A leading British pharmaceutical quality assurance service provider saw a huge siege in client enquiries from India during the COVID 19 pandemic. Since Indian drug manufacturers are positioned very well to supply medication such as HCQC hydroxychloroquine and vaccinations to the rest of the world, they require quality certifications such as GMP/good manufacturing practices and FDA/Food Drug Association certification in order to export to countries in North America.
The British service provider was using third-party consultants from India to send at the client site to provide quality assurance consulting services. Because of the GST/goods and service tax regime in India, the company was losing 18% of taxes levied on professional services on international companies.
The British service provider was convinced with the clarity provided by ODINT’s India market entry consultant. Our team provided the complete scope of service from FTI structuring, subsidiary formation, central bank or RBI clearances along with all documentation paperwork including but not limited to opening up local bank account, securing GST number to PAN (permanent account number) to set up local billing.
Within 4 months of their market entry in India, the company has already saved hundreds of thousands of dollars from dead weight 18% GST. Apart from this, it also helped them to approach new clients in the ever-growing Indian pharmaceutical market place with more confidence of a local presence.