Every day, individuals think of new business ideas and plans. Great business ideas can pop up anytime. People must take a proactive approach to start a business. However, most people hesitate to take things to the next level and incorporate a company. Many entrepreneurs with good business plans hesitate to register a company as they believe that the company registration process in India is complex. However, with the right knowledge, one can easily register a company in any Indian state. Also, many firms offer company registration services for individuals who can’t do it themselves.
Let us learn about some important things to know before registering a company.
1. Reservation of the entity’s name
A company must reserve its name with the MCA (Ministry of Corporate Affairs). Part A of the SPICe+ form reserves the company’s name. The form is submitted to the MCA with two proposed company names.
2. Obtaining NOC for reservation of the company name
When another entity takes the proposed company name, one has to arrange a NOC (No Objection Certificate). When the prior owners refuse to give a NOC, a new name must be proposed. The MCA cannot let you have a company name that already exists.
3. Submission of the incorporation application
The incorporation application must be submitted within twenty days of company name approval. Part B of the SPICe+ form is the incorporation application submitted to the MCA.
4. Proof of official address
After reviewing all the details in the incorporation application, MCA will send a certificate of incorporation. Within fifteen days of getting the incorporation certificate, one must submit the proof of office of the company.
5. Online registration
You don’t always have to submit the incorporation application at physical offices. An online company registration facility is available on the MCA portal. It will save time for business owners, and the processing time will be reduced.
6. Availability of professional support
Business owners might not be aware of the incorporation process in India. However, they can depend on firms offering company registration services. AKM Global is a reliable third party that will complete the incorporation processes on your behalf.
7. Requirement of documents
For the company registration process, several documents are required. MCA will ask for e-signatures, address proofs, identity proofs, director declarations, and more. Ensure that you have all the documents arranged before starting the registration process.
8. Compliance hurdles
Before registering a company, one must know the upcoming challenges. Meeting compliance requirements is a big challenge for business owners. Ensure that you understand your company’s compliance rules before registering.
9. Get the right licenses
Depending on the company type, a business owner might have to acquire different licenses. For example, a medicinal company must obtain a drug license. Therefore, ensure that you get all the required permits before starting operations.
10. Hire the right people
If you have thought of registering a company, you should also think of operations. One must hire employees to begin operations after getting the incorporation certificate.
Registering a firm is not as difficult as it sounds. With the right company registration services you can get all the guidance required and jump over the loopholes.