How to start business in delhi

Introduction

Instead of technicalities, let us learn about the beauty of getting started with an amazing business land of opportunities.

The young youth have started to set up their own business to lead their future. DO YOU KNOW WHY?

Because of their energetic passion, self confidence and desire to work hard and establish their name. So are you also interested to start a business? Get along and learn how you can start your own business.

Before that you must have a vision to lead a good business and a profitable one. Take out time and ponder on the vision of starting a new business. And  with the help of clear vision, you can easily achieve your goals of having a profitable business.

Coming back to our main aspect let us go in depth of starting a business in Delhi.

So for starting a new business and with the vision in mind, the primary step is to decide the type (like whether you want to open a manufacturing unit or would like to be a service provider) or nature of the business ( big, medium sized or large). Second comes the business entity and its registration according to the nature of your business as well as the size of it .Third step will be opening a bank account in the name of your organization. And the last yet the most important step is registration. Let us take each step one by one to make it all clear and easy for you all.

Nature of business

Having a plan to run a business is always preferred to run a good business. Also, with good research work done you can easily come to the conclusion of choosing which kind of business you are ready to start with, by simply surfing the net. It will be better to focus well in advance about choosing the business to avoid any kind of mistakes or losses. So, think wisely before making up your mind as it is the first ladder to run a well earning business.

Let us focus on good research and get more knowledge of the same. For good research

One must:-

1. Consult anyone who is already running a business irrespective of the kind of business. Doing this, you will be able to clear your doubts by taking suggestions and also having a clear view of your future business.
2. Now, depending on the type of business you must check out the area where and how you will be doing your business. Like if you want to run a manufacturing business then go and look for the area where you can work because in Delhi there are only industrial area or redevelopment area where you can setup a manufacturing unit.
3. And most unique way to get into a successful running of a business is to look at its Project Report.

*Project Report is basically a big picture of the business telling you all the main working of the business and also to predict the threats so as to work upon it. Simply it is for looking and measuring the progress of the business project reports to help managers or others  investing or entering in the business to pre-learn it.

Type of business entity and its registration

With so much diversity in the world, there are many types of business entities you can choose from. Starting with small ones like One Person Company or Proprietorship or Limited Liability Partnership  to medium size organizations like Private Limited Company to big ones like Public Limited Company. According to your nature of business you can calmly choose the business entity to run your business.

One Person Company – A company incorporated and run by only and only one individual who may be a resident or NRI throughout the ongoing of the business. So if you don’t want to share your profits with anyone else then it’s the best option for you to simply open an OPC. Along with this, less compliances and less cost are incurred.

Sole Proprietorship – An entity which is not only easy to incorporate but also easy shut. No government regulations are to be complied it. It is incorporated only by a soul person having absolute authority of everything.

Limited Liability Partnership:  – A business entity giving you the merit of limited liability with flexibility of partnership. Where partners will only be liable for their own acts and not for other partner’s act.

Private Limited Company –  A company having ownership and ability to raise equity funds. It provides higher opportunities to all the entrepreneurs wishing to start their business. Not only this but there are other countless benefits a Private Limited Company enjoys.

Public Limited Company – a company big in scale where the directors, promoters, shareholders can ask for public funding by raising public issue of shares. A company providing expansion opportunities

NOTE :-  Limited Liability Partnership and Company are eligible for getting registered in Startup India and can avail start up benefits.

Opening a Bank Account

Now once the incorporation is done, it is necessary to have a bank account open immediately after all documentation is done. For incorporating any entity may it be One Person Company, Limited Liability Partnership, Private Limited Company or a Public Limited Company it is required to submit a Certificate of Incorporation ,PAN Card of proprietor or business entity, address proof of business, authorization letter in favour of director or partner of the entity etc.

Registration

The last and crucial step is to get tax registration done. According to the type of activity various different tax registration are required.

• Tan Registration – it is required by all for making payments like salary, rent, professional and techincal charges, payment of interest to specified person, commission payment, brokerage etc and deducting tax at source.
• GST Registration – businesses whose turnover exceeds Rs 40 Lakhs (Rs 10 Lakhs for NE and hill states) are required to register as a normal taxable person.
• ESI Registration – business organizations covered under ESI Act as well as all factories having employees more than 10 shall be mandatorily required for ESI Registration.
• EPF Registration – business organizations having employees 20 or more than 20 shall be mandatorily required for EPF Registration.
• Pollution Consent – applicable for manufacturing units, hotels, eating house, assembling units, and other specified business activities, who is likely to discharge sewerage or trade effluent into the environment.
• Factory License – it acts as a verified document as an approval given by government authority which is applicable for manufacturing units.
• Fire NOC – it is a legal document that is required when unit size is more than 250 sq meters which is regulated by State Government. It ensures less or no chances of fire outbreak in the manufacturing unit.
• Eating House License – a license mandatory for those thinking to open restaurant or any other food hub. It acts as a legal consent taken from higher authority.
• FSSAI – a license to be opted by food business operators involved in the small scale food business to ensure that quality product is made and supplied to customers.

OTHER NECESSARY REGISTRATION AND LICENSES

1. IEC (Import Export Code)
2. ISO
3. Udyam Registration

And not only this, but the list continues as there are many depending on the type of business you would like to go in.

For more clarification and information regarding it you are always free to contact us and choose our professionals to help and guide you in running your business successfully.

We at EADVISORS are here to provide comfort and ease to race your business. Providing you with Income Tax return filing, GST Registration, import and export services and many other legal services too.

So, Step ahead and launch your dream business along with us.