9 steps on How to start a business in just 30 days in India

9 steps on How to start a business in just 30 days in India

9 Step to Start a Business in Just 30 Days in India

Every one who need to start a business, this article can help to every step to step process and register your business in India. Read following 9 Steps on How to Start a Business in Just 30 Days in India.

1. Idea

The idea forms the foundation of the business. A successful business will need a unique idea properly marketed.

2. Business Plan

A strategy or a plan is required for success of any business. It is an essential roadmap for the business success. A business plan will normally include market analysis and frequent checkups about market, organization & management, sales and growth, funding request, financial projections. It should give a clear indication of what the business is and what it can grow into.

3. Assistance & Training

Business is complex. A person may be an expert in one field but may require assistance or training to successfully manage it. Further, each business has it’s own challenges. One needs to cope up with them regularly. Changes in market situation and customer behavior are common challenges. Competition pressure plays an important role. All these require an organization to continuously undergo trainings & professional assistance.

4. Finances

A major factor which prevents a brilliant idea from turning into a successful business is lack of finances or improper utilization of finances. In order to scale up the growth, each business requires additional finances. Most of the times it is noticed that a scarcity of cash or cash crunch comes before ones expectations. A proper planning and arrangement of finances is important to avoid such a cash crunch.

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5. Legal Structure

Every entity will need a legal structure. Choice of structure depends upon the nature of business, arrangement between the promoters, complexity and legal compliances. An entity can choose among various legal structures like Company, Limited Liability Partnership, General Partnership, Sole Proprietorship. Registrations India has made a guide on the same for reference.

6. Business Name

This is a part of the step above. A name will always be required for any legal entity you choose. The availability of the name depends upon the selection of Legal structure

7. Build Team

62% of businesses fail due to lack of proper team. As mentioned above, business is complex. There is a need to handle different functions like product development, marketing, sales, accounting, human resource.

8. Obtain Licenses, Trademarks, Permits

Apart from legal structure, in order to start and run a business properly certain licenses like food license, FSSAI registration, MSME and NSIC registrations may be required. Government registrations under Service Tax and Sales tax may also be required.

In many cases it becomes important to apply for trademarks as well. A idea may need patenting. Copyrighting of a work may also be needed.

9. Goal Setting & Growth

Once a business starts regular checks or goal achievements are required to measure a company’s growth. It is said that if a business is not growing then it is dying. The statement sums it all.

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Relaxation in the regulations for Business Startups

As we are aware that the Government of India started the initiative of #startupindia recently. One of the visions of this initiative was relaxation of regulations for Startups in India so that the startup company setup and operations become easier. Taking the step forward in order to relax the regulations for Start-ups, the Reserve Bank of India has issued two clarifications.

1.    Relating to acceptance of payments by business startups and;

2.    Issuance of Equity Shares

We discuss the salient features of each clarification below,

1.    Relating to acceptance of payments by business start-ups

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a.    An Indian business startup with foreign subsidiary is permitted to open a foreign currency account abroad to pool the foreign exchange earnings out of the exports made by the startup.

b.    It can also pool its receivables i.e. the amount yet to be received from residents in India and non- residents abroad in the said account.

c.    The balance in the said foreign exchange account as due to the Indian startup should be repatriated to India within 9 months (present policy)

d.    A start-up is also permitted to avail of the facility for points a) and b) above through Online Payment Gateway Service Providers (OPGSPs), but the value cannot exceed USD 10,000 (US Dollar ten thousand) or up to such limit as may be permitted by the Reserve Bank of India from time to time under this facility.

e.    There needs to be an appropriate contractual arrangement between the start-up, its overseas subsidiary and the customers concerned.

2.    Issuance of Equity Shares

This point becomes vital for startup company setup and operation in India as the company can actually pay for its dues through issuance of capital. The features of this clarification are:

a.    Issue of shares without cash payment through sweat equity: RBI has permitted the Indian companies to issue sweat equity. The scheme for the same needs to be drawn in adherence to SEBI Act for listed companies or Companies (Share Capital and Debentures) Rules under the Companies Act.

b.    Issue of shares against payment owed by Indian Company: The Indian companies are permitted to issue equity against funds owed by them whether for payments for,

a.    use or acquisition of intellectual property rights,

b.    import of goods,

c.    payment of dividends,

d.    consultancy fees, etc.

remittance of which does not require a prior permission by the RBI or Government of India. These conditions are subject to FDI policy including sectoral caps, pricing guidelines etc.

This article has been simplified for easy readability and does not include the notification, circular, section numbers of relevant statues. Please refer to relevant statues for more guidance on the same. The article is produced by Registrations India a company helping businesses with their Registrations, Compliance and Taxation needs.

Differences between Pvt Ltd vs LLP vs OPC vs General Partnership vs Sole Proprietorship

We try to differentiate the various types of entities available for doing business in India at present. Varying from the simplest of all to the most complicated ones. The choosing of a particular type varies with each situation. It is recommended that you talk to our experts before choosing. Lets try and differentiate between Pvt Ltd vs LLP vs OPC vs General Partnership vs Sole Proprietorship. 

Read moreDifferences between Pvt Ltd vs LLP vs OPC vs General Partnership vs Sole Proprietorship

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