Are you a start up? Here’s a list of registrations you need to obtain to start your business.
What Is a Startup?
A startup typically means a company that is in the first stage of its operations. A startup is a young company that is just beginning to develop. Startups are usually small and initially financed and operated by a handful of founders or one individual. These companies offer a product or service that is not currently being offered elsewhere in the market, or that the founders believe is being offered in an inferior manner.
Registrations required for Startup:
The first thing that is required to start a new business or startup is getting the business registered. There are many business structures from which you can choose the best one for you. The various kinds of business structures in India are as follows:
A new business must get incorporated in any of these business structures as per the scale of its operations, capital invested, number of members, and the risk associated with the business. The features, pros and cons of each business structure are different and the entrepreneur must consult a business expert to know which structure will suit its requirements.
When the business comes under the definition of a startup as per the DIPP Notification, it can get its Startup India registration done. A business registered as a Private Limited Company under the Companies Act, 2013, as a Partnership Firm under Section 59 of the Partnership Act, 1932 or as a Limited Liability Partnership under the Limited Liability Partnership Act, 2008 can get Startup India Registration if it fulfils the following criteria:
MSME Registration can be obtained by micro, small and medium enterprises in India to enjoy various subsidies and benefits in terms of loans, taxation, and other schemes. There are multiple benefits laid down by the MSMED Act for micro, small and medium enterprises for their machinery and raw material which can be purchased at a subsidised rate.
All manufacturers, sellers, service providers, exporters, etc. need to get their GST Registration in India. All kinds of business startups need to get GST registration in the following cases:
In addition to the above criteria, various other criteria has been provided under the GST Act, establishing the criteria for GST registration.
GST registration must be obtained within 30 days of business incorporation, otherwise, the business will be subject to heavy penalties.
Udyog Aadhaar Registration is the new initiative of the Government to support small-scale businesses. Indeed the process of Udyog Aadhaar Registration has come as a replacement to the SSI Registration or/and MSME Registration. Once, Udyog Aadhaar registration is obtained for a business, it can enjoy various subsidies and schemes specially provided by the Government for helping small businesses in India.
Licenses for Startup:
Apart from the above registrations there are certain licenses required to be obtained for specific kinds of startups such as shops & establishments, food business, Import Export business, Financial institutions etc. which are as follows:
Every state has its own Shop and Establishment Act which provides for the rules to be followed by every shop and establishment running its business in the state. The Act also provides for shop and establishment license or trade license. A business that comes under the definition of shop and establishment must obtain the Shop and Establishment Certificate without fail to avoid penalty and fine.
All importers who wish to import or export of goods / services from India need to have a valid IE Code. IE Code must be mentioned in all relevant customs documents. Bankers would require you to have valid IEC registration for making payments abroad. To obtain Import Export Code, it is mandatory to have a PAN and a current Account in a bank
Apart from this certain businesses for non-banking financial institutions or fin-tech companies NBFC registration is required while for multimedia broadcasting platforms Broadcasting licenses are required to be obtained.
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