To start a business in India you need to register your company. This can be quite a long drawn process. However it is very important to get your business registered. Proper registration gives legitimacy to your business. It also keeps your documents clean which in turn prevents you from facing official hassles.
How to Start your Own Business?
The procedures needed to start a business in India are listed below
Step 1: Procure a Director Identification Number (DIN)
For this you need to fill a form online available with corporate affairs ministry at www.mca.gov.in. You will be issued a provisional DIN to immediately start off with your business. The duly filled form must be couriered to the ministry along with identity and address proof documents. Voter ID card, passport, PAN card, driving license card, electric bill, telephone bill, ration card etc will suffice. After the documents are verified a permanent DIN is issued within 4 weeks of application.
Step 2: Obtain a Digital Signature Certificate Online
For the new electronic filing system under MCA 21, it is essential for you to procure a Class-II Digital Signature Certificate. You can get this from any one of the six private agencies authorized by MCA 21. One such reputed agency is Tata Consultancy Services. Even here you are required to submit the prescribed application form along with proof of identity and address. Fee to get this may vary from INR 400 to INR 2650.
Step 3: Register the Name of your Company with the Registrar of Companies (ROC) On-Line
It is important to get your company name approved electronically. You can check the availability of the desired company name on the MCA 21 Web site. You can provide a maximum of 6 suggested names. The names are checked for similar names with all other company names in India. The procedure is first cleared by the junior officer.
Thereafter the name is sent to the senior officer for approval. Once approved, the name selected by you appears on the website. You must regularly consult the website to find out that one of your submitted names is approved. If the name is available it takes 2 days for obtaining a clearance.
Step 4: Stamp the Documents of your Company either at the Superintendent or an Authorized Bank
In order to obtain stamping permit, the documents must be accompanied by unsigned copies of the memorandum and articles of association and the payment receipt. The copies submitted to the Superintendent of Stamps or to the authorized bank for stamping must be unsigned and nothing hand written has to be done on it. After duly signing and embossing one of the copies which shows payment of the requisite stamp duty the superintendent returns the copies. The rate of stamp duty varies from state to state.
After being stamped, the articles and memorandum must be signed and dated by the company promoters. In your own handwriting you need to provide information about company name, its proposed activities and purpose, address, father’s name, occupation, and the number of shares subscribed.
Procedure 5: Form Filling Process
Form (a) e-form 1; (b) e-form 18; and (c) e-form 32 are to be electronically filled on the website of ministry of company affairs. Scanned copies of the consent of the initial directors, and stamped and signed form of the Memorandum and Articles of Association, must be attached to Form 1. The fee can be paid online by using a credit card or by cash payment at authorized banks.
Step 6: Make a Seal
You need to make a seal to issue share certificates and other documents.
Step 7: Obtain PAN (Permanent Account Number)
Obtain a PAN or permanent account number from National Securities Depository Services Limited (NSDL) or Unit Trust of India (UTI) Investors Services Ltd. The income tax act makes it mandatory to have this.
Step 8: Obtain TAN (Tax Account Number)
Obtain a tax account number for income taxes deducted at source from the Assessing Office in the Mumbai Income Tax Department. The application for TAN can be made either online TAN can be through the NSDL website www.tin-nsdl.com or offline.
Step 9: Register for VAT before the Sales Tax Officer of the Ward in Which the Company is Located
For this you need certified true copy of the memorandum and articles of association of the company, permanent residential address proof, copy of passport, copy of election photo identity card, copy of driving license, copy of property tax, copy of electricity bill, proof of place of business PAN card etc.
Step 10: Register for Profession Tax
It is mandatory for all employers to pay tax. And for this you have to obtain a certificate of registration from the prescribed authority. The company has to apply in Form I to the registering authority
Step 11: Register with Employees’ Provident Fund Organization
If you plan to employ 20 or more persons and plan to deal with any of the 183 Industries and classes of business in India you have to register with employees PF organization. You first have to fills an application where by you will be allotted a social security number.
Step 12: Register for Medical Insurance (ESIC)
With the help of this process every employer/factory and employee employed for wages are identified for medical insurance scheme. For this you have to fill and submit Form 01 for registration. You are responsible for submitting the required Declaration form.
If you meet all the above mentioned steps you can start and run a business smoothly in India.
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