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December 20, 2022
A complete guide on How to start a business and Process to start a Business in India
There are various platforms to be an entrepreneur in India like Private Limited Company, Public Limited Company, Limited Liability Partnership, Sole Proprietorship Firm, Partnership, E-commerce business, and now One Person Company as well. In this blog there will be detailed information on How to start a business, Documents required to start a Business in India, information on various business structure in India, and process to register a business in India. Before going through the process on how to start a business in India, let’s have a look on what is a business.
Table of Content
What is a Business?
A business or enterprising entity engaging in industrial, commercial, or professional activity is referred to as a business. Businesses can be for-profit or non-profit enterprises dedicated to a social cause or a charity mission. Businesses can range in size from small to large, and can range in scale from sole proprietorships to multinational organizations.
Points to keep in mind to start a business in India
- Business Idea
- Research
- Make your Business Plan
- Register and make it Legal
Various Business Structure to start your business in India
- Private Limited Company :-
- A Private Limited Company in the eyes of the law is regarded as a separate legal entity from its founders. It has shareholders (stakeholders) and directors (company officers). Each individual is regarded as an employee of the company.
- Public Limited Company :-
- The Public limited company in India is a voluntary association of members which has a separate legal existence and the liability of whose members is limited. A Public Limited Company can either be an unlisted Company or listed Company on the Stock Exchange. Public Limited Company also enjoys wide options to raise funds through bank loans, the general public, and Institutional investors.
- Limited Liability Partnership (LLP) Company :-
- A separate legal entity, in an LLP the liabilities of partners are only limited only to their agreed contribution.
- Sole proprietorship firm :-
- A Sole proprietorship is a form of business entity where a single individual handles the entire business organization. He is the sole recipient of all profits and bearer of all loses. There is no separate law that governs sole proprietorship.
- Partnership :-
- Partnership registration is a business structure in which two or more individuals manage and operate a business in accordance with the terms and objectives set out in the Partnership Deed. It is owned, managed and controlled by an Association of People for profit. Partnership firms are relatively easy to start are is prevalent amongst small and medium-sized businesses in the unorganized sectors.
- E-Commerce Business :-
- Starting an e-commerce store is a dream for many aspiring entrepreneurs. Also with enormous growth of e-commerce players in India and thanks to Internet connectivity, it is also an easy choice for Indian youth. Business registration is the first step towards your dream of setting up an online store. For registering your business, you need to decide which type of entity you should form.
- One Person Company :-
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- OPC or One Person Company is one of the easiest forms of corporate entities to manage. OPC is a hybrid of Sole-Proprietorship and Corporate form of business. It has been provided with concessions in compliance requirements under the Companies Act. It is a form of a company where the compliance requirements are lesser than a private company.
Advantages of starting a business in India
- No minimum capital requirement
- Separate legal entity
- Limited liability
- Minimum compliances.
- Builds credibility
- Various tax benefits
- Fund raising
Process on How to Register a Business in India
There are a few factors to consider while registering your business in India, especially with so many businesses trying to do so. With that in mind, we are pleased to share a few basic paperwork/prerequisites that are required for every business to be registered in India. The documentation needed to start a business in India is listed below.
Documents Required to start a Business in India
Conclusion
The Indian Government makes India, Strategy related to the Ease of Doing Business, has opened a vast opportunity for entrepreneurs to set up their business in India. There are numerous types of businesses that can be effectively conducted in India. There has recently been a trend for businesses to operate successfully using unlimited digital and online channels, and the government has backed this movement by digitizing the ways of registering a business in India.
Private Limited Company Registration
Simplest and a very popular form of Company Registration in India. Register yours with Ebizfiling
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