Business plan for starting a new business

business plan for starting a new business

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Like you read the first 5 procedures can now be carried out with Unified inc-29 form as mentioned above. If you have any questions, please drop us a mail. Divider Please bear in my mind that these are standard procedures and are applicable in most cities in India, however, some in some cities there are some additional (or lack of) processes that you will have to find out. The steps given below are for incorporating a business in the city of Mumbai. How to Start a business in India steps involved in starting business in India registration Requirements: 1 Obtain director identification number (DIN) online from the ministry of Corporate Affairs portal (National) 1 day inr 100 2 Obtain digital signature certificate online from private agency authorized. (nsdl) or the Unit Trust of India (UTI) Investors Services Ltd., as outsourced by the Income tax Department (National) 7 days inr 67 (inr 60 application fee.36 service tax inr 5 for application form, if not downloaded) 8* Obtain a tax Account Number (TAN). source source detailed Steps and Explanation of procedure to start Business in India procedure.

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300,000, the fees would be as follows: Memorandum of Association :. 2000 Articles of Association:. 300 Stamp Duty:. 1300 Authorised Capital fee:. 13,000 inc- 29: 2000 Procedure 4: Issue of Incorporation Certificate time to complete: 2 days onwards Cost to complete: does not apply While the government claims that it will issue the incorporation certificate within two days, this is still to be tested. However, the filing of the single inc-29 form will grant you the incorporation certificate, which is, in itself, a huge step forward. Once you receive this certificate, you can follow the old steps listed below from Procedure 6 lottery (make a seal) onwards. Hopefully, the pan tan and esic registrations are also soon combined in the inc-29, as seems to be the plan. This would shorten the procedure some more and move us further up the rankings on the ease of doing Business Index. Credits: The above new process have been written by kenneth Saldanha of vakilsearch divider Editors Note: The entire procedure give below (written earlier) is still valid.

Inr 100,000: inr shredder 5,000;. For every inr 100,000 of authorised capital up to inr 500,000, inr 4,000;. For every inr 100,000 of authorised capital up to inr 50,00,000, inr 3,000;. For every inr 100,000 of authorised capital up to inr 100,00,000, inr 1,000;. For every inr 100,000 of authorised capital over inr 100,00,000, inr 750. Lets take an example. For a company with a registered office in Mumbai and authorised capital.

business plan for starting a new business

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Procedure 3 Filing inc-29 Time to complete: 1 day the cost to complete:. 2000 authorised capital fee dates stamp duty If you have all the papers in order, you can now file the inc-29. Fill in the form and attach all the required documents. Ensure that you havent missed anything out or it will come in for resubmission. And if the registrar finds an error in your form on resubmission, too, the form will be rejected completely. Once you file the form, you will be directed to pay the fees and stamp duty to a payment gateway. The fees will change according to the authorised capital fee and the stamp duty will vary according to your location. Stamp duty is similar in most states, but costlier in Punjab and Kerala. Authorised capital fees are as follows:.

It can even be the home of a director. But the details need to be provided, along with a copy of the rental Agreement along with an noc from the owner (if rented property) and sale deed (if property is owned). For Appointment Letters and Declarations, a number of attachments need to be submitted along with the application. These need to be self-attested, but a company secretary must give a separate declaration toward your company verifying the authenticity of all the declarations. The required attachments are: Letters of appointment of directors, ceo, managers. Declaration by the first director in inc-9. Declararion by appointee director and managing director in Form dir-2.

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business plan for starting a new business

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Once youve guru decided on a name, also describe the significance of the name in one or two sentences. It would need to be entered into the form. For Memorandum and Articles of Association. The memorandum of Association (MoA) and Articles of Association (AoA) need to be attached to the inc-29. These may or may not be drafted by a company secretary, but should contain the signature of one.

The moa will also contain the main objects of your business (keep in mind that the registrar tends to disapprove of businesses that are in unrelated sectors). You would also need to attach an affidavit from all subscribers through Form inc-9 (available on ). The cost of these documents would vary depending on the company secretary you choose. For Registered Office verification, all companies must have a registered office address. This does not have to be a commercial space.

So please note the documents you need to have in order to prepare the inc-29 and the attachments. For Director Information Number Application: Up to three directors can apply for the director Information Number (DIN) through inc-29; the rest, if any, may do so separately. The din is the number through which the mca identifies directors of companies. Obtaining a din involves the submission of the following documents: Scanned copy of Passport-sized photograph, scanned copy of pan card (passport if foreign national) and Drivers License/Voter ID/Latest Utilities Bill. Both should be self-attested, but foreign nationals would need them notarised by the Indian embassy, too (if they belong to countries not in the commonwealth, they would also need to be apostilled).

For Name Approval, while the old process allowed you to submit six options for your company name, in order of preference, the inc-29 only allows you to give one option. Understanding the mcas naming guidelines, therefore, is critical to ensuring your form is approved on first attempt. Largely, you need to follow the following rules: Ensure that your companys proposed name has not already been taken. Ensure that there is no registered trademark in the same name by checking. If there is one, you can get an noc from the trademark owner authorising you to use. Ensure that the first half of the name is unique. Avoid geographical references, adjectives, abbreviations and generic terms. Also, the words bank, exchange and stock exchange require approval from rbi and sebi. Ensure that the second half describes the sector youre.

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The rates of each vendor differ vastly, from inr 4Charges would include the cost presentation of a physical usb token and the certificate itself. It would take 2 to 5 days to complete this, mostly depending on how long it takes to courier your documents to the vendor. The applicant would need to submit the completed Class-ii form, self-attested copy of pan card or, in case of foreign national, copy of Passport, and self-attested copy of Voter ID/Ration Card/Drivers License/Latest Utilities Bill/aadhar card. Procedure 2: Preparing inc-29, time to complete: 1 to 3 days. Cost to complete: Company secretary fees. As soon as you get your dsc, you can file inc-29, but dont assume that you will be ready to. The inc-29 is an eight-page form requiring several pieces of information and documents, some of which require a company secretarys signature, to be submitted in one. Also, in case of errors in your form, resubmission is allowed only once, after which you will have to pay form filing fees revelation again and apply for a refund on the government fees youve paid.

business plan for starting a new business

The inc-29 doesnt replace the old procedure (at least not yet but significantly reduces interaction with the authorities through the clubbing of forms for din allotment, name reservation, incorporation, pan tan, as well as esic registration. Do note, however, that while inc-29 does begin the pan tan and esic registration process, you are still required to submit supporting documents and information on the mcas e-biz portal (so for now it not clear why pan, tan and esic details are asked; perhaps. The inc-29 form has tremendous ramifications on the registration process. If you have registered a company prior to may 2015, you will immediately recognise how much smoother this process can. Here are the various steps involved: Contents, procedure 1: Obtain Digital Signature certificate from mca-authorised agency. Time to complete: paper 2 to 5 days. Cost to complete: inr 1,500, any one of the proposed directors must obtain a class-ii digital Signature certificate (DSC) from an mca-authorised agency to use the electronic filing system of the mca. There are six vendors in all, including Tata consultancy services, e-mudhra and n-Code.

changed. In 2015, many new reforms have been announced by the government, and they have also come up with a unified inc-29 form, that reduces paperwork to a very large extent. We have taken help from folks over. Vakilsearch to bring you the updated procedure. Here is the updated process. Company registration has forever been a major hassle for entrepreneurs looking to set up their businesses in India. Its no wonder then that India has been ranked 142nd on the ease of doing Business Index and 158th on Ease of Starting a business. The newly introduced inc-29, a five-in-one form introduced by the ministry of Corporate Affairs (MCA) in may 2015, will go a long way toward improving this ranking.

Your plan shows how you will get from here to there. Related: 7 Steps to a perfectly Written Business Plan. You can visit our small business encyclopedia to learn more about business plans or our, formNet area to get the necessary forms to get started. Before writing your plan, writing your business plan. Business Plan tools, business Planning Videos, what Investors really Think About your Business Plan. At our Entrepreneur Magazine roundtable, financial pros offer reviews tough talk about the business plans of first-time entrepreneurs. Related: How to Start a business With (Almost) no money. How Can i hire someone to help Write my business Plan? Tim Berry, president of Palo Alto software Inc., responds to a reader seeking advice on finding a low-cost writer to help with a business plan.

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This guide to writing a business plan will outline the most important parts and what should be included in an effective plan. Image credit: avalon_Studio getty Images, opinions expressed by, entrepreneur contributors are their own. A business plan is a written description of your business's lined future, a document that tells what you plan to do and how you plan to. If you jot down a paragraph on the back of an envelope describing your business strategy, you've written a plan, or at least the germ of a plan. Business plans are inherently strategic. You start here, today, with certain resources and abilities. You want to get to a there, a point in the future (usually three to five years out) at which time your business will have a different set of resources and abilities as well as greater profitability and increased assets.

Business plan for starting a new business
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