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NRIs in Chicago launch Non-Profit Indian American Business Council in presence of Acharya Dr Lokesh Muni

Indian American Business Council (IABC) hosted a high profile reception with dignitaries from India, South Africa, El Salvador, and America on Thursday, August 11

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IAB Council which held a reception yesterday with Acharya Dr. Lokesh Muni as the chief guest. Image source: IABC

Chicago, August 13, 2016: With India’s 70th Independence Day (August 15) approaching, Indian American Business Council (IABC) hosted a high profile reception with dignitaries from India, South Africa, El Salvador, and America on Thursday, August 11.

The celebration took place at Northwest Suburban College in Rolling Meadows, IL. IABC earlier has been soft launched in the presence of Governor Hon. Matt Bevin and Louisville Mayor Hon. Greg Fischer in May this year in 2016, in Louisville, Kentucky.

Indian American Business Council. Image source: nrinews24x7.com
Indian American Business Council. Image source: nrinews24x7.com

Newly formed a trade organisation, IAB Council, was graced with presence and enlightening words from Chief Guest, Acharya Dr Lokesh Muni Ji who was introduced as an ambassador of peace. He shared that ahimsa, unity, and cooperation is the key requirements for any progress. Further, he announced the setting up of a World Peace University in Gurgaon India with a central goal of combatting violence and terrorism in the society and introducing the principles of nonviolence.

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The IAB Council is an umbrella organisation, which supports small and medium size businesses that are particularly interested in expanding their business in the global market. Council also provides full-scale services to investors from across the globe to match their investment with opportunities for secure and maximum growth. IAB Council is Illinois registered not-for-profit organisation and is currently operating in Illinois, Kentucky and India. IAB Council’s strategic partners include Indian Diaspora Club, Government Technology Foundation, Indo-American Friends Group, VisionOne, CSR Virgil, and VNA & Partners. Apart from that, Illinois Chamber of Commerce, IL SBDC International trade Center and others are the Strategic collaborators to the organisation.

Attorney, Ms Chipo Nyambuya, principal of Virgil LLC presented an overview of creative investments and legalities for Investment in the USA and across the globe. Ms Nyambuya also provided the members present in the ceremony,with the highlights of the investment opportunities present for businesses. CEO-Center for Strategic Solutions, Mr Mohammed Faheem presented the talk on WIOA grants for workforce development and retention. Founder and Chair of IAB Council Board, Ms Poonam Gupta-Krishnan, had the audience mesmerised by the vision and the success that Council achieved in a short period of time.

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Earlier,  Harish Kolasani, IABC President welcomed the distinguished gathering and introduced the Council executive team including Keerthi Kumar Ravoori, Mohammed Faheem, Dr Sanhita Agnihotri, Nazneen Hashmi and he invited Chief Guest Acharya Dr Muni to light the ceremonial lamp.  Keerthi Kumar Ravoori welcomed the gathering and outlined the mission and highlighted IABC’s upward trajectory in opening chapters in other states and facilitating business alliances.  Dr Vijay Prabhakar applauded the efforts of IABC for its trailblazing work in industriously promoting Indo-US relations through business partnerships.

Among the dignitaries present include Shakira Motan, Consul Economic, South Africa; Silvia Toledo Enriquez, Mexico; Nakul Chand, Air India, Syed Hussaini, WinTrust, Ajai Agnihotri, FIA Trustee  along with over 30 Industrialists, 10 legal professional, and many small-medium businesses. Dr Sanhita Agnihotri proposed a vote of thanks and invited the IABC team to present a shawl to showcase welcome and esteem to Acharya Dr Muni.  The evening closed with guests engaging in networking over Indian dinner.

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How to Extend Your Business Abroad

Starting a business or expanding an existing one is now easier than ever, considering the multiple options their owners have

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Starting a Business or expanding an existing one is now easier than ever. Pixabay

Starting a business or expanding an existing one is now easier than ever, considering the multiple options their owners have in terms of structures they can employ and even countries they can choose from. While the creation of a new company is usually simpler, the expansion of a business abroad will imply more financial resources directed to finding suitable premises, offices, employment and even production.

When it comes to the structures to be used for expanding a business abroad, the branch office and the subsidiary are the most employed. The creation of a subsidiary in Malta (DO FOLLOW LINK), for example, implies registering a local company which benefits from the same advantages as domestic businesses. 

Let’s see what the expansion of a business through these two options implies.

The subsidiary company as an expansion option of a business

The subsidiary will usually be used by foreign companies seeking to develop other activities in the country it will move to. Among the advantages of this structure, we can mention the possibility of choosing the structure under which the business will operate which can lead to an easier incorporation procedure. Referring to the example above, starting a company in Malta (NO FOLLOW LINK) under the form of a subsidiary can help investors operate under a limited liability company which is a popular business structure in countries all over the world.

There are also various tax advantages when operating a foreign business under a subsidiary company abroad. Among these, being subject to the same corporate tax, which in certain countries is lower than in the parent company’s home state, can represent a huge benefit when expanding it.

Business
While the creation of a new company is usually simpler, the expansion of a Business abroad will imply more financial resources directed to finding suitable premises, offices, employment and even production. Pixabay

Setting up a branch office in order to expand a company

Compared to the subsidiary, the branch office offers the parent company more control over its activities. This is because the branch office will operate as a satellite of the foreign company, but will also be restricted to completing the same activities of the parent business. 

The advantages of the branch office usually refer to more relaxed registration and licensing requirements and cheaper incorporation costs.

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Expanding a company in a foreign country is a solution often employed by business owners seeking to diversify their activities and expanding their operations to clients abroad. The advantages of such a decision are often related to increased revenues and also to capitalizing on markets which do not offer the foreign company’s products or services.