Starting up a business in India

There is a plethora of ideas to start a business in India. Ideas tend to bloom from nowhere. If you have one idea that you want to turn into reality, then you give shape to your business idea based on your vision. Building a business is not a piece of cake and it requires hard work and tenacity.

Need for registration

Once you are ready to start a company, then the first step that you should take is to register your company. Your company name needs to get recorded in Indian official records i.e., the Ministry of Corporate Affairs (MCA).

Different types of company registration

You may ask how to register a startup or company in India. There are different types of company registration in India available for you to register. As a founder, you should be clear about the business structure and the technicalities of each type. Before deciding the business type, you should know what type of business you are going to start.

Selecting the business structure and entity

If you are looking for a startup India registration process, it is crucial to select a business structure and entity. SetMyCompany is ready to help you with the company registration process. We will help you to choose from the various types of company registration available and guide you in setting up a business in India.

Starting up a business in India

• Private Limited Company
  Many entrepreneurs prefer to go for this business structure because of the availability of limited liability protection. This type of company has a minimum of two and a maximum of 200 members. The company cannot publicly issue the shares. And the shares of the company can be easily transferred to the other person. The private limited company registration process is simple and easy. It requires Directors Identification Number (DIN), which is a unique code. You are required to have a bank statement, phone and electricity bill, PAN card and Aadhaar card.
• Partnership company
  If you want to start a partnership firm, then registering your company under the partnership company structure is the easiest way as it is flexible. You need a "partnership deed", which is an agreement between persons who have agreed to share profits of the business. Registering a partnership company is not mandatory and is at the discretion of the partners.
• One Person Company (OPC)
  Introduced by the Indian government in 2013, it is a new type of business structure where an individual could start a company and be the sole director. It makes it easier to get loans from banks. This business structure has minimum compliances.
• Limited Liability Partnership (LLP)
  This structure is a combination of partnership and sole proprietorship. It is expensive to operate. There is less paperwork in LLP when compared to other registrations. And that makes it easier to form. LLP is flexible when it comes to profit sharing.
• Sole Proprietorship
  If you want to become the boss of your company, then the sole proprietorship is the ideal choice. It is the easiest form of company registration in India . There is no government registration involved and no compliances to be fulfilled.

What is the process involved in registering a company?

It is important to select the business structure as it impacts your tax returns. Whether it is private limited company registration or LLP, each business structure has a set of compliances that have to be met. Once you have selected the business structure for your business, here are the simple steps for registration of the company.

• Obtain Digital Signature Certificate (DSC)
• Acquire Director Identification Number (DIN)
• New user registration
• Certificate of Incorporation

Selecting the name for your company

Do you have a name for your venture? We agree that it takes time to find a name relevant to your business. Rushing into a name for the sake of getting a name does no good. Generally, people remember and associate brands by their names. It is important to select a name that is strong and well-aligned. The name should reflect your brand image.

Steps to select the company name

• First Name – It represents your business. Make sure that the company name is not registered already under Companies Act, 2013.
• Middle Name – The company’s middle name reflects the primary or main objectives of the company.
• Last Name – If your company is under private limited company registration, the last name should be “Private Limited” or Pvt. Ltd.
• For One Person Company, the last word should be "OPC Company."
• Profit or non-profit companies cannot use "Limited" or "Private Limited" as the last name.

Documents required for various types of company registration in India

1. PAN Card
2. 1 identity proof
3. 1 address proof
4. 2 passport size photographs
5. Clear scanned copies of proofs

Duration of the company registration process

With SetMyCompany, you can register your company in 8-10 days.

Why choose SetMyCompany for the company registration process

SetMyCompany is a reputed legal consultant in Bangalore for company registration. Setting up of a company or organization may look like an intimidating process. We have a wide range of experience in incorporating nearly 200+ businesses in India. We help you in picking the right business structure while applying for company registration in India and guide you throughout all stages of setting it up. Our experienced team is ready to help you with company registration, taxation, accounting, compliances and more.

Planning to register your company in India? Contact us at +91 96111 89911 or write mail to support@setmycompany.com. Check with us to know about the various type of company registration cost in India. We will help you throughout the registration process. Get in touch with SetMyCompany for your startup registration in India!

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