Businesses in India have experienced a massive transformation. However, starting a business in India requires a lot of factors to be taken into consideration. There are a number of formalities that need to be tackled in order to start a business in India. The first and foremost step to start a business is to have a proper business plan. It is important to decide the customers that the business will target. Also, it is required to find out the start-up money for the business.
The next step is to find the clients. Without clients, there can be no business. For this, you can choose to use social media for advertising your business. Acquiring customers play a major role in achieving success in any business.
How to start your own business in India
Here is a quick overview of the processes involved in starting your own business in India.
Acquire Director Identification Number (DIN) online
You need to obtain this number from the form which is on the Ministry Of Corporate Affairs (MCA) Portal. Along with this form you need to submit your identity proof which can include your permanent account number, passport, driving license as well as residence proof which can contain electricity or telephone bills. This process usually takes a month. Your documents are verified by the concerned authorities before providing you with the DIN.
Get Digital Signature Certificate Online
This can be acquired from private agencies that are authorized by the Ministry Of Corporate Affairs. This certificate is required by the applicant in order to benefit from the electronic filing system. The fee structure varies for different agencies.
Reservation of the Company Name Online with the help of Registrar of companies (ROC)
The approval of the company name ought to be done electronically. The applicant can check whether the choice of the company name is available on the website of MCA. About 6 names can be proposed. The names are then compared to other names in India for any similarities. The name that is selected will be seen on the website. The applicants must keep track of the website for the confirmation of the name. It takes a day or two for this procedure.
Stamping the company documents at the State Treasury
The demand for stamping the company documents should be along with the payment receipt and Memorandum and Articles of Association copies which must be unsigned. The company must make sure that the copies which are sent to the Superintendant of Stamps are unsigned. The stamp duty rate is different in various states. The stamped documents must then be signed by the company organizer with the company name and its aim.
Obtain the Certificate of Incorporation by the Registrar Of Companies
The registration of the company can be done by paying the fees with the help of a credit card or cash in the concerned bank. The registrar of companies requires a copy of The Memorandum of Association and the approval letter with the original name.
Create a Seal
The number of words that are engraved in the seal decides its cost. This procedure requires a day for completion.
- Get a Permanent Account Number (PAN) from a franchise that is authorized. It can also be applied online. This procedure takes about 7 days to complete.
- Acquire a Tax Account Number (TAN) from the Income Tax Department.
- Get Registered with the Office Of Inspector.
A statement of the manager’s name should be sent to the local shop inspector with charges.
- Apply for Registration of Value-Added Tax at the Tax Office
The original copy of the memorandum along with the Residential proof and passport copy should be submitted.
- Get Professional Tax Registration at the Profession Tax Office
The applications should be submitted along with the address proof, the company registration number, and the company certificates.
- Obtain Registration with Employees Provident Fund Organization
The applicant has to fill the application in order to get a social security number. It is usually allotted within 3 days of submission.
- Get the Registration for medical insurance at the Employees State Insurance
Corporation Regional Office. The Employee Code Number is issued in 3 days.
This procedure takes about 9 days.
If you have any questions, ask in the comments below.