Government registrations & Licenses...
Depending on the goods or services they offer, all businesses need to register with the government.
These registrations include shop licenses, VAT, service tax, excise, etc.
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FAQ's
Why should you register your business with government
When embarking on a new business venture in India, one of the fundamental steps is registering your business with the government. While it may seem like a bureaucratic procedure, business registration offers several crucial benefits and legal protections that make it an essential step for entrepreneurs. In this article, we will explore the reasons why every business should get registered with the government in India.
Benefits of registering your business with government
Legal Recognition and Identity: Registering your business provides it with legal recognition and establishes a distinct identity separate from its owners. By obtaining a unique name, identity, and legal structure, your business gains credibility and legitimacy in the eyes of customers, suppliers, and potential investors.
Limited Liability Protection: One of the most significant advantages of registering your business as a private limited company or LLP (Limited Liability Partnership) is the concept of limited liability. By doing so, the personal assets of the business owners remain separate from the company's liabilities. This means that in case of financial or legal issues faced by the business, the personal assets of the owners are protected, minimizing their risk.
Access to Government Schemes and Incentives: Registered businesses in India are eligible to participate in various government schemes and incentives introduced to promote economic growth and entrepreneurship. These schemes can include financial assistance, tax incentives, subsidies, grants, and access to special programs. By being registered, your business can leverage these benefits to accelerate its growth and development.
Easy Access to Finance: Registering your business opens up avenues for securing external funding from banks, financial institutions, venture capitalists, or angel investors. Most lenders or investors prefer to engage with registered businesses as it provides them with a sense of assurance and legal recourse in case of default. Additionally, having a registered business enables you to issue shares, which can attract equity investment.
Business Continuity and Succession Planning: Registering your business ensures its continuity beyond the lifespan of its owners. It allows for easier transfer of ownership, facilitates mergers or acquisitions, and enables succession planning. By establishing a legal framework, your business can safeguard its operations and ensure a smooth transition during times of change.
Registering your business with the government in India offers numerous advantages that are vital for its growth, protection, and sustainability. It provides legal recognition, limited liability protection, access to government schemes and incentives, opportunities for funding, and facilitates long-term business planning. Ultimately, business registration is an investment in the future success and stability of your enterprise, making it an essential step for any aspiring entrepreneur in India.
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Different types of government registrations & Licenses
Factory License
Shops and Commercial Establishment Act Registration (Shop License)
Goods and Services Tax (GST) Registration
Provident Fund (PF) Registration
Employee State Insurance (ESI) Registration
Professional Tax Registration
Import Export Code (IEC) License
Permanent Account Number (PAN) Registration
Tax Deduction and Collection Account Number (TAN) Registration
MSME / UDYAM Registration
Trade License
FSSAI Registration (Food License) - Basic Registration
FSSAI Registration (Food License) - State Registration
FSSAI Registration (Food License) - Central Registration
Drug License Registration (Manufacture, Sale, Wholesale and Retail License)
Pollution Control Board License (State and Central)
Documents required..
Passport size photos of director
Address proof of director
Photo ID proof of director
Specimen signature
Self declaration about your directorship in other companies
Rent agreement of your registered office
No objection certificate from the owner of the property of the property
Aadhaar card
PAN card
FAQ's
What is a GST registration, and who needs it?
GST registration is a mandatory registration for businesses that are involved in the supply of goods or services. It is required for businesses with an annual turnover exceeding Rs. 40 lakhs (Rs. 20 lakhs for certain states). It helps businesses comply with the Goods and Services Tax (GST) laws in India.
How can I apply for a GST registration?
To apply for a GST registration, you need to visit the GST portal and complete the online registration process. You will need to provide details about your business, such as PAN, address proof, bank account details, and other relevant information.
What is a PAN card, and why is it necessary for business registration?
PAN (Permanent Account Number) is a unique 10-digit alphanumeric identification number issued by the Income Tax Department. It is necessary for business registration as it serves as identity proof for businesses and helps in tracking financial transactions.
What is the importance of a trade license for businesses?
A trade license, also known as a business license, is required by businesses to ensure that they comply with local laws and regulations. It is necessary to safeguard public health, safety, and the environment. It is usually obtained from the local municipal corporation.
How can I obtain a trade license?
To obtain a trade license, you need to submit an application to the local municipal corporation along with the necessary documents, such as identity proof, address proof, ownership proof, and NOC from the fire department (if applicable).
What is a Shop and Establishment registration?
Shop and Establishment registration is a mandatory registration for businesses operating in the commercial sector. It is necessary to regulate employment conditions, working hours, and other employment-related matters. It is obtained from the respective State Labor Department.
How can I register my shop or establishment?
To register your shop or establishment, you need to submit an application to the respective State Labor Department along with the required documents, such as identity proof, address proof, and details of employees.
What is an FSSAI license, and why is it required?
FSSAI (Food Safety and Standards Authority of India) license is required for businesses involved in food-related activities, such as manufacturing, processing, packaging, or distributing food products. It ensures compliance with food safety standards and regulations.
How can I apply for an FSSAI license?
To apply for an FSSAI license, you need to visit the FSSAI website and complete the online registration process. You will need to provide details about your business, such as food category, production capacity, and food safety management system.
What is an Import Export Code (IEC), and when do I need it?
Import Export Code (IEC) is a unique 10-digit code issued by the Directorate General of Foreign Trade (DGFT). It is required for businesses engaged in import and export activities. It is mandatory for international trade transactions and customs clearance.
How can I obtain an Import Export Code (IEC)?
To obtain an Import Export Code (IEC), you need to submit an application to the Directorate General of Foreign Trade (DGFT) along with the necessary documents, such as PAN, address proof, bank details, and a self-attested photograph.
What is a Udyog Aadhaar registration, and why is it beneficial for small businesses?
Udyog Aadhaar registration is a government initiative to provide a unique identification number to micro, small, and medium enterprises (MSMEs). It offers various benefits, such as easier access to credit, subsidies, and government schemes.
How can I register for Udyog Aadhaar?
To register for Udyog Aadhaar, you can visit the Udyam Registration portal and complete the online registration process. You will need to provide details about your business, such as Aadhaar number, PAN, and bank account details.
What is a Professional Tax registration, and who needs it?
Professional Tax registration is a state-level tax that is levied on salaried individuals and professionals, such as doctors, lawyers, and consultants. It is mandatory for individuals earning a specified income and varies from state to state.
How can I obtain a Professional Tax registration?
To obtain a Professional Tax registration, you need to visit the respective State Commercial Tax Department and complete the registration process. You will need to provide details about your profession, income, and other relevant information.