If you are planning to start a business in the state of Maharashtra/India, you must obtain a Gumasta licence. To procure it, one needs to possess the following documents: PAN Card, an address proof or a no-objection certificate from the landlord, and government-prescribed fees for a partnership firm.
To begin is to succeed. Starting a business in India is not a fairy tale story, but the nation has made tremendous progress in recent days and made starting a business very easy for entrepreneurs. Today, we will look at the most commonly referred to licenses and registrations required for a business in India. The process of obtaining a license changes from one type of business to another, based on various determining factors like the number of employees, sector, the type of business, the place of business, etc. In this article, we look at some of the most commonly obtained licenses or registrations for a business. To determine the exact requirement for your business, get in touch with a Yashraj Business Group advisor.
Most businesses in India are started as proprietorships or partnership firms, without any registration from the Central Government. The Ministry of Corporate Affairs regulates the registration of a company and LLP. It is advisable for entrepreneurs who have plans for operating a business with an annual turnover of more than Rs.20 lakhs to obtain an LLP or company registration. Once a company or LLP is registered, the entity would have a separate legal identity, and the promoters would enjoy limited liability protection. Further, the business would also become easily transferable, and the entity would have perpetual existence. Hence, before starting a business, it’s best to consult an expert and register a company or LLP.
All types of entities and individuals who have an aggregate annual turnover of more than Rs.20 lakhs in most states and Rs.10 lakhs in special category states are required to obtain GST registration. Further, any person supplying goods involved in intra-state supply is required to obtain GST registration, irrespective of turnover. In addition to the above criteria, various other criteria have been provided under the GST Act, establishing the criteria for GST registration. It is important for all entrepreneurs to understand the criteria and obtain GST registration within 30 days of starting a business.
This is a registration available for entrepreneurs who want to start and operate a small business – micro, small, and medium enterprises. The eligibility criteria for obtaining Udyog Aadhaar registration are based on the investment in plant & machinery made by a manufacturing concern or investment in equipment made by a service provider. Once Udyog Aadhaar registration is obtained for a business, it can enjoy various subsidies and schemes specially provided by the government for helping small businesses in India.
The Food Safety and Standards Authority of India (FSSAI) is responsible for verifying the safety and standardization of food products nationwide. Retail stores, restaurants, modern trade outlets, kiosks, and consumers alike look for this five-letter word on their food packets or containers. Under FSSAI, the license or registration is divided into three categories, namely:
Any person involved in the import or export of goods/services from India must obtain an Import Export Code from the DGFT Department. To obtain an Import Export Code, it is mandatory for the business to have a PAN and a current account in a bank.
The Shop and Establishments Act was created to regulate the conduct of business, such as hours of work, child labor, payment of wages, safety, and general health of employees. The Shop and Establishment Act license or registration is issued by the state governments and varies from state to state. Hence, based on the state in which the business is situated, the concerned state government authority must be approached for obtaining a Shop and Establishment Act license.
To obtain a Gumasta licence in Maharashtra, the following documents are required:
Certain types of businesses that involve aspects of dealing or providing insurance, financial services, broadcasting services, defense-related services, etc., require approval from regulatory bodies like the Reserve Bank of India, IRDAI, etc. Further, a business may also need to obtain permits from the fire department, the pollution control board, or the local healthcare system. It all depends on the type of business you are willing to operate. Hence, prior to starting a business, make sure you discuss your business with a professional to determine and understand the legal and regulatory requirements.
What does compliance mean? The act of obeying an order, rule, or request. It is the job of inspectors to enforce compliance with regulations. Yashraj Business Group ensures that your business always acts in compliance with environmental and other regulatory laws. We review and assess compliance documents and performance evidence associated with periodic, monthly, quarterly, and annual recurring controls. You can expect unrivaled support in the implementation of compliance management software to enable real-time monitoring. We provide: complete understanding of recurring work under various employment laws across the country, local execution capability across all locations, preparation of registers, filing of returns, and handling remittances.
