Start a Business: Starting a business in India takes 15 to 30 days, depending on whether you choose a private limited company, one-person company (OPC), limited liability partnership (LLP), partnership or sole proprietorship. The key factors to base your decision on are the funding support the business structure provides, start-up costs, the compliance work involved and the tax advantages offered.
Registrations and Filings: All businesses need one government registration or another, while nearly all require multiple registrations. For example, even air-conditioned restaurants need both service tax registration and VAT registration, depending on turnover and location, in addition to a Shops & Establishment License. Indirect taxes are those that are collected from customers by suppliers on behalf of the government. Once these taxes are paid to government, a proper record needs to be submitted periodically.
Legal Documentation: All businesses must have contracts in place for every deal they enter into, both internally (with employees, for example) and externally (with vendors and business partners).
Mandatory Compliances: All body corporates, such as private limited companies and limited liability partnerships, must receive permission from the Registrar of Companies before making important changes and periodically communicate financial results.
