1) Minimum two shareholders are required to incorporate a Private Limited Company in India. The shareholders can either be an Foreign individual or a foreign company.
2) Minimum of two directors are required out of whom one should be a resident in India. Please note that the requirement is resident of India (Not Indian National), which means a foreign national who is an Indian resident is eligible. Indian Resident means any person who has stayed in India for more than 182 days in the previous calendar year.
3) Foreign Investment should be allowed in that Industry.
3) After the company is set up and bank account is opened. The foreign investment which comes into India needs to be reported to the Reserve Bank of India (RBI).