Starting New Business
Indian economy is one of the fastest growing in the world. There is immense scope for new businesses in manufacturing, trading and service sector in India. It is very easy to start a new business in India. You can start your business in India under different business structures depending on your Size, Scale, Ownership Structure, Scalability, Customer Requirement, Capital and Funding requirement, Control on Business and Business Risk.
Some of the important Business Structures for starting business in India are :-
|Business Structure||Key Features|
|Sole Proprietorship||Owned by an Individual. Can be established quickly with minimum compliances and documentary requirements. Low establishment and operational Cost. Simplified Tax Structure|
|Partnership Firm||Jointly owned by 2 or more persons. Governed by Partnership Deed mutually agreed by Partners. Simple and Low Compliance model for Joint Ownership Business|
|Limited Liability Partnership (LLPs)||Jointly owned by 2 or more persons. Governed by MCA under the LLP Act, 2008. Allows restriction on the liability of Partners. Additional requirements of compliances and fillings with the MCA|
|One Person Company (OPC)||An incorporated company with a single shareholder. Governed by MCA under the Companies Act, 2013. Suitable for small businesses and new start-ups|
|Private Limited Company||A closely held company with upto 200 shareholders. Governed by MCA under the Companies Act, 2013. Restriction on raising of deposit and capital from general public. Good for privately owned businesses with limited compliances|
|Public Limited Company||These are public companies Governed by MCA under the Companies Act, 2013. They offer opportunity of raising deposits and capital from general public. Good for large businesses with scalable business models and constant need of capital and funding|
|NGO’s||These are not for profit organisation that work for Public Welfare, Social and Charitable Objectives. They can be established as a Section 8 Company, a Society, a Trust etc. The get Several Tax Concessions and Benefits under various acts|
The key for a good business establishment lies in the knowledge of the applicable laws and norms for a new business set-up in India and the procedural aspects for their expeditious compliance. A time-tested solution for selection of the suitable structure of business, obtaining registration, knowledge of the benefits available under different government policies, setting up of the accounting system and internal control procedures and other related aspects, proves to be an advantage for an entrepreneur.
At RITUL PATWA & CO, Chartered Accountants, Jaipur, India – We understand that for every new business set-up, the most important aspect is to create an appropriate business structure in a time-bound and a cost-effective manner so that an entrepreneur can explore the available opportunities at its best.
We follow well defined service plan and have a team of chartered accountant professionals holding rich legal & departmental experience. This provides our clients a single window access to different government departments with a time bound formation and commencement of their business. Moreover, we also emphasize on every detail while maintaining close proximity with our clients regarding best legal advices
Our services includes : –
|Identifying & advising appropriate type of business structure Like – Sole Proprietorship, Partnership, LLP, Private Limited Company, Limited Company, NGO, Trust, Society||Single window solution for various registration like Goods and Service Tax (GST), Shop Act Registration, Udyog Aadhar, BRN, obtaining Permanent Account Number (PAN), Import Export Code Number (IEC), Tax Deduction Account Number (TAN), FSSAI etc|
|Assistance for registration under the Rajasthan Investment Promotion Schemes (RIPS) and getting benefits of Luxury Tax exemption and Interest & GST Subsidy||For Foreign Companies, Setting up of a Subsidiary, Branch Office or a Liaison office in India in accordance with the applicable rules under FEMA|
|Managing / Outsourcing of accounts, taxation, payroll services for clients||Assistance in statutory local registration under other laws|
|For small start-up businesses, we take special consideration by giving personalized attention and advisory from establishing the business, obtaining registration, developing procedures and internal controls, accounting support and other professional services which is COST EFFECTIVE and TIME BOUND|