India’s economy is booming right now and everyone wants to be a part of it. The government has been very friendly towards businesses and it is doing everything in its power to make the process of registering a company as simple as possible. However, you still need to do some minor steps. Of course, before starting a company in India, it is good if you get familiar with its culture and customs. Checking which cities have educated and technical workforce is a good thing. Finding out where the local governments offer support is also important.
The first step is to get a Digital Signature Certificate. This certificate is used for signing digital documents. In addition, apparently, it is the only way to use documents electronically in your day-to-day company business. There is a special governmental body, called Controller of Certification Agencies. It oversees the agencies that issue this kind of certificate. The digital signature does not last forever, unfortunately, and you will have to renew it every one or two years. In addition, of course, it costs a little.
The second equally important step is to obtain a DIN or Director Identification Number. The Ministry of Corporate Affairs has a special form for this : DIN-1. It is an electronic one and it is mandatory that every director fill it up. The DIN does not expire and does not require renewal.
Also Read : How to be a Successful Lawyer
Naming the company is next. You need to reserve a name for your company before you can incorporate it. To do this, use the form INC-1 electronically. The process is such that you can propose up to six names for your company; the first listed being the one that you prefer the most and the last one being the one that you prefer the least, but one that you are still happy to have if other companies already reserve the others.
Then, an employee of the Register of Companies will check if your names are available and inform you. Do not use difficult names or generic ones that do not give ideas about the nature of your company. In addition, don’t use swear words. Be careful not to use an existing company’s name too or a similar one, like Coca-Cola. Any of these can cause your name to be rejected and you won’t be able to register your business.
Incorporation, the final step. If you arrived at this one, then congratulations. You will also need to register your company online. You will need to submit Memorandum of Association and Articles of Association. These documents are crucial in your registration process and you need to write them after you talk with an expert about this. The first document lists the objectives of the company and the activities that it does to reach them. The second one describes the administrative process and the daily, weekly or monthly routine operations. Both of the documents can be used in SPIC electronic forms and they can be submitted with the use of DSC.
You will also need a NOC and bill that is connected to the utilities at the company’s address. If your company is located in rented space, then you will need to show the agreement between you and the property owner too. Agreement to be a director. Declaration and affidavit by the submitter and the director. These are the other documents.
In addition, a proof of identities for the submitter and the director is needed.
You will need to pay a fee as you submit this form. Nevertheless, no worries, this is the final step. After this, your application will be reviewed and if everything is fine, then you will be issued a Certificate of Incorporation. A Permanent Account Number will be given too and you will have company registration India recognized.
As you can see, the process is quick and easy. It is painless too, with an exception of some small fees here and there. So, get your own company, register your business, and maybe you will be the next Bill Gates.