What is Business Registration in India ?
What is Business Registration in India ?
When you decide to establish a business in India, most of the people like you find it very difficult to register your business as it is common notion that business registration is time-consuming, it is very confusing and involves a lot of paperwork. Sometimes it is also believed by people that you have to visit the registration office as well as Consultant offices a lot to get business registration in India.
That’s Where we come in with our Innovative platform to provide online business registration in India. Our motive and Vision is to make online business registration in India straightforward and uncomplicated. With our platform for business registration online you will find it very smooth and easy to secure business registration online in India.
Online Business Registration Process in India
Online Business Registration Process in India
The first step in the online business registration process is to choose a Legal Business Entity that will define there Business structure and Business process with which they will conduct and Run Their Business activity. The business entity also Gives a Business its identity which helps it to ensure its existence in this world.
So In India, You have an option to choose Six type of Business entities for online business registration. let ‘s Discuss them one by one.
Online Business Registration Fees
We at MyOnlineCA offers an awesome package for the startups to register your business in India.
Pricing : It’s all depend on type of Entity.
– Proprietorship Firm – 2499/- INR
– Partnership Firm – 2499/- INR
– Private Limited Company – 10999/- INR
– LLP Registration – 9999/- INR
– OPC Registration – 9999/- INR
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5 Type of Legal Entity
Sole Proprietorship Firm
It is an antiquated or the very oldest form of business entity and also the simplest form to set up and most commonly run and formed entity in India. The sole proprietorship requires a formal registration with the Registrar of Companies (ROC) however trade-related licenses that are mandatory have to be obtained. The businesses usually involve less risk, small market, small capital and in turn have limited growth potential. It is the preferred type of entity among startup owners, E-commerce operators, Freelancers, small and medium Business owners, people who rely on their skills and craftsmanship such as tailors, bakers, pastry chefs, Designers, web developers, mechanics etc. Relatively, there is less compliance burden on the owner and as a sole owner can exercise complete authority and control. It provides complete confidentiality. The business owner and the businesses are one and the same; that means the business does not have a separate legal identity.
- The requirement for Sole Proprietorship: Only single Person is Required to Open a Sole Proprietorship.
- Cost of business online registration: There are 2 Pricing Package by MyOnlineCA
- Package 1: Start Only 1499/- INR (all inclusive)
- Includes :MSME Registration Certificate + CA Certificate
- Package 2: Start Only 2499/- INR( All inclusive)
- Includes: GST Registration Certificate as Proprietorship Firm
- The advantage of Sole Proprietorship: Sole Proprietorship business can be set up by anyone who has less capital and resources to start a business. The Legal compliances are less in a sole proprietorship. No corporate Tax is levied.
- Recommended: Startups, Freelancers, Ecommerce operator and Small-scale business.
One Person Company
The idea of One Person Company has been presented by Companies Act, 2013 empowering a sole proprietor type of business to go into the corporate system. This enables a sole financial specialist to frame an organization alone with constrained obligation. One Person Company structure is like that of a proprietorship worry without the ills by and large looked by the proprietors. A standout amongst the most imperative element of One Person Company is that the dangers relieved are constrained to the degree of the estimation of offers held by such individual in the organization.
- Requirement:- Need 1 Person for the Registration or on the name of any relative.
- Costing:- Nearby 13000 INR with the Government Charges in the majority of the states aside from Punjab, Kerala, and MP.
- Preferred standpoint:- It’s like the private restricted organization, however, no Control of someone else in the Business or Company with Limited Liability Feature.
- Suggestion:- in the event that you require organization lawful status as single originator at that point run with the One Person Company.
Partnership Firm Registration
Area 4 of the Indian Partnership Act, 1932 characterizes Partnership as the connection between people who have consented to share the benefits and misfortunes of a business carried on by all or any of them representing all. Dissimilar to an organization, an association is certifiably not a different lawful substance particular from its individuals. It can’t claim a property, bring about obligations or sue any gathering in its own name. In addition, the accomplices of a Partnership firm will be by and by and severally at risk for the liabilities acquired by the firm.
Partnership Firm Registration without Registrar of Firms
- Requirement:- Need Minimum 2 Person for the Registration(Even you can likewise incorporate your any relative on the Document).
- Costing:- Nearby Rs. 2,000/ – to 4000/ – with the Government Charges, Stamp, and authentication.
- Preferences:- Less Costing and Less Compliance for testing your Ideas.
- Suggestion:- If your financial plan is less and need simply test your thoughts then you can enlist Partnership firm without the recorder of a firm which is the discretionary thing.
Organization Firm Registration with the Registrar of Firms
- Requirement:- Need Min 2 Person for the Registration as you or else you can incorporate your any relative on the paper.
- Costing:- Nearby 7000 INR to 8000 INR with the Government Charges and Stamp, Notarization and most essential costly Registrar of Firms.
- Preferences:- It’s a best for the Old Family Business where the business structure is extremely unpredictable on possess terms.
- Suggested:- We never prescribe for the Partnership Firm with the Registrar of Firms. The reason is Costing is adjacent same as LLP then for what reason not pick LLP which is the blend of the Partnership Firm and Private Limited Company.
Limited Liability Partnership (LLP)
Limited Liability Partnership Act, 2008 administers the standards of Limited Liability Partnership in India. It is a blend of an organization and an association firm. Not at all like organization, the obligation of the accomplices in an LLP is constrained and no accomplice will be held subject for the demonstrations of the other. It is a different legitimate element, having its very own unmistakable element isolate from its individuals. The fundamental detriment of an LLP is that it can’t raise capital from open by the issue of an IPO dissimilar to an organization.
- Requirement:- Need Minimum two Person for the Registration(Even you can likewise incorporate your any relative on the Document in the event that you have no accomplices)
- Costing:- Nearby Rs. 9,000/ – to 10000/ – with the Government Charges and stamp and authentication and so forth.
- Favorable circumstances:- Doing the Business with the constrained risk and having highlights of a private restricted organization in less costing. on the off chance that you require a lawful element which can give you both favorable position of the organization firm and private constrained organization then LLP is the best.
- Suggestion:- If your financial plan is less and needs to appreciate the Limited Liability with the accomplices in the business and a few highlights of private constrained then LLP is the Best for your startup Company.
Private Limited Company Registration
A Private Limited Company is a more modern type of business in India. The organization is framed by a gathering of investors. The aggregate capital of the organization is comprised of “shares”. Every investor can have a variable number of offers. Offers can be sold to others, therefore changing the proprietorship starting with one individual then onto the next without including many lawful conventions. (If there should arise an occurrence of organization firms, possession change require changing the association deed).Incorporating and dealing with an organization is a more intricate process contrasted with a sole proprietorship, association, and LLP. An organization is a very much organized plan of action and have office bearers who maintain the everyday business. Not all entrepreneurs are engaged with the everyday business.
- Requirements:- Need Minimum two Person for the Registration(Even you can likewise incorporate your any relative on the Document in the event that you have no accomplices)
- Costing:- Nearby 15,000/ – INR with the Government Charges in the vast majority of the states aside from Punjab, Kerala, and MP.
- Favorable circumstances:- Easily raise the assets from banks, holy messenger financial specialist and VC Firms. It is a standout amongst the most Popular lawful substance in India, India’s half Startups or enormous organizations began from Private Limited Company in India.
- Suggested:- If you have the vision to raise the assets and developing startup and need dependability among the customers with the restricted obligation in the business at that point must run with the private constrained. Keep in mind it is a standout amongst the most well known lawful substance ideas in India. Indeed, even outside India, It’s like USA Corporation, so you can do the business anyplace on the planet.