Some Important Steps
to Start a Business in India
India is augmenting everyday in different kinds of
businesses. Citizens of India are no more dependants only on jobs in private or
government sectors; rather they prefer to try their luck in business. Having
one of the most growing economies of the present world India offers great
opportunities for promising entrepreneurs. One can choose any of the booming
industry type from the wide array of choices available in this country.
However, you need to follow some steps
to start a business in India. In this article we will discuss some of those
steps that are vital for any Indian businessman while approaching to a new
business.
Steps to Follow:
·
You need to visit the website of
Corporate Ministry Affairs in order to get the DIN or Director Identification
Number. This is important for a business to be set up in India. You need to
fill an online form to get that number and once you get it, you have to send it
for further verification with your correct identity and address prove.
·
Then you have to register your company
name with the Registrar of Companies or ROC. You can give 2-3 suggested names
for your company and can find the availability of the names on the site of MCA
21. The entire process of getting the name registered will take 2 or 3 days.
This is one of the most important steps to start a business in India.
·
You must have your documents signed by
the superintendent or an authorized bank that are related with the set up of
your business. This must include copies of the payment receipts, association
articles, and other memorandum. After that you will get back all the stamped
papers to know that the stamp duty is properly paid.
·
Then the stamped papers need to be
signed by the promoters with a thorough description of the activities and
purposes of the company. Witness must be their when these papers are signed.
·
You need to fill the forms 1, 18 and 32
on the MCA site in order to get the certificate of incorporation. You need to
pay the payment online or offline mode. The incorporation certificate will be
sent to the registered office of your company.
·
You need to obtain the PAN or Permanent
Account Number of you company in order to get the facility of payment and tax
deduction. An approved National Securities Depository Services Ltd. can
provide the PAN.
·
You need to have a Tax Account Number
or TAN for tax deduction and tax collection services. Department of Income Tax
can provide you this number.
·
You need to register your business with
the Shops, and Establishment Act, Inspectors Office, and Sales Tax officers to
sign up for VAT. This is one of the many steps to start a business in India.
·
Lastly, you should register your
company name with the employee's Provident Fund Organization, profession tax
and medical insurance.
These
are the vital steps that one should follow and maintain correctly in order to
set a lawful business in India.
Ritesh Jha is a business consultant and an employee of RNA
Advisory Pvt Ltd, one of the leading total business solutions providing company
in Delhi engaged in Company
Registration Delhi and Trademark
Registration in Delhi at the best & affordable fees.