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tokyoconsultingfirm-blog · 6 years ago

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Setting up a Business in India

While India is very transparent with its procedure and laws to set up a business in India, it’s still a taxing task to be able to do so in a swift manner. Most foreign investors face a language barrier as most people in government offices in India still speak Hindi or aren’t fluent in English; this creates a communication gap between the officials and the owner of the business. To avoid this hassle, here is a list of the most important things that one must take care of when setting up a business in India:-

·Director Identification Number (DIN): DIN’s were made compulsory in the Companies Act of 1956. This unique identification number was created to ensure that the authorities had all the relevant information about an existing or a possible director, to ensure no cases of fraud go unchecked. To get the DIN, go to the website of the Ministry of Corporate Affairs, and fill out the form online, following which it has to be printed and sent to the MCA for approval along with relevant proofs of identity and address.

·Digital Signature Certificate: A Digital Certificate contains the Digital Signature of any certificate-issuing authority, and is a must for the DIN holder to have to be able to successfully set up a business in India. The process of getting a DSC is like that of the DIN and this form can also be found on the website of the Ministry of Corporate Affairs.

·Company Name Approval: The next and the most obvious step for setting up a business is getting the name of your company approved. This must be done, also via the website of the Ministry of Corporate Affairs. After checking the availability of the desired names, the applicant must submit a most of 6 company names, one of which gets approved and is cleared for the applicant to use.

·Certificate of Incorporation: This certificate is a legal document relating to the formation of a company. Issued by the state government, the Certificate of Incorporation is the most important document while setting up any business in India; the form is available on the website of the Ministry of Company Affairs, and copies of the consent of all the initial directors are enclosed along with it and sent for an approval. Once approved, the document is sent to the registered address of the company.

·Permanent Account Number (PAN): If you don’t have one already, the next step is to get a PAN number for yourself which is obtained by filling form 49A.

·Tax Account Number (TAN): The ‘Tax Deduction and Collection Account Number’, which is known as TAN, is an identification number issued to those who have to deduct the tax at TDS or the source. It is issued by the Income Tax Department, and is a must-have for any employer and hence is required while setting up any business in India.

·Registration with the Office of Inspector, Shops and Establishment Act: The employer’s name, along with the name of the managers & establishment, postal address and category is sent to the office of the local shop Inspector. This registration must be done within 30 days of setting up your business.

· GST Registration: If the annual turnover of any business in India is over the 20 lakh, it has to be registered for GST. This case holds for almost all businesses and hence it is advisable to get your business registered as well. You can do that here.

Once all these steps have been taken care of, the process of setting up your business in India is well and truly covered, and it’s time to start working and reap the subsequent rewards.

If you are interested in getting specialized assistance for setting up your business, visit our website for more information.

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