One of the most challenging tasks nowadays is to start a business in India. India has become a tough market to launch any product with its ever evolving marketing strategies. For a smooth and easy running business there are various procedures and technicalities to adhere so that your business can gain profit and be free from any legal allegations.
Step 1. Incorporation of a business entity- after detailed research and market analysis and validation of ideas the initial step is to choose your business entity. It will help avoid high tax rates along with your personal liabilities.
- Sole proprietorship
- One person company
- Private limited company
- Limited liability partnership (LLP)
- Public limited company
Step 2. Acquiring the necessary licenses and registration – all companies are necessitated to file under the required government authorities depending upon their entity and the structure of your business. The listed below are various registration and licenses for opening a legal business-
- Digital Signature Certificate (DSC)
- Director Identification Number (DIN)
- Company name
- PAN (permanent account number)
- TAN (tax deduction number)
- Certificate of incorporation
- GST, Goods and Services Tax Registration
- Import Export Code (IEC)
- Office of Inspector, Shops and Establishment Act Certificate
Step 3. Trademark your brand –the business will thrive on the basis of your brand value. It is quite imperative to protect your IP, intellectual property which includes your respective trade name, logo tagline, and other required phrases. When you register your trademark under Government provides you protection against any kind of illegal use of your any business related entity. You can register your business under TRADE MARKS ACT, 1999 which registers trademark for India. It is advisable to register your trademark before initiating branding activities.
Step 4. Raising capital – other than bootstrapping there are other ways of raising funds for startup i.e. angel investors, bank loans, government schemes or crowd funding, venture capitalists etc. your marketing strategies can play a huge role in impressing and bringing potential investors for business.