Essential Information to Know on How to Register Company in India
Anyone can become an entrepreneur, and you do not need experience, a degree, or a ton of money. What a person needs are the drive, proper planning, and goals. Entrepreneurial is also interested in India, but if you want to make that dream into a reality, there are a couple of things you must do.
If you are a foreign investor, the process might be a little different if you want to set up a business in India.
You can read on to know more about what you can do.
What You Need to Do
- Register your business entity – If you decide on a limited liability or private limited company, there must be two persons who will act as partners or company directors. A Permanent Account Number (PAN) Card and proof of address of promoters are required when you incorporate your LLP or private limited company.
- Open a bank account – You must open a bank account with the business name. This is a task you must do after incorporating the business entity. The corporate entities like the LLP, private limited company, single proprietorship, and limited company must open a bank account. You have to provide the Certificate of Incorporation and PAN Card. At the same time, a bank account under the business name is cumbersome because at least one must establish an identity of business proprietorship.
If you need a bank loan for your capital or purchasing equipment, it is better to open a bank account with any Nationalized Bank in India. They are most favoured for giving bank loans for a startup compared to privatized banks.
- Get tax registered – You need a Taxpayers Identification Number (TIN) aside from a PAN Card. Both can be acquired from the Income Tax Department, and they are both easy to get.
You can get a PAN and TIN card from any service centre that received authorization from the National Securities Depository Ltd. Submit the completed forms, and attach all the required documents, and pay the nominal fee. The PAN and TIN numbers are given within 30 working days from when you submit your application.
How to Make Your Business Known
- When you open a small business in India, there are three ways to establish them. You can create it online, online and have a physical store, or only a physical store or office.
The trends today demand that all businesses must have an online presence. Otherwise, you will be left out. You can do this by having a website or social media page of your business. It would depend on your budget and the kind of product/s or services you offer.
It is ideal to have an eCommerce website because they let customers order directly, and they can have multiple payment options. A physical business also needs a website to match their competitors and widen their clientele. It is relatively cheap to open a site in India.
- Publicize your business – There is always competition anywhere you set up a business because even if you are the pioneer, sooner or later, there will be competition. The important thing is you know how to market your product. You can make videos about your products and services that you can post online so that many people will see it. Also, you can take advantage of social media platforms to post about your products.
You must do these things if you want to set up a business in India and make it successful.