Company Set up Services In India
Company Set up Services In India
Importance of Business set-up services in India
Indian economy is really vast and growing rapidly. It gives lots of opportunities for people to set-up business in India. The ‘Make in India’ initiative, also known as the ambitious project of Indian Prime Minister Narendra Modi, provides necessary aids to set up and grow a business based in India. To start a business in India, business set-up services are really helpful which makes the process smoother and faster.
There are different kinds of business set-up opportunity available in India and a business set-up service helps in choosing the best option.
Some of the options are mentioned below
Partnership: This is very common business set-up seen in India. Here, two or more parties form a management system where they work to attain a goal and share profit or loss.
Limited Liability Partnership: LLP is business set-up where some or all the partners of a firm or a company have limited liability.
Limited Liability Company: This business set-up restrains the liability of partners, and the partners are liable only to the unpaid amount or agreed contribution by shares or otherwise.
To open a business there are certain requirements that needs to be done like registering with different regulatory departments. There are main three registrations that a business needs to get done. These are as follows.
PAN registration: PAN or Permanent Account Number is a unique identity given to each cardholder, and helps in identifying the income tax payer. As per the norms, it is required for all individuals, partnerships and companies in India.
TAN registration: TAN or Tax Deduction and Collection Account Number (TAN) is a 10 digit number issued to individuals who are required to deduct or collect tax on payments made by them under the Indian Income Tax Act, 1961.
GST registration: In July last year, Govt. of India implemented Goods and Service tax under which a business, whose turnover exceeds Rs. 20 lakh annually, has to get registered for the same.
After completing the registration process a business can be run in India, but after that comes the main part, also known as post registration formalities. These formalities are stated below.
Audit: Every business has to make sure that the books of accounts are properly and ethically maintained. This work is done under auditing process which is required to be performed by all the businesses in India.
Filing Income Tax return: This is the morale duty that all individuals have to perform for conducting their businesses. In India, all the businesses are required to pay Income Tax return by 31st March every financial year as per the Govt. norms.
Filing GST return: As stated earlier, businesses are needed to be registered and file GST return as per the guidelines provided by the Government.
Compliance with TDS: TDS or Tax Deducted at Source falls under the Indian Revenue Services, and is collected by the Central Board of Direct Taxes. Every business is required to compile with TDS as mentioned by the Indian Government.
All these formalities from beginning to end are taken care of by Business set-up services that make the process of starting a business in India easy.