India is a country full of opportunities. Starting company in India, like in any part of the world and any type of business can be challenging. One must have a proper plan and knowledge about the market and legal procedures in India.
Steps on How to Start a Business in India
Start by choosing what type of business and its purpose. This can either be
(1) Sole Proprietorship wherein you run your own business;
(2) Partnership with two or more people;
(3) Private Limited Company (PLC) wherein it is structured and has a board of directors to advise a CEO. Its obligations are split among stakeholders.;
(4) Limited Liability Partnership (LLP) which is almost similar to PLC the difference is that the restricted obligations of spouses, in case of bankruptcy, the personal resources of the partners are not liable.
(5) One Person Company (OPC) which enables individual entrepreneurs to integrate their business as a separate legal entity with restricted liability.
The next step would be to gather the funds needed to run your business. There is several methods to do this in India:
- Personal savings
- Loan for business setup
- Funding from venture capitals
- Business incubators that offers amenities such as co-working spaces, electricity, internet, etc.
Next, youmust create your trading name, prepare the required documents, and register your company. To register a company, there are Indian company incorporation steps that must be followed.
(1) You must register at the Registrar of Companies;
(2) Obtain an encrypted key for a person to use to sign documents digitally called Digital Signature (DSC);
(3) Acquire a Director Identification Number (DIN);
(4) Register under the Shop and Establishment Act which vary from state to state. Some state does not require to do this;
(5) You must open a current account,
(6) Register for the Goods and Services Tax (GST) if your business would engage in some form of commercial trade and exchange goods or services across state borders and if the annual turnover is exceeding Rs. 20 lakh.
Lastly, you must plan a marketing strategy to let everyone know you exist. It can be traditional or digital. However, with the widespread use of the internet, going digital would be the best option. This also solves the problem of geographical limitations.
How 3E Accounting India Can Help
With all the tedious procedures, hiring a professional to start a company could be beneficial. They are the ones who have a long experience and lots of knowledge on how to do this. One of the best consultancies to run to would-be 3E Accounting India. They would provide the best advice because they offer a comprehensive India company incorporation services. They will support you from the start until your business goes live. It will make it easier and smoother for you. You do not need to conduct an in-depth study of how the market and legal procedure in India is. And not only that, they can assure you that through them your investments would grow because you have the proper guidance that you need. Might as well contact them and start your own business in India now.