Photography is related to service industry and involves use of professional skills. In order to become a successful photographer you need to sharpen your skills. To start a Photography Company in India, firstly, a person needs to have technical know-how of the field, like equipments, films, photography tools, types of lens and cameras etc. I am briefly explaining the procedure to start your own photography company.
The procedure to start a photography company is as follows.
1. Make a business plan
The first thing you need to do is formulate a detailed business plan. It should include a brief about what you plan to do, how to tend to achieve your goals, experience you have in the field, size of the market, expected turnover, financial projections, prominent competitors, customer base, capital structure, investment required and other important details. Get the business plan attested by a chartered accountant or another expert as it will add creditability to it.
2. Finalize a name
Think of a name and that too a catchy one. A name should be synonymous to the business. Photography is about limitless creativity, so the name should be a real creative one. It should be something that everyone remembers at once and doesn't forget. Once you have sorted out the names begin with legal formalities of forming a company. Further, it is important to register a trademark for a name because catchy and creative names are the first ones to be copied.
3. Fulfill legal formalities
Before starting a business it is important to fulfill all the legal formalities. First apply for Certificate of Incorporation (COI) to start the business legally. For that you'll need to fill up some forms and submit them along with some prescribed fee. You will also need to submit some necessary documents like memorandum of Association, Articles of association, Names of directors, initial capital invested, address of registered office and other important details with the ROC (Registrar of Companies).
4. Obtain COI
ROC will verify your application and issue COI after every legal formality is properly completed and complied with. After you receive the COI, you can commence your business.
5. Post- incorporation compliances
There are certain legal requirements that are required to be fulfilled post incorporation like finalization of registered office, opening a new bank account and deposit the minimum amount etc.
We hope this article has been helpful for setting up your photography company, we like hearing from you and you can post your comments below. In case you have any problem with registering your Photography Private Limited Company or LLP or OPC or registering a trademark for your photography business for that matter, you can contact us.
Let us know your Registration, Taxation & Compliance Requirements