How to Start a Business in India
Start a Business in India With These Tips.
If you want to do business in India, it does not matter whether you are a citizen or an immigrant, there are certain basic procedure that Government expects you should take. failure to do this may put you and your business at risk. If you want your business to succeed, it is always the best not to take any regulatory issue lightly. After you must have incorporated your company, you have to take few more steps before you can say you are set to do business in India. So what else you need to do? These are enumerated below.
Make a seal
I intentionally didn’t make mention of this in my previous article on how to register a business in India because it is not a legal requirement. The reason a company will need a seal is because it is required for companies to issue share certificates and for other important transactions.
Read Also: Home Based Business Guide – Work from Home
Obtain a Permanent Account Number (PAN)
This can be obtained from any authorised agent by National Securities Depository Ltd or the Unit Trust of India Investors Services Ltd. This function is outsourced by the Income Tax Department. It is expected that each person should quote this PAN for the purpose of tax payments.
Obtain a Tax Account Number (TAN)
Any person or company that deduct tax at source is expected to obtain Tax Account Number. Each person needs to quote his TAN while remitting of filing tax deducted at source returns.
Register with the office of Inspectors, Shops and Establishment Acts.
While you may not need to do this immediately, you must ensure you do this within 30 days of the opening of your business. Along with the registration of the establishment, you must pay the required fee which is the function of the number of your employees. The higher the number of your employees; the higher the fee payable.
Register for Value Added Tax
You need to submit the copy registration documents of the company with the registration form. Also, you will submit the proof of residence, and the proof of place of business. You will be issued TIN at this stage too.
Other steps to take include:
- Registration for profession tax
- Registration with Employees’ Provident Fund
- Registration with Employees’ State Insurance Corporation
Read Also: How to Register a Business in India – Small Business Ideas