4 ESSENTIAL STEPS TO TAKE WHEN STARTING A BUSINESS IN INDIA
The ease of doing business in India has improved exponentially over the past few years. India now ranks 63rd among 190 countries on the World Bank’s “Ease of Doing Business” index.
Step 1: Incorporate a Business Entity In India, a business can be set up by way of the following: ● ● ● ● ●
Sole Proprietorship One-Person Company Partnership Private Limited Company Limited Liability Partnership (LLP) Public Limited Company
Step 2: Obtain the Necessary Registrations, Licenses ● ● ● ● ● ● ● ● ●
Digital Signature Certificate (DSC) Director Identification Number (DIN) Company Name Permanent Account Number (PAN) Tax deduction Account Number (TAN) Certificate of Incorporation Goods and Services Tax (GST) Registration Import Export Code (IEC) Office of Inspector, Shops and Establishment Act Certificate
Step 3: Trademark Your Brand â—?
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The Trade Marks Act, 1999 registers trademarks applied for in India, provides for better protection of the trademarks for goods and services and also prevents fraudulent use of the marks. It is a good idea to file for your trademark at an early stage, before you begin your branding activities.
Step 4: Raise Capital Apart from bootstrapping, there are other ways you can raise money for your startup, including angel investors, venture capitalists, business incubators, bank loans, government schemes or crowdfunding.
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