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Setting up a business in India

Want to setup a business in India? Find here the procedure of setting up a business in India: https://ahlawatassociates.com/setting-up-a-business-and-incorporating-a-company-in-india/

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Setting up a business in India

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  1. SETTING UP A BUSINESS IN INDIA www.ahlawatassociates.com

  2. Setting up a business in India • Setting up a business in India is no longer a great deal both because of rising entrepreneur fervor and also because of changing trend towards the ease of setting up a business in India. • Let’s move ahead towards the formalities of setting up a business in India …….. www.ahlawatassociates.com

  3. For Directors application • Up to three directors can apply for the Director Information Number (DIN); the rest, if any, may do so separately. The DIN is the number through which the MCA identifies directors of companies. Obtaining a DIN involves the submission of the following documents: • Scanned copy of Passport-sized photograph • Scanned copy of PAN card and Driver’s License/Voter ID/Latest Utilities Bill. Both should be self-attested, but foreign nationals would need them notarized by the Indian embassy. www.ahlawatassociates.com

  4. For approval of director’s name • According tothe MCA’s naming guidelines, therefore, is critical to ensuring your form is approved on first attempt. Largely, you need to follow the following rules: • Ensure that your company’s proposed name has not already been taken on mca.gov.in. • Ensure that there is no registered trademark in the same name by checking at ipindia.nic.com. If there is one, you can get an NOC from the trademark owner authorizing you to use it. www.ahlawatassociates.com

  5. Continued……. • Ensure that the first half of the name is unique. Avoid geographical references, adjectives, abbreviations and generic terms. Also, the words bank, exchange and stock exchange require approval from RBI and SEBI. • Ensure that the second half describes the sector you’re in. • Once you’ve decided on a name, also describe the significance of the name in one or two sentences. It would need to be entered into the form. www.ahlawatassociates.com

  6. MOA and AOA procedure • The Memorandum of Association (MoA) and Articles of Association (AoA) need to be attached to the INC-29. These may or may not be drafted by a Company Secretary, but should contain the signature of one. • The MoA will also contain the main objects of your business You would also need to attach an affidavit from all subscribers through Form INC-9. The cost of these documents would vary depending on the Company Secretary you choose. www.ahlawatassociates.com

  7. Declaration of registered office • All companies must have a registered office address. This does not have to be a commercial space. It can even be the home of a director. But the details need to be provided, along with a copy of the Rental Agreement along with an NoC from the owner (if rented property) and sale deed (if property is owned). www.ahlawatassociates.com

  8. For appointment letters and declaration • A number of attachments need to be submitted along with the application. These need to be self-attested, but a Company Secretary must give a separate declaration toward your company verifying the authenticity of all the declarations. The required attachments are: • Letters of appointment of directors, CEO, managers • Declaration by first director in INC-9 • Declararion by appointee director and managing director in Form DIR-2. www.ahlawatassociates.com

  9. Some more essential steps on the way…. • Obtain a company seal • Obtain a PAN • Obtain a Tax Account Number (TAN) for income taxes deducted at source from the Assessing Office in the Income Tax Department • Register under Shops and Establishment Act • Register for value added tax (VAT) before the Sales Tax Officer of the ward in which the company is located • Register for Profession tax www.ahlawatassociates.com

  10. To be continued…. • Register with Employees' Provident Fund Organization • Register with ESIC (medical insurance) • Filing for Government Approval before RBI/FIPB for Foreigners and NRI's www.ahlawatassociates.com

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