies, as it eliminates the need for coordinating with multiple touchpoints leading to a hassle-free experience of doing business in India.
Vishakha Mulye, Executive Director, ICICI Bank said, Over the years, India has emerged as a preferred destination for foreign investment. We believe that a young demographic profile, strong consumer demand and supportive government initiatives have boosted India’s economic outlook significantly.”
“The ‘Infinite India’ initiative is part of our strategy to further strengthen our technology-enabled offerings aimed to partner with foreign companies coming to India. We believe that our dedicated strategy for this segment will further simplify the journey of foreign companies looking to start or expand their business in India,” he added.
Also, India’s position in the World Bank’s survey on ‘ease of doing business’ improved significantly over the past few years, attracting foreign companies to set up operations here, she said.
Among the key value added services under this, it will offer incorporation services at set up stages such as laws as regulations advisory, liaison office, branch office, project office or Limited Liability Partnership (LLP) advisory.
It will also offer services on licences and registration, taxation and compliance and human resources assistance.
Multinational from industries including IT, ITES services, manufacturing, pharmaceuticals, automotive, textiles among others can visit the Infinite India portal and apply for the required service, ICICI Bank said.