Thursday, March 22, 2012

Starting a business in India

1. Identify what type of business you want to register
The first steps would be to understand and compare the various business entities that can be formed. What are the benefits or drawbacks of the business form. Compare the business types and choose the one which suits your requirement. 

2. Apply for DIN (Director Identification Number)
Director of the to be established company needs to have a DIN to proceed further with the setting up of business. Also, in case you do not have PAN card, you need to apply for that. As without PAN card, it is impossible to make any bank transactions. Apply for DIN and PAN
 
3. Select a name for your business. 
You need to choose a new name for your business. You cannot choose an existing business name. There are few more guidelines which you can refer while choosing a company name. Read Company name guidelines article.

4. Registered Office for business.
Your registered business needs to have a registered office in India. It could be your residence address or any rental office etc. In case of residential address, you need to produce the No Objection Letter from the owner of the resident house.

5. Contact any agency for Company Registration Process. 
If you are new in this field, it is good to contact any agency who can ease your task of registration process.