With Mumbai deposing Beijing to emerge as the new billionaire capital of Asia, it is evident that this western state is a lucrative site for businesses to invest and thrive. In terms of global fiscal flow, Mumbai is one of the planet’s top 10 centers of business. No wonder why this state, with its robust economy and huge infrastructural potential, has emerged as one of the favorite destinations for businesses to lay the seeds of foundation of their organisation. If you are looking to engage top talent from Mumbai to engage in your business, partnering with an EOR Mumbai company is going to be the way out.
Starting from Aditya Birla Group, Reliance Industries, Tata Group to the Reserve Bank of India and the Bombay Stock Exchange, Mumbai is home to the headquarters of several renowned establishments. The most interesting bit? As per Hurun’s Global Rich List, Mumbai hosts 92 billionaires as compared to 91 in Beijing. Mumbai, the stock exchange capital of the country, accounts for 12.92 percent of India’s GDP. Further, the financial capital of India offers huge talent pool skilled in diverse areas. To start operating in Mumbai and hire top talent from Mumbai, gaining access to EOR Mumbai services will help you streamline the complex compliances and administrative tasks.
Let’s have a look at Mumbai’s economic and business landscape before we go ahead with learning more about EOR Mumbai services.
Table of Contents
- Mumbai at a Glance
- City Profile & Economic Overview of Mumbai
- Major Industries in Mumbai
- What is EOR Mumbai?
- What are EOR Mumbai Services?
- Why Should You Hire Workers from Mumbai?
- Final Words- EOR Mumbai
- Frequently Asked Questions- Mumbai
Mumbai At a Glance
- About: Mumbai, previously known as Bombay, is the capital city of the western state of Maharashtra
- Location: On the Konkan Coast (West Coast of India)
- Area: 603.4 square kilometers
- Population: 21,673,000
- Climate: Tropical climate with a prolonged dry season with a comparatively short yet intensely rainy wet season
- GSDP: US $435 billion
- Moniker: City of Dreams
City Profile & Economic Overview of Mumbai
Mumbai is the largest city in Maharashtra, India. It is the core financial and economic capital of India as well. About 60% of India’s maritime trade goes through Mumbai. The most fascinating fact about this western state is that it alone accounts for 12.92% of India’s GDP (as per a recent report by Niti Aayog). Its GDP amounts to US $140 billion.
Major Sectors in Mumbai’s Economy
- Banking services
- Insurance
- Financial services
- Maritime trade
- Entertainment industry
- IT services
- Consumer services
Mumbai is the most densely populated region in the world. Population density in the Mumbai Metropolitan Area is a whooping 50,000 individuals per square kilometer. It has even surpassed Shanghai’s population density at 29,042 people living per square kilometer. Notably, Mumbai is one of the costliest cities in India. Further, it nestles precious talent with professionals having expertise in diverse domains.
Major Industries in Mumbai
Mumbai’s healthy economic system is evident from the research report revealed by Hurun’s Global Rich List. The city added 26 billionaires this year as compared to Beijing that lost 18 billionaires. As per findings by Henley and Partners, Mumbai shelters about 59,400 personalities having a net worth surpassing $1 million. Meetings and planning sessions were held between the state government authorities and NITI Aayog officials to discuss how Mumbai Metropolitan Region’s GDP can be elevated to USD 300 billion by 2030. All these have been possible owing to the contributions of a wide range of industries that are driving its economy. Let’s see what these industries are!
1. Finance and Banking
Mumbai is often referred to as the financial capital of India, housing the headquarters of the Reserve Bank of India (RBI) and numerous national and international banks, financial institutions, and stock exchanges. It also houses the headquarters of prominent institutions such as the National Stock Exchange (NSE) that is the 7th largest stock exchange in the world along with the Bombay Stock Exchange (BSE) and Securities and Exchange Board of India (SEBI). Several other banks and financial institutions having their headquarters and main corporate offices located at Mumbai, include:
- State Bank of India (SBI)
- HDFC Bank
- ICICI Bank
- Axis Bank
- Bank of Baroda
2. Information Technology (IT) and Software Services
The city is home to a thriving IT industry, with a concentration of software development companies, IT services firms, and technology startups. IT companies that have their head offices at Mumbai are:
- Tata Consultancy Services (TCS)
- Infosys
- Wipro
- Tech Mahindra
- HCL Technologies
3. Film and Entertainment
Mumbai, also known as Bollywood, is the center of India’s vibrant film and entertainment industry. It produces a significant portion of India’s films, television shows, and digital content. Renowned production houses and entertainment agencies that have their main offices at Mumbai, include:
- Yash Raj Films
- Dharma Productions
- Eros International
- Balaji Telefilms
- Viacom18 Motion Pictures
4. Manufacturing
Mumbai has a diverse manufacturing sector, including industries such as textiles, pharmaceuticals, chemicals, engineering, and automotive manufacturing. The following manufacturing giants are based out of Mumbai:
- Larsen & Toubro (L&T)
- Godrej Group
- Reliance Industries Limited (RIL)
- Mahindra & Mahindra
- Tata Group (Various manufacturing divisions)
5. Trade and Commerce
As a major port city, Mumbai plays a crucial role in India’s trade and commerce, with industries involved in import-export, logistics, shipping, and warehousing. The following global brands have their presence in Mumbai:
- Adani Group
- Reliance Industries Limited (RIL)
- Tata Group (Various divisions involved in trade and commerce)
- Hindustan Unilever Limited (HUL)
- ITC Limited
6. Hospitality and Tourism
Mumbai attracts millions of tourists each year with its iconic landmarks, cultural attractions, and bustling street life. The city has a thriving hospitality industry, including hotels, restaurants, and tourism services. Major players in this industry based out of Mumbai are:
- Taj Hotels
- Oberoi Hotels
- Marriott International
- IHCL (Indian Hotels Company Limited)
- AccorHotels India
7. Healthcare and Pharmaceuticals
Mumbai is a hub for the healthcare and pharmaceutical industries, with world-class hospitals, medical research institutions, and pharmaceutical companies such as:
- Apollo Hospitals
- Fortis Healthcare
- Sun Pharmaceutical Industries
- Cipla
- Dr. Reddy’s Laboratories
8. Media and Advertising
Alongside the film industry, Mumbai is home to a vibrant media and advertising sector, with major publishing houses, television networks, advertising agencies, and digital media companies. These include:
- Times Group
- Star India
- Zee Entertainment Enterprises
- GroupM
- Ogilvy
9. Real Estate and Construction
Mumbai’s booming real estate and construction industry is fueled by rapid urbanization and infrastructure development projects. Well-known real estate firms that are based out of Mumbai are as follows:
- DLF Limited
- Godrej Properties
- Oberoi Realty
- Lodha Group
- Hiranandani Developers
10. Retail and Consumer Goods
The city has a bustling retail sector, with shopping malls, markets, and retail chains catering to the diverse needs and preferences of Mumbai’s residents and visitors. These include:
- Reliance Retail
- Future Group
- Aditya Birla Retail
- Shoppers Stop
- Trent Limited (Westside)
What is EOR Mumbai?
“EOR Mumbai” refers to “Employer of Record (EOR) Mumbai.” An Employer of Record (EOR) is a third-party entity that takes on the responsibility of being the legal employer for workers, handling tasks such as payroll, benefits administration, HR compliance, and employment taxes. In the context of Mumbai, EOR services would involve providing these employer-related functions for businesses operating in or hiring workers in Mumbai, India. EOR services can be particularly useful for companies expanding into new markets or operating in countries where they lack a legal entity or infrastructure to manage employment obligations directly.
EOR Mumbai service providers like Asanify offers top-notch facilities to ensure local compliances for foreign businesses looking to set their foot in Mumbai, the financial capital of India. With a streamlined approach, every essential thing starting from payroll processing, tax support to management of your Mumbai team, will be taken care of by Asanify.
What are EOR Mumbai Services?
Partnering with an EOR Mumbai partner translates to availing of the following services:
- Employment Contracts: Drafting and managing employment contracts compliant with local labor laws and regulations.
- Payroll Administration: Processing payroll, including calculating wages, deductions, and taxes, and ensuring timely and accurate payments to employees.
- Benefits Administration: Managing employee benefits such as health insurance, retirement plans, and other statutory benefits as required by local laws.
- HR Compliance: Ensuring compliance with Mumbai’s labor laws, including regulations related to working hours, leave entitlements, minimum wage requirements, and employee rights.
- Tax Compliance: Handling payroll taxes, tax filings, and compliance with tax regulations governing employer obligations in Mumbai.
- Work Permits and Visas: Assisting with obtaining work permits and visas for foreign employees working in Mumbai, ensuring compliance with immigration laws.
- Employee Onboarding and Offboarding: Managing the onboarding process for new hires, including documentation, orientation, and training, as well as handling offboarding procedures for departing employees.
- Employee Relations: Providing support for employee relations issues, such as conflict resolution, disciplinary actions, and performance management.Legal Support: Offering legal advice and assistance on employment-related matters, including interpretation of labor laws, dispute resolution, and representation in legal proceedings if necessary.
- Recordkeeping and Reporting: Maintaining accurate records of employee information, payroll data, and compliance documents, and generating reports as needed for regulatory purposes or internal management.
These EOR Mumbai services are designed to help businesses navigate the complexities of employment and labor regulations while ensuring compliance, mitigating risks, and facilitating smooth operations for both local and foreign employees.
Why Should You Hire Workers from Mumbai?
If the question as to why you should hire workers from Mumbai is lingering in your mind, the following reasons will satiate your need about the “why:”
1. Access to Skilled Talent
Mumbai, as a major economic and commercial hub in India, boasts a large pool of skilled professionals across various industries, including IT, finance, healthcare, and entertainment. Hiring workers from Mumbai can provide access to a diverse talent pool with expertise in areas such as technology, finance, marketing, and more.
2. Cost-Effective Labor
Labor costs in Mumbai may be comparatively lower than in some other global cities, making it an attractive option for organizations seeking cost-effective solutions for staffing and outsourcing.
3. Globalization and Outsourcing Opportunities
Mumbai’s position as a global business center has led to the establishment of numerous outsourcing firms and service providers catering to international clients. Organizations outside India may leverage Mumbai’s outsourcing capabilities for tasks such as software development, customer service, back-office operations, and more.
4. Cultural and Language Compatibility
Mumbai’s multicultural environment and proficiency in English make it easier for organizations to communicate and collaborate with workers from the city. Shared language and cultural understanding can facilitate smoother integration and collaboration within multinational teams.
5. Time Zone Advantage
Mumbai’s time zone (Indian Standard Time, IST) may align well with business hours in certain regions, particularly in Europe and parts of Asia. This can enable real-time collaboration and support for global operations without significant time differences.
6. Access to Growing Market
India, with its large and rapidly growing consumer market, presents attractive opportunities for businesses looking to expand their footprint or tap into new market segments. Hiring workers from Mumbai can provide insights and expertise into local market dynamics and consumer preferences.
7. Diverse Skillsets and Innovation
Mumbai’s dynamic business environment fosters innovation and creativity, leading to the emergence of skilled professionals with diverse backgrounds and expertise. Organizations seeking fresh perspectives and innovative solutions may benefit from tapping into Mumbai’s talent pool.
Hiring workers from Mumbai can offer organizations outside India access to skilled talent, cost-effective labor, outsourcing opportunities, cultural compatibility, and insights into growing markets, making it a strategic choice for global expansion and talent acquisition. To simplify the entire hiring process and comply with the local employment regulations, taking the services of an EOR Mumbai partner like Asanify can aid you to a great extent. You will also be able to safeguard your business from lawsuits and penalties if you have the backing of a proper EOR service provider.
Final Words- EOR Mumbai
In conclusion, navigating the complexities of international employment regulations and managing a workforce in Mumbai can be daunting for organizations expanding their global footprint. Employer of Record (EOR) services offer a strategic solution, providing expertise in local compliance, payroll administration, and HR management. When considering EOR services in Mumbai, Asanify emerges as the premier choice. With its comprehensive suite of solutions tailored to meet the unique needs of businesses, Asanify ensures seamless compliance, streamlined processes, and peace of mind for clients. By leveraging Asanify’s expertise and innovative technology platform, organizations can focus on their core objectives while confidently expanding their presence in Mumbai and beyond.
Frequently Asked Questions- EOR Mumbai
1. What is EOR (Employer of Record) in Mumbai?
EOR, or Employer of Record, is a service provided by a third-party organization that assumes the legal responsibilities of being the employer for a company’s workforce in Mumbai. This includes payroll processing, tax compliance, HR administration, and other employer-related tasks.
2. Why would my company need EOR services in Mumbai?
EOR services in Mumbai are beneficial for companies looking to expand their operations into the city without establishing a legal entity. EORs handle all employer obligations, ensuring compliance with local labor laws and regulations.
3. What are the benefits of using EOR services in Mumbai?
Some benefits of using EOR services in Mumbai include streamlined HR and payroll processes, compliance with local laws and regulations, access to a skilled workforce, and reduced administrative burdens for companies expanding into the market.
4. How does EOR in Mumbai differ from traditional staffing agencies or outsourcing firms?
Unlike traditional staffing agencies or outsourcing firms, EORs take on the legal responsibilities of being the employer of record for a company’s workforce in Mumbai. This includes compliance with labor laws, payroll processing, and HR administration.
5. What industries can benefit from EOR services in Mumbai?
EOR services in Mumbai can benefit a wide range of industries, including finance, IT, manufacturing, healthcare, hospitality, and more. Any company looking to hire employees in Mumbai can leverage EOR services to ensure compliance and streamline operations.
6. Can EOR services in Mumbai help with work permits and visas for foreign employees?
Yes, EOR services in Mumbai can assist with obtaining work permits and visas for foreign employees working in the city. They can also provide guidance on immigration laws and compliance requirements.
7. How does Asanify stand out as a provider of EOR services in Mumbai?
Asanify offers comprehensive EOR services tailored to meet the unique needs of businesses operating in Mumbai. With expertise in local compliance, payroll administration, and HR management, Asanify ensures seamless expansion into the market while alleviating administrative burdens for clients.
Not to be considered as tax, legal, financial or HR advice. Regulations change over time so please consult a lawyer, accountant or Labour Law expert for specific guidance.
