Start a business in India is always very interesting and challenging. Everyone wants to become a boss and live their life happily and luxuriously. But people do not know that how to start a new business and have no idea about how to register any business in India. Here is the simple steps to start a business in India
Do not worry, we are here to help with the simple steps to start and register a new business in India. If you want you may read many side business ideas to start in India and other country as well.
Simple steps to start a business in India
We have given the simple ways to register your new business easily in India. Just follow it and get your new company registration here.
1. DIN Number or Director Identification Number
Director Identification Number (DIN) or DIN Number is a 8 digits unique number. An existing company or proposed Director of any company should need this DIN number. Director Identification Number introduced in India in 2006, by Companies Amendment Act.
Let’s learn that how to get DIN number approval. Download the DIN application form as DIN-1 from the Ministry of Corporate Affairs website. The DIN-1 form must be filled, signed and then sent to ministry along with address and identify proof for DIN approval.
Once your verification is done then a permanent DIN will be issued.
2. Digital Signature Certificate
DSC or Digital Signature Certificate is a digital equivalent of physical or paper certificate. Physical certificates are like passports, drivers’ licenses and membership cards.
Physical certificates like driver’s license can be treated as a proof of identity of a person for some cause, i.e., a person can legally drive in a particular country. We know that physical documents will be signed manually. Likewise, all electronics documents like e-forms need to be signed digitally using DSC or Digital Signature Certificate.
3. Reserve Unique Company Name
To start a new company, we must reserve a unique business or company name online on the Ministry of Corporate Affairs website. RUN or Reserve Unique Name is a simple web service to find your desired company name.
You may submit up to 6 names maximum. Once your unique business name approval is over then it will appear on the MCA website.
4. Memorandum and Articles of Association (MAA)
New starting business must be complete MAA. i.e., MAA is the charter of any company and defines all scopes and company activities. An article of association of the business or company which regulates the whole internal management system of any business or company.
Stamping the incorporation papers should be accompanied by unsigned copies of MAA and payment slip. The Superintendent will return the copies, which is duly stamped and embossed. Now the Memorandum and Articles of Association must be signed by the business promoters. Also all information filled by their own handwriting.
Related: Average Salary in India
5. Certificate of Incorporation
A certificate of incorporation will have complete details of the organization of a corporation, along with the detailed structure and officers names. This information will be public information and anyone can get a copy of any company’s certificate of incorporation.
Forms eForm 1, eForm 18, eForm 32 to be filled electronically through online (Ministry of Corporation Affairs), also scanned copies of the consent of initial directors, sign and stamped form of the Memorandum and Articles of Association, company name approval letter.
Businesses need a seal to issue certificates and documents.
7. PAN – Permanent Account Number
PAN application form name is Form 49A.
8. TAX Account Number (TAN)
Using form 49B, your tax account number application will be filled and submitted in any TIN Facilitation Center. Once Income Tax Department verification is done then your TAN will be issued.
9. Registration with Office of Inspector, Shops & Establishment ACT
Need to make a state which has complete details of employer’s name and manager’s name along with the company’s name, address and business category should be sent to the local Shop Inspector. Once the shop inspector of state / municipal verify the application fees and company details, you may go to the next level. Make sure that your establishment should be registered within 30 days of the opening of a company.
10. GST Registration
Based on the latest or current turnover, you need to register your company under GST. You may visit GST portal for GST registration.
11. Profession Tax Registration
As per the Section 5 profession tax act, all employer must liable to taxation and get registration from the prescribed authority.
12. PF – Provident Fund Registration for Employees
A new started company or existing business should provide required information to the Employee Provident Fund Organization (EPFO) in the prescribed manner.
13. Medical Insurance
As per the Employees State General Insurance, Form 01 must by submitted by the employer. These are the simple step by step process to start a business in India. I have referred many websites to make this article. The information might be changed now. I would request you to clarify with the government websites to get the accurate information about the new company registration. Thanks for reading how to start a company in India article and please share this article below.
All the best to start your new company and make money online and offline.