If you are planning to start a business in Indore, you must be having lots of questions in your head. What are the documents I need to have for business?, Where I need to register my company? How many days it take to get the TAN number? …..etc. Filing the proper documentation is a very essential part when starting a new business venture. The fundamental part of business establishment involves obtaining the proper federal and state permits, identification numbers and licenses. It will prevent the future hurdles like tax penalties, hefty fines or even cease and desist orders to close the business until all guidelines are complied with.
Here we compile all the detail of documents you need to have at the time of the business establishment.
1. DIN Number
Obtain Director Identification Number (DIN) online from the Ministry of Corporate Affairs portal (National).
Time Require to complete: 1 Day
Associated Costs : INR 100
2. Digital Signature
Obtain Digital Signature Certificate online from private agency authorized by the Ministry of Corporate Affairs (National).
Time Require to complete: 3 Days
Associated Costs : INR 1,500
3. Reserve the Company Name
Reserve the company name online with the Registrar of Companies (ROC) (National)
Time Require to complete: 2 Days
Associated Costs : INR 500
4.Stamp the Company Documents
Stamp the company documents at the State Treasury (State).
Time Require to complete: 1 Day
Associated Costs : INR 1,510 (INR. 500 for MOA + INR 1,000 for AOA or 0.15% of share capital subject to a minimum of INR 1,000 and a maximum of INR 500,000 + INR 10 for stamp paper for declaration in Form 1)
5. Certificate of Incorporation
Get the Certificate of Incorporation from the Registrar of Companies, Ministry of Corporate Affairs (National)
Time Require to complete: 6 Days
Associated Costs : INR 13,450 (filing fee on MOA: INR 12,400 + filing fee on AOA: INR 200 + filing fee on Form 1: INR 200 + filing fee on Form 18: INR 200 + filing fee on Form 32: INR 200 + POA from 5 subscribers: INR 250)
6. Make a seal (Private)
Time Require to complete: 1 Day
Associated Costs : INR 350 (costs starts at INR 350 for seal, depending on number of words to be engraved)
7. PAN Number
Obtain a Permanent Account Number (PAN) from an authorized franchise or agent appointed by the National Securities Depository Ltd. (NSDL) or the Unit Trust of India (UTI) Investors Services Ltd., as outsourced by the Income Tax Department (National)
Time Require to complete: 15 Days
Associated Costs : INR 67 (INR 60 application fee + 12.36% service tax + INR 5 for application form, if not downloaded)
8. TAN Number
Obtain a Tax Account Number (TAN) for income taxes deducted at the source from an authorized franchise or agent appointed by the National Securities Depository Ltd. (NSDL), as outsourced by the Income Tax Department (National)
Time Require to complete: 14 Days
Associated Costs :INR 57 (INR 50 application fee + 12.36% service tax)
9. Register
Register with the Office of Inspector, Shops, and Establishment Act (State/ Municipal)
Time Require to complete: 15 Days
Associated Costs : INR 250 (the registration fee depends on the number of employees: 1. No employee- INR 100; 2. Between 1 and 3 employees- INR 150; 3. Between 4 and 9 employees- INR 200; 4. 10 and above employees- INR 250.)
10. Register for VAT
Register for Value-Added Tax (VAT) at the Commercial Tax Office (State).
Time Require to complete: 1 Day
Associated Costs : INR 500
11. Register for Profession Tax
Register for Profession Tax at the Profession Tax Office (State)
Time Require to complete: 1o Days
Associated Costs : No cost
12. Register with EPF Organization
Register with Employees’ Provident Fund Organization (National)
Time Require to complete: 13 Days
Associated Costs : No cost
13. Register for Medical Insurance
Register for medical insurance at the regional office of the Employees State Insurance Corporation (National)
Time Require to complete: 10 Days
Associated Costs : No cost
It is very important for business to have the proper licenses. Some specific type of businesses such as such as restaurants, bars, firearm sales or even florists require a Permits. Make your future prospect easy achievable by eliminating the hurdles, get all your documents ready.