For Start Business In India there is Mainly a License and Tax Registration is Required. Depends on the Business Activity Person Required to Get Certain Registrations. As per Applicable law and Establishment type there are some Compulsory Registration required to start business. There are Four Stage To Start Business In India.
There are Multiple Options for Formation of Entity to Start Business In India. Simple way is to start Proprietorship Business, Which will Cost Less Amount to start in initial stage.
Firstly you need to Form Entiry. Mostly there are Three Options Proprietor, Company or partnership.
Depend on Requirement of Business and Person Involved in Business Partnership you need to Form Establishment. Selecting Business Establishment Type for Business is Crucial as its affect the parties like Customers, Investor etc.
Lets Understand the Types of Entity you can formed to start business in India. (Click on Respective Entity Type to know more)
Once, Entity Registration Completes for business startup, You Need to apply for Various Business License and Tax Numbers as well as Various Compliance Registration. Depends on activity there are many license and tax compliance you need to get register your business. However In some Compliance there are minimum applicability limits where you need to get registration only if your business cross such limit, otherwise its optional.
Check list for Various law and License
After you completes all the required Registration and license. you can finally start business activity. Primary Requirement to start business is opening of Current Account in Bank.
Bank will Open Current Account with your Entity Documents and License Certificate. you can select Suitable Bank and Suitable Bank Account Scheme according to your requirement.
Accounts and Compliance Filings is essential part of Business. One Leading Business man Said “if you cant maintain books of account and tax filing, better you do job ; business is out of your league.”
Preparing Books of Accounts and Filing Annual Returns is Compulsory as per Income Tax Act.
Continuous Monthly/Quarterly/Annual Filing of Tax Returns is mandatory, there is huge penalty for missing Applicable returns. Such as GST Return, PF & ESIC Return, TDS Return, Income Tax Return, RoC Filing etc.
therefore, Proper Compliance will result in smooth business operation. if you cant afford in house accounting. you can hire part time account person.
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