It has been a dream of many of us to be our own boss. Isn’t that true? Yes, we all want to be our own boss and own a company. If you belong to this category too and if you are wondering how you can register your business in India then this article is for you.
Say no to all your worries and confusions, just read this informative article to gain knowledge and do the work all by yourself. We will talk about how you can register your business in India by following the given steps.
How To Register Your Company Or Your Business In India?
Before we begin with the steps, let’s just first tell you that if you want to register your business then you need to first record it in the Indian official records which is The Ministry of Corporate Affairs (MCA).
One can do this easily by sitting at their home where the registration includes the Digital Signature Certificate (DSC) and the Director Identity Number (DIN) and also filling of an E-Form. Now let’s start with the steps.
- You need to acquire the Digital Signature Certificate (DSC)
- Then you need to acquire the Director Identification Number (DIN)
- In the third step, you need to create an account on MCA portal which is the New user registration through @mca.gov.in
- Then you need to apply for the company to get registered.
What Are The Documents That Are Required Before You Make The Submission Of The Company?
The list of documents that are needed is mentioned below. Read the following to know them.
- You need to have an original copy of the formal letter that is issued by the ROC that proves the availability of the name of the company.
- One needs to have the Director Identification Number (DIN)of all the directors of a proposed company.
- The individual should have the Digital Signature Certificate (DSC)
- The person should have Form 1 which is for the incorporation of a company and also Form 18 which is for the location of the company and also Form 32 for the particulars of proposed directors, managers and secretary.
What Are The Formalities That Should Be Followed?
The formalities that one needs to follow are given below.
- One needs to obtain a TAN card
- One needs to show the documents that obey the act of the shop and also the establishment of required.
- An individual should have the Registration Document of Software Technologies Park of India if required.
- The directors should have a digital signature certificate.
- Should have obtained the PAN card from the Income Tax Department of India.
- Also should have the registration documents of Import Export Code if necessary.
- One needs to have the approval from the RBI for investing in the FIPB if needed.
What Are The Types Of Business Structures In India?
There are five types of companies that one can register in India are
- Sole Proprietorship
If you want to be your own boss and manage the sole ownership then this is the best one you can choose for yourself. Also, it is the easiest form of company registration.
- One Person Company
This type of company is easy to manage and take control off. Also, you can get loans from the banks easily when it comes to companies of this kind. This was introduced by the Indian Government in the year of 2013.
- Partnership Company
If you are planning to start a company with one more individual then this is the best company you can choose for yourself. All you have to do is make an agreement with your partner before you start the business.
- Limited Liability Company
This type of company gets the advantage of other business structures and also the paperwork is much lesser than any other form of registration. The profit-sharing is also flexible under this type of business.
- Private Limited Company
This type of company includes members starting from two and exceeding up to two hundred. Also, this type of company cannot raise their funds from the public and they also get more tax benefits. In conclusion, it totally depends on you that what type of company you want to have and register.