How To Register Your Business Name?

How Much Does It Cost To Set Up A Business Name?

• Is it true that you want to launch your own start-up or business?
• Your lifetime goal of setting up an enterprise is finally becoming a reality?
• The idea of being your own boss gives an adrenaline surge that nothing else can.
• So while we wish you the best of luck in your new pursuit, this post will assist you with beginning by posting down significant pointers on the company registration procedure in India.
• As per the stats available, almost 10 lakh organisations are already registered in India, and fresh applications are being recorded every day.
• It is very important for us to be all around educated about the registration cycle.
• This article provides a brief manual on how to register your company in India.

Apply For DIN (Director Identification Number)

1. The initial move towards registration of a company in India starts by acquiring the unique ID number.
2. As per the Companies Amendment Act 2006, all existing and newly proposed directors in an organisation need to obtain their DIN (Director Identification Number).
3. DIN is issued under the Companies Act section 153, and it refers to a unique number comprising 8 digits.
4. DIN’s necessities incorporate the applicant’s complete name, applicant’s father's name, date of birth, identity proof, applicant’s address and proof, PAN card, and two photos of all the proposed directors.
5. The form for application is accessible online on the official portal of the ministry of corporate affairs and is listed as “DIN-1 Form”.
6. All entrepreneurs require to enlist themselves at the ministry of corporate affairs Website and secure a login ID.
7. The DIN-1 Form should be slowly filled and transferred after paying the relevant charges.
8. The form costs around rupees 500 and requires around one day for its execution.

Apply For DSC (Digital Signature Certificate)

• The credibility of all the submitted documents and data in the DIN-1 Form can only be guaranteed by getting an authentic digital signature on all the submitted documents in the e-documenting process.
• The registration procedure of a company in India requires each business to get a Digital Signature Certificate to guarantee a safe method to get all the records submitted electronically.
• The necessities for applying for a digital signature incorporate the prospective individual’s complete name, father's name, date of birth, address along with the proof, PAN card, personality confirmation and a photo.
• Nonetheless, organisations ought to secure Digital Signature Certificates from offices authorised by the Controller of Certification Agencies.
• A few of the agencies recognised by the Controller of Certification Agencies are the National Informatics Center (NIC), IDRBT Certifying Authority, (n) Code Solutions CA and E-MUDHRA.
• Every business entity shares a different DSC, and the same certificate should not be shared between businesses.
• Typically this advanced accreditation is substantial for a couple of years, and after expiry, it ought to be reestablished by the CCA once more.
• The application expenses for securing a DSC range between rupees 1,000 to 5,999 relying upon the association’s structure and the legitimacy time frame.
• Processing of DSC applications takes a total of 2 to 3 weekdays.

Registration For New User

1. It is essential to get enrolled on the MCA portal.
2. A user account has to be created to fill an eForm.
3. Apart from that, you need to carry out several transactions as well as pay the endorsed expenses.
4. The Ministry of Corporate Affairs charges no amount for opening an account.

Charter Documents Filing

• The procedure for registration of a company requires the candidate to establish charter documents such as the Articles of Association (AOA) and Memorandum of Association (MOA).
• AOA (Articles of Association): This archive determines the principles and guidelines laid by the organisation.
• It gives insights concerning the administration, lead, and bye-laws overseeing the inside undertakings of the organisation.
• AOA operates as an ancillary to the MOA. Also, AOA can be altered, whenever required.
• MOA (Memorandum of Association): The Memorandum of Association encompasses all the subtleties of the enrolling organisation needed throughout the incorporation cycle.
• It likewise gives insights into the targets and capabilities of the organisation.
• Furthermore, it also provides information on the connection between the outcast and the organisation.
• The MOA once established, can't be corrected.

Company Name Application

1. The company’s proposed name ought to be unique and detailed concerning both products and its services.
2. It grants the company a unique identity amongst its rivals in the market.
3. RUN (Reserve Unique Name) is a web-based service recently initiated by the Ministry of Corporate Affairs (MCA).
4. RUN helps in reserving a business entity’s new name or for changing its existing name.
5. This web-based service can be utilised just a single time.
6. Because of a likeness in names or inability to keep up with the Companies Incorporation Rules, RUN can't be re-utilised when dismissed once.
7. Subsequently, you should ensure the proposed name to be unique and also satisfy all the endorsed rules and guidelines.
8. In an occurrence of dismissal, the candidate must re-file one more RUN form after paying the endorsed fees.

Other Details Registration

• The subsequent stage in the registration process incorporates enrolling the business name along with the address.
• A notice for the arrangement of positions for the director, secretary, and manager is issued.
• For business name, Form 1 must be filled and submitted on the MCA website.
• While submitting include four other names along with the proposed name.
• The name that is proposed has to abide by all the guidelines as per the Companies Act, 1950.
• After this, one name must be selected, and form 18 and form 32 must be filled for address and appointment for positions of directors, secretary, and manager.
• The concerned offices will investigate the submitted forms.
• The entire cycle takes around 8 to 10 days.
• The status of your form changes to approved once affirmed by the MCA.

Acquiring Permanent Account Number (PAN) And Tax Account Number (TAN)

1. For applying PAN for your business, form 49A must be filled.
2. Once you acquire it, a physical copy of the PAN card will be sent via post to your registered address.
3. PAN can be applied online as well.
4. However, the required documents are to be sent in physical form for verification.
5. TAN is issued by the Income-tax department and can be obtained by filling out form 49B.
6. The form must be submitted at a TIN Facilitation Center.
7. After verification, the same form is sent to the income tax department, and later, TAN is issued.
8. You can either go for the NSDL website or offline mode for the application of TAN.

State Or Municipal Inspector’s Certificate (Shops and Establishment Act)

• A statement that incorporates the employer’s or manager’s names, the organisation's assigned name, and address, and business category should be given to the state’s Shop and Establishment Inspector while paying the relevant expenses.
• This step is fundamental for the registration of trade licenses, and all organisations should be enrolled within 30 days of the business launch.

GST Registration

1. GST registration is obligatory for any business attempting to supply products or services throughout states while keeping an annual turnover of more than rupees 20-40 lakhs.
2. This ought to be arranged before any other step in the process of new registration.

Getting A Tax Certificate

• Each non-government employer is subjected to tax assessment and should get an endorsement of registration from a significant authority.
• To apply for the Profession Tax Certificate, an organisation must document Form 1 to the State Profession Tax Office.

EPFO Registration

• Each business is needed to give their worker data to the neighbourhood Employee Provident Fund Organisation (EPFO).
• This should be done in an endorsed way to ensure that an Establishment Code Number (ECN) can be apportioned to the organisation.
• This procedure is inside the business’s sole domain, and the workers should make no different applications.

Also Read:

1) How To Start A Business From Scratch?
2) How To Start Your Own Franchise?
3) How to Prepare Your Business for Tax Season?
4) How To Raise Funds For Your Business?