India's laws are derived from English common law and seem recognizable to foreign attorneys. Many laws have been on the books since the nineteenth century, such as the Contracts Act of 1872. As a prescribing member of the World Trade Organization in 1995, India was required to update its laws on copyrights, patents, and trademarks.This process is now complete.
While India is often criticized for its complex and arcane regulations, it is important that in some ways it is simpler than the United States. For example, most regulations are not inconsistent across the country and attorneys in India can practice in any state of the Union. Filing lawsuits is seldom productive in most corporate disputes since court cases can drag on for decades and collection can take even longer. For deals that are large enough, binding third-nation arbitration can be the best way to resolve disputes.
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Today India is the fastest growing economy in the world .Indian companies has left an economic print over the globe. India has provided varies opportunities in different sectors to establish businesses to the Indian as well as foreign investors. But the companies, has to comply with various laws of the country including Companies act, Securities law, Industrial laws, Tax laws, & Environmental laws. Indian Contracts Act. Companies have also to deal with various regulatory bodies also like Registrar of Companies, Tax Authorities, Securities & Exchange Board of India, and Reserve Bank of India etc. Indian government has given various tax benefits, investing opportunities for the promotion of business in India to the domestic as well as foreign investors. It has established special economic zones to promote various kinds of industries.