Registration
Business registration refers to the process of officially recording a business entity with the relevant government authorities to establish its legal existence and identity. It involves obtaining a unique identification number or certificate that allows the business to operate lawfully within a specific jurisdiction. The registration process varies depending on factors such as the type of business entity, industry sector, and location.
Focus on Core Business: Enables organizations to focus on core business functions while outsourcing non-core activities.
Type of registration required for new business
Sole Proprietorship Registration
A sole proprietorship registration is nothing but a business managed by a single person. The firm and its operator are treated as a single entity. Usually, in sole proprietorship companies, the owner is responsible for all profits or losses. It’s an individual company, and pretty easy to set up the business.
One-person Company Registration
One Person Company is a corporation or business entity with a single individual director and member. As a result, the firm’s operations will be managed by a single person without having all the personal liabilities.
Partnerships Firm Registration
Two or more partners who have already determined their role and profit-sharing can enter into a partnership and conduct business activities. For a Partnership Firm Registration, you need to use a binding agreement referred to as the Partnership Deed. You can specify duties, commitments, responsibilities, and the number of shares owned under business registration.
Limited Liability Partnership (LLP) Company Registration
LLP is an alternative corporate firm form that gives the benefits of the limited liability of a firm and the flexibility of a partnership. Since LLP contains elements of a corporate structure and a partnership firm structure, LLP is called a hybrid between a company and a partnership. Low registration fees and easy maintenance make LLP a first choice for many small businesses in India.
Private Limited Company Registration
A Private Limited Company (PLC) is one of India’s most common types of legal entity. A Private Limited Company is governed by the Companies Act 2013 and requires a minimum of 2 Directors and 2 Shareholders, with one of the Directors being an Indian Resident and Indian Citizen.
To register a company in India, the following are the minimum requirements:
- 2 Directors – 1 Person should be an Indian National and Indian Resident
- 2 Shareholders – The Directors can be shareholders
- Registered Office in India
100% Foreign Direct Ownership (FDI) is permitted in most sectors in India, and there is no restriction on foreign shareholding of a private limited company. Hence, most foreign subsidiaries are established in India as a private limited companies.
Public Limited Company Registration
The public limited company registration is identical to private limited company registration. The sole distinction is that the company’s shares can perform trading activities on the stock exchange. Therefore, it allows the transfer of shares from one member to another.
Licences:
Licenses in business refer to legal permits or authorizations issued by government authorities that allow individuals or entities to conduct specific activities, operate in certain industries, or use particular resources. These licenses are typically obtained to ensure compliance with regulatory requirements, maintain public safety, protect consumer interests, and regulate various aspects of business operations. Licenses may be required at the local, state, or national level, depending on the nature of the business and applicable laws and regulations.
Type of Licenses Required for New or Existing Business
Tax Registrations
Goods and Services Tax (GST) Registration:
- Mandatory for businesses with an annual turnover above the prescribed threshold.
Partnerships Firm Registration
- Income Tax Permanent Account Number (PAN): Required for income tax purposes.
Limited Liability Partnership (LLP) Company Registration
LLP is an alternative corporate firm form that gives the benefits of the limited liability of a firm and the flexibility of a partnership. Since LLP contains elements of a corporate structure and a partnership firm structure, LLP is called a hybrid between a company and a partnership. Low registration fees and easy maintenance make LLP a first choice for many small businesses in India.
Industry-Specific Licenses
Food License (FSSAI Registration/License)
Mandatory for businesses involved in food manufacturing, processing, storage, distribution, or sale.
Drug License:
Required for pharmaceutical businesses involved in manufacturing, distribution, or sale of drugs and pharmaceuticals.
Alcohol License
Necessary for businesses dealing with alcoholic beverages.
Fire License
Required for businesses to ensure fire safety compliance.
Pollution Control Board (PCB) Clearance
Necessary for industries affecting the environment.
Trade Licenses
Shops and Establishment License: Required for businesses operating physical establishments such as shops, offices, or commercial premises.
- Import-Export Code (IEC): Necessary for businesses engaged in importing or exporting goods and services.
- Employee Welfare Registrations:
- Employee Provident Fund (EPF) and Employee State Insurance (ESI): Registration required for businesses employing a certain number of employees for employee welfare.
Others License
- Copyright Registration: Protects literary, artistic, musical, or other creative works.
- Miscellaneous Licenses:
- Digital Signature Certificate (DSC): Required for signing electronic documents and filings with government authorities.
- Environmental Clearances: Necessary for certain industries to ensure compliance with environmental regulations.
- Professional Tax Registration: Levied by some states on professionals and businesses.
- Health and Safety Licenses:
- Health Trade License: Required for businesses in the healthcare sector.
- Safety Certificates: Depending on the industry, businesses may need safety certificates to ensure workplace safety.
Documents required for Proprietor firm/Partnership/LLP/Company
- PAN CARD – Individual/All Directors
- ADHAAR CARD – Individual/All Directors
- Soft-Copy of Photograph – Individual/All Directors
- Rent Agreement
- Address Proof (any1)
- Electricity bill
- Water tax
- Municipal Tax/House Tax Bill
- Cancel Cheque
- Bank Statement of Individual/Partner/Directore
- Initial Assessment:
Consultants begin by conducting an initial assessment of the client’s business activities, industry sector, and geographical location to determine the specific registrations and licenses needed for legal compliance. They identify applicable regulatory requirements at the local, state/provincial, and national levels.
- Registration Process
Consultants guide clients through the registration process for various legal entities, such as sole proprietorships, partnerships, corporations, or limited liability companies (LLCs). They assist in preparing and filing the necessary paperwork, completing application forms, and submitting required documents to the appropriate regulatory authorities.
Important Note:
We are honour to have some Professional Chartered Accountant (CA), Company Secretory (CS), Cost and Works Accountants (ICWA), Chartered Financial Analyst (CFA) and Human Resource professionals on our panel.
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