India Company Incorporation Services – How 3E Accounting Can Help?
India, the land of opportunity, is quickly becoming an investor’s choice of destination. People are setting up companies in India and trying to reach their entrepreneurial dreams. Starting a company in India should not be a difficult task, and 3E Accounting would like to assist you. The India company incorporation process has been streamlined over the past few years. You also have the option to employ our India company incorporation services. In this article, we have gathered all the information you need to start and register a company in India.
India Company Incorporation Steps
- Obtain a Digital Signature: Before you can register your business with the Ministry of Corporate Affairs, you will need to apply for a Digital Signature Certificate (DSC). Simply put, a DSC is an encrypted key which a person may use to sign documents digitally. Since the startup process is digital, the MCA has made getting DSCs a prerequisite for all new registrations. To get one, you may visit any of the nine certifying authorities’ websites.
- File Incorporate India Company Forms: While the process of incorporating a company involved several separate forms in the past, like INC-29, the MCA has now brought them under one single umbrella. The SPICe structure (FAQ), or Simplified Proforma for Incorporating Company Electronically.
- Start to register Under the Shop and Establishment Act: The government requires commercial establishments to register under the Shop and Establishment Act. It is to ensure that all India companies comply with local labour laws. However, registration under the Shop and Establishment Act is not required for all types of undertakings, and its terms may vary from state to state. Perhaps the easiest way to do this is to review documents specific to your particular area. For example, the state of Maharashtra details 32 steps to apply online.
- Open a Current Account: Making a profit is probably one of the reasons why you are starting a company in India. For you to receive payments from customers and pay your bills, you will need a ‘current’ bank account. It is more professional to give your clients a corporate bank account, as opposed to using a personal bank account. Furthermore, most Indian banks will flag savings accounts being used for commercial purposes, making a current bank account the only option for businesses of any size.
- Register for GST: Since your business will likely engage in some form of commercial trade and exchange goods or services across state borders, it will be treated as a ‘taxable person’ by the tax authorities. The Goods and Services Tax (GST) registration is for businesses that fit this description and also includes a company with an annual turnover exceeding Rs. 20 lakh.
India Company Incorporation Procedure
- Compared to other major economies, the process of company incorporation in India is relatively streamlined.
- Apply for the Directors Identification Number (DIN).
- We are getting the digital signature of the director(s).
- Start registration of the company name (must be unique).
- Prepare Minutes of Association, Articles of Association, and other documentation with the Ministry of Corporate Affairs.
- Get signatures of shareholders, directors, legal representative(s), and treasurer to complete the company registration documents and get the Certificate of Incorporation.
In conclusion, once you have decided on your business idea, performed adequate research and finally done with the India company formation, all that’s left for you to do is start! Everything may not go as planned, but if you are sufficiently persistent and innovative, challenges will work itself out. There’s no shame pivoting your business, trying and failing multiple times, one day you’re going to succeed.
How 3E Accounting Can Help for India Company Incorporation Services?
Starting a company in India could turn out to be a great decision, provided that you choose the right business structure and have knowledge of the legal and bureaucratic challenges. It is where 3E Accounting can help you by giving advice and support from the moment you decide which type of company you want to set up and where to when you receive the Indian Company Incorporation Certificate.
Get Started Today
Right consultancy and management lead to an excellent business foundation. By choosing 3E Accounting as your partner, we get to leverage on our comprehensive India company incorporation services that drive your investment and make it grow. Get in touch with us today and find out why we are the best when it comes to India company incorporation.