Do you have an entrepreneurial aspiration? Would you like to start a new business in India, a thriving market of opportunities?

India is ‘the’ destination for many countries to do business as the FDI norms are suitable for foreign investment.

Take a look at the basics of starting a new business in India.

Choosing a Business

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Most Important thing before starting a business is to understand what you want to start and why.

Research

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Research your idea carefully and then create a feasible business plan. A professional could help you here, as not everybody is good at making a business plan.

Registration

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Now, choose a business entity that suits your requirement and then get it registered. You can operate as a Sole Proprietorship Enterprise, Limited Liability Partnership, Private Limited Company, One Person Company, Limited Company, Nidhi Company, Trust, Society and Section 8 Company.

Bank Account

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Once you have registered your company, you would be required to open a bank account in the name of the business.

Tax Registration

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Based on the type of activity proposed by the business or customer requirements, your next step is to register your company under various tax registrations such as Pan, TAN, GST, ESI, PF, PT, Shops & Establishment, Import Export Code, MSME and so on.