The market is full of opportunities that may not be unique, but are sure successes, for examples the spare parts trading, technical consultancies, hospitality, etc. Why not step in rather than keep standing out?
How often have we heard the precept, “To have a business successful, we should have a unique idea.” The market is, however, full of not so unique opportunities, for examples the spare parts trading, technical consultancies, hospitalities, etc. Why not step in rather than keep standing out?
Anyone can start an enterprise by knowing the relevant market and stepping directly in. The process involved, which according to complex Indian thinking is, well, complex, is however fairly simple. Registering a company is now a cakewalk.
Base Point
First and foremost, one has to think of a name for the new company, then apply for registration to ROC (Registrar of Companies) who will verify the usability of the chosen name of the company, its feasibility of operation and various other factors. This process is completed within 10 days.
After this, one needs to obtain a DIN (Director Identification Number) under the MCA (Ministry of Corporate Affairs, Government of India) which will make you eligible to get a Digital Signature Certificate.
Legalities to Handle
One needs to make a detailed Memorandum of Association and an Article of Association. The former describes the money, work, the first set of directors of the company and the latter describes the rules and procedures of the company.
To complete this legal procedure, one requires a witness signing these documents for you.
Finalising
When all of the above mentioned documents are prepared, ready and verified, one can apply for the certificate of incorporation. There are 3 forms to be filled without any mistake. E-form1 states the requirements of the processes followed by company to obtain the licence, e-form18 validates the address of company and E-form32 the establishment of directors and their roles.
Managing Taxes
From any PAN number one can apply for a TIN. The pan card holder should be a member of the Board of Directors. The TIN number later provides a TAN Tax Account number. The TAN number is obtained by filling Eform49B issued by the tax department.
If a company is deducting professional and service taxes, one needs to get issued a separate VAT No which later helps in filing of tax returns.
Once the above documents are verified the company is registered and the buying and selling of commodities can be started.
