Any person or entity in India can start a new business in India. The business can be registered (Partnership, LLP or Company) or unregistered (Proprietorship Firm).
Once you have a business idea, we can offer you a range of services and tools to make your business idea into a reality and ensure its growing.
All businesses start with an idea. The idea and vision of the Entrepreneur then drives action which turns into a business. Starting a new business and turning business ideas into reality is one of the most rewarding journey a person can undertake. IndiaFilings can help you in this journey acting as a mentor and guide throughout the process - offering you various tools and services to help build a sustainable business.
The first step in starting a new business is the ideation stage. In this stage, the entrepreneur must look for various ideas or be inspired to start a new business. Once an idea or aspiration develops in the mind of the Entrepreneur, time must be spent in trying to understand the market, the product/service offered, existing competition, availability of manpower, funds, infrastructure, etc., Once the above research is complete, the Entrepreneur can fully-develop a business idea into a plan of action.
Before beginning to invest into the new business, it is important to consult an Advisor with experience in helping startups. The Advisor can then understand your business plan and advice you on the choice of legal entity, licenses, funding, taxation and compliance.
IndiaFilings specialises in providing Startup Advisory support. We have helped start over 20,000 businesses across India in every industry possible. Our Advisors are available 24/7, 365 days and can help answer various questions you may have with respect to legal formalities, business licenses, funding, income tax, GST and labour law compliance.
Once you have selected the right Advisor, the next step would be to register the business. It is important to register the business before purchasing or investing, as the investments can be accounted under the entity.
Today, an Entrepreneur has various choices for legal entity ranging from proprietorship firms to limited companies. For most Entrepreneurs who wish to build a professional business with long-term value creation - a LLP or private limited company would be the right choice. On the other hand, if an Entrepreneur wishes to start a small business with limited scope of operation - a proprietorship firm or partnership firm would suffice.
Every type of legal entity has various advantages and disadvantages. Hence, it is important for the Entrepreneur to discuss his/her plan for business with an Advisor and select the one that fit his/her requirement the best.
Once the business is registered and operating, it will require continuous support in terms of compliance to scale up. At IndiaFilings, we provide a comprehensive suite of services for startups ranging from income tax filing to GST compliance.
A list of low investment and successful home based business ideas in India. Home based businesses are easy to start and require no or minimal investment.
Business ideas for women in India including process for starting a business. Clothing boutique, beauty salon, catering are popular business ideas for women.
Complete your proprietorship registration online in less than 72 hours anywhere from India. Proprietorship startup with GST registration and IT filing starting at less than Rs.2899 per year.
Online LLP registration with LLP deed drafting and GST registration at just Rs.7899 in less than 15 days. To register an LLP, a minimum of two persons above the age of 18 are required.
File trademark registration application online through IndiaFilings in less than 24 hours at just Rs.5988 all inclusive fee. Get a free trademark search and consultation on trademark filing process. IndiaFilings provides a range of trademark services from trademark filing to objection handling.
File your GST registration application online through IndiaFilings. Get help with GST registration procedure, eligibility and documents required. Entities with an annual revenue of more than Rs.20 lakhs must obtain GST registration. Complete your GST registration online in less than 5 working days.
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Open a new or link your existing ICICI bank current account with LEDGERS for seamless bank account reconciliation, account balance check and sending of payments through NEFT / RTGS / IMPS.
The Reserve Bank of India has laid out Know Your Customer (KYC) norms for opening of current account in the name of a sole proprietorship and all Banks have procedure to open sole proprietorship current account in business name. GST registration is required in most banks to open a current account or business account for a proprietorship.
The Proprietor must be an Indian citizen and a Resident of India. Non-Resident Indians and Persons of Indian Origin can only invest in a Proprietorship with prior approval of the Government of India.
PAN Card for the Proprietor along with identity and address proof is sufficient to start a Proprietorship and obtain other registration, as applicable or required.
There is no limit on the minimum capital for starting a Proprietorship. Therefore, a Proprietorship can be started with any amount of minimum capital.
An IndiaFilings Associate will understand your business requirements and help you start a Proprietorship by obtaining the relevant registrations. IndiaFilings will help obtain the necessary registrations to help the Proprietor open a bank account in the name of the business, thereby proving an identity for the business.
To open a bank account for a Proprietorship, Reserve Bank of India mandates that the proprietor provide two forms of registration for the Proprietorship along with the PAN Card, identity proof and address proof of the Proprietor. The two forms of registration can be any two of the following: service tax registration, MSME registration, VAT/TIN/CST registration, shop & establishment Act registration, Professional license, Chartered Accountant certificate or others as provided in the RBI Know Your Customer norms.
No, the Proprietorship firm and the Proprietor are one and the same. The PAN Card of the Proprietor will be the PAN Card of the Proprietorship business.Therefore, there will be no separate legal identity for the business. The assets and liabilities of the Proprietorship business and the Proprietor will also be one and the same.
Proprietorship firms do not have a Certificate of Incorporation or Certificate of Registration. The identity and legitimacy of a Proprietorship firm is established by registering with the relevant or applicable Government authorities.
There is no registry or regulation for the registering the name of a Proprietorship. Therefore, proprietorship firms can adopt any name that do not infringe on registered trademarks. Since there are no registry or regulation for registering the name of a Proprietorship, the only way to ensure exclusive use of the business name is to obtain a trademark registration of the business name.
A business operated by proprietorship firm cannot be transferred to another person, unlike a Limited Liability Partnership or a Private Limited Company. Only the assets in the Proprietorship can be transferred to another person through sale. Intangible assets like Government approvals, registrations, etc., cannot be transferred to another person.
Proprietorship firms are business entity that are owned, managed and controlled by one person. So Proprietorship firms cannot issue shares or have investors.
Proprietorship will have to file their annual tax return with the Income Tax Department. Other tax filings like service tax filing or VAT/CST filign may be necessary from time to time, based on the business activity performed. However, annual report or accounts need not be filed with the Ministry or Corporate Affairs, which is required for Limited Liability Partnerships and Companies.
It is not necessary for Proprietorships to prepare audited financial statements each year. However, a tax audit may be necessary based on turnover and other criterion.
Yes, there are procedures for converting your Proprietorship business into a Company or a LLP at a later date. However, the procedures to convert a proprietorship business into a Company or LLP are cumbersome, expensive and time-consuming. Therefore, it is wise for many entrepreneurs to consider and start a LLP or Company instead of a Proprietorship.