India is one of the largest democratic nations in world. This characteristic of India makes it a suitable place for start up loans in small businesses that cater to local requirements.
Follow the below mentioned steps to start a small business in India:
- The first step requires you to get a DIN or Direct Identification Number. You can get DIN by filling Form DIN-1. This form can be obtained from the websites of Ministry of Corporate Affairs. You need to print, fill, and submit this form via courier. The address where you must courier this form is: Ministry of Corporate Affairs; ‘A’ Wing, Shastri Bhawan; Rajendra Prasad Road; New Delhi 110001.
- To know more about private agencies that haven an authority to issue a digital signature, you must contact the Ministry of Corporate Affairs. Before opting for a name for your small business, check the Ministry’s website for existing names.
- Once you have a name for your business, get your business papers stamped from the Ministry of Corporate Affairs office or from an approved bank. Present the stamped papers and the registration fee to the Ministry of Corporate Affairs.
- Next, get a tax deduction number from the tax department in your city. It is ten-digit alphanumeric number that the tax department uses to collect your tax. This number is issued by an officer appointed by National Securities Depository Services.
- Submit contact information for your business as per the Bombay Shops and Establishment Act, 1948.
- Deposit inspector fee and documents with business owner and manger names with an inspector. Then obtain copies of Maharashtra Shops and Establishment Rules of December 15, 2003 by depositing fee.
- Finally, register for applicable taxes and also apply for listing of your business with Employee’s Provident Fund Organization. The EPFO is meant for Social Security.
You must also apply for medical insurance of your employees’ benefit.