ICICI Bank has launched a new online platform for foreign firms looking to set up or expand their business in India. The platform, dubbed 'Infinite India', will offer foreign businesses banking solutions and value-added services. 'Infinite India' will seek to eliminate the need for coordinating with multiple touchpoints thus leading to a hassle-free experience for foreign companies in India.
Vishakha Mulye, Executive Director, ICICI Bank, said about the launch of 'Infinite India', "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," she added.
According to ICICI bank, the 'Infinite India' platform has several value-added offerings. They are:
Incorporation services: Especially curated for the set-up stage, it offers advisory on laws and regulations to incorporate business in India as a joint venture, wholly owned subsidiary, liaison office, branch office, project office or a Limited Liability Partnership (LLP).
Licences and registration: Foreign companies can apply and obtain licences and registrations in a timely manner on import/export code, FSSAI license, trade license, copyright solutions and patent registrations.
Taxation and compliance: Foreign companies can access to an array of tax and compliance related services such as filing annual returns of company, GST registration, income tax returns as well as corporate filings with the Ministry of Corporate Affairs (MCA) for registered office and amendment in memorandum of association (MOA).
HR services: Assistance in implementing HR related services including payroll processing, provident fund registration and return filing is also available.
The key banking services are:
Authorise set-up of office: As an 'Authorised Dealer Category 1', the Bank can authorise the setup of Liaison Office (LO), Branch Office (BO) as well as a Project Office (PO) in India within the FEMA (Foreign Exchange Management Act) framework.
State-of-the-art digital channels: The Current Accounts holders get access to its Corporate Internet Banking platform with over 300 services as well as a mobile banking application. It enables businesses to complete almost all their banking requirements digitally such as payments, receivables, foreign exchange, tax payments among many others. They also get convenience of automatic bank reconciliation with ICICI Bank's Connected Banking, which is featured with popular accounting / ERP platforms. Also, they get the facility to easily undertake integrations with the Bank by using the APIs readily available on ICICI Bank's API portal.
Trade services with wide global network: It provides a wide range of trade finance solutions including Bank Guarantee (BG), Letter of Credit (LC), remittances among others. Also, it offers these through a comprehensive digital platform called Trade Online. Further, it provides outreach with correspondent network of over 400 foreign banks across 67 countries and foreign currency Nostro accounts in 26 currencies, ensuring that almost all international trade requirements are met.
Treasury services: The platform provides access to leading treasury operations in India with round-the-clock servicing. Also, it offers online booking of forex trades as well as a web-based treasury solution.