Are you planning for your Startup, here are the key registration requirement for your Startup:
1. Business Registration
It’s always a wise decision to incorporate your Startup, Incorporation means, the legal birth of your Startup according to the due procedure prescribed by the Law.
You may get your Startup Incorporated as OPC, Private Limited Company or LLP as per your need and business model.
You may also opt for Proprietorship or Partnership, but these can not be Incorporated, but these can be registered under MSME, GST , Labour Laws or Shop and Establishment Act. These structure are easy to operate but the liability of owner is unlimited as these mode do not differentiate among Owner and Business.
I always advice to my Clients, to get their business incorporated rather operating it into an unincorporated mode. As benefits are higher than unincorporated modes.
2. Income Tax Registration
Mandatory requirement, can’t be missed or ignored. Return of Income or loss can be filed with the income tax by a taxpayer only after getting it registered on Income Tax site.
A lot of services can only be accessed after registration, these services can be intimation, Refund request, filing of income tax return, TDS report, speedy processing of returns etc.
3. Registration under Shop and Establishment Act
Every business required to be registered under Shop and Establishment Act. State law may differ care shroud be taken as per the particular law of respective state. It can also help you opening a current account.
4. Registration under Start Up scheme of Government
Startup India Scheme was launched in 2016 for promoting entrepreneurship and Startup with an underlying objective to generate employment. It offers a lot of benefits to a Startup.
a. Self Certified Compliance
b. IPR filing Simplified
c. Promote research
d. Taxation benefits
f. Funding options
5. GST registration
If your business turnover exceeds Rs. 20 lakh is required to get its business entity registered under GST.
6. MSME registration
If your business qualifies the criterion of MSME, by getting it registered under MSME act may bring a lot of benefits to the entity.
By Anupam Jaiswal