How To Start A Business In India In 2022 | Step By Step Guide
Entrepreneurship is essential for the growth of the country. It also creates job opportunities. Under the leadership of Prime Minister Narendra Modi, the government of India has also started the Startup India initiative to support entrepreneurs. Here is a little guide for you to start your business in India.
How to start your business in India
Step 1: Business idea
Any business starts with a great idea. Make a detailed plan for your new business idea. You can research new products and current market trends to make your business grow. Once you are satisfied with your business idea, decide on a perfect name for your business.
Step 2: Business registration
You need to register your business with Startup India to incorporate your business as a Private Limited Company or a Limited Liability Partnership or a Partnership firm. If you are beginning as a small organisation, opt for a sole proprietorship or partnership. If you are beginning as a medium or large-sized business, opt for a private limited company.
Step 3: Funding for your business
Funding is important for a new business. You can invest your personal savings and resources initially. This is called bootstrapping or self-financing. Many organisations also reach out to common people for funding start-ups and small businesses. This method is known as Crowdfunding.
Step 4: Tax registration
You need to register for taxation to get a benefit from tax exemption for a period of three years under the Start-up India Scheme by the Indian government.
Step 5: Open a Bank account
Open a bank account in the name of the business. It is an important step to run a business in India. Corporate entities like LLP, Private Limited Company, One person company and Limited Company can open a Bank account by submitting a copy of the Certificate of Incorporation and PAN Card of the entity.
Step 6: Launch your business
The final stage is to launch your business. You need to fulfil all these legal formalities before starting the production process. Now, you can start the production process of your business.
After completion of all the steps, you can easily start the business. What is your perfect business idea? Share your answer in the comment section below.