Things to Know Before Starting a New Business in India
1. Business Structure Choice
(a) Decide whether you want to register as a Sole Proprietorship, Partnership, LLP, Private Limited Company, or OPC.
(b) Each has different compliance, tax, and liability requirements.
2. Business Registration & Legal Compliance
(a) Get your business officially registered through the Ministry of Corporate Affairs (MCA)
(b) Get PAN, TAN, GSTIN, and Shops & Establishment License (if applicable).
3. Taxation & Accounting
(a) Understand GST applicability, income tax slabs, and advance tax rules.
(b) Maintain proper bookkeeping and consider hiring a CA for compliance.
4. Funding & Capital Planning
(a) Explore options like bootstrapping, bank loans, angel investors, or government schemes (Startup India, SIDBI, Mudra loans, etc.).
5. Market Research & Business Plan
(a) Understand your target market, competition, and product/service pricing.
(b) Prepare a solid business plan to guide growth and attract investors.
6. Licenses & Permits
(a) Industry-specific licenses (FSSAI for food, Import-Export Code for trade, etc.).
(b) Local approvals based on your business type.
7. Banking & Finance Setup
(a) Get a current account in the official name of your business entity.
(b) Set up proper invoicing and payment systems (UPI, POS, online gateways).
8. Digital Presence
(a) Secure a domain name & website, set up Google Business Profile, and use social media marketing.
9. Intellectual Property (IPR)
(a) Protect your brand name, logo, and product designs with trademarks, copyrights, or patents.
10. Labor Laws & HR Policies
(a) If hiring employees, comply with EPF, ESI, Shops & Establishments Act, and labor contracts.
11. Risk Management & Insurance
(a) Get relevant insurance (liability, property, health cover for staff).
12. Government Support & Incentives
(a) Leverage schemes like Startup India, Atmanirbhar Bharat, MSME benefits, and tax exemptions for new entrepreneurs.
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