How to Start and Run your own Business in India
Starting your own business involves a lot of challenges. While it requires certain formalities on one hand, an in-depth knowledge about the business you want to start is also extremely important to successfully run a business. It is for this reason that BBA in entrepreneurship course is something which every aspiring entrepreneur must do to gain some insight about starting their own business in India. Most of the universities such as IILM UBS also have an assisting cell which helps students realize their dreams.
The first thing to do is to do some research, find out your interest, calculate your finances and pick up a line of business which is not only profitable but also suits your interest. Once you have decided about the same, these are the steps to follow:-
1. Director Identification Number (DIN):
You need to fill in an online application form DIN-1. The self-attested application needs to be sent to the ministry for approval along with identity and address proof. Once the verification and approval is complete, a permanent DIN is issued.
2. Reserving the company name online:
Forgetting your company name approved, you need to sign into MCA 21 website and put in your proposed name. The selected name will appear on the website once it has been approved.
3. Getting the certificate of incorporation:
You need to log into the official website of the Ministry of Company Affairs and fill in E-Form 1, E-Form 18 and E-Form 32. Other documents such as MAA Form, Form 18, Form 1, Form 32 along with name, approval letter, stamped power of attorney and consent of directors needs to be submitted to the Registrar of Companies.
4. Obtaining a Permanent Account Number (PAN):
You need to apply for PAN using Form 49A. Even if you apply for it online, the documents still needs physical verification. A printed PAN card would be delivered to you once issued.
5. Obtaining a Tax Account Number (TAN):
You need to fill in form 49B and submit it to TIN Facilitation Center. Your TAN is issued once the verification is complete by the Income Tax Department.
6. Registering for GST:
You need to register for GST if your annual turnover is more than Rs. 20 lakhs. Visit GST portal and follow the instructions for the same.
7. Registering for Profession Tax:
Every private employer is liable to taxation and hence shall apply for certification of registration using Form 1.
8. Registering with the office of inspector:
According to Shops and Establishment Act, establishments need to be registered within 30 days of incorporating the business. A statement with the employer, manager and establishment name along with postal address and category of business must be sent to the local inspector.
To hone up your managerial skills, opt for short term or long term BBA courses. This will help you run your business in a smooth and efficient manner.