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.
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