It is the dream of every entrepreneur to set up a flourishing business and get a good profit return within short span of time. It is the aim of every company to expand and diversify its activities to reach the international market. In India, due to low labor cost, large population and rapid growth of the market, a large number of companies prefer to set up their base in India to earn easy money. Due to the continuous growth of Indian economy, highly qualified and talented workforce, the country remains at number one position, as one of the best places to offer business and investment opportunities. Its natural resources and easy availability of land at a low cost are some of the points that attract foreign companies to invest in the Indian economy.
As the Indian population is comprised of the youngsters under 25 years of age and 65% of the population under the age of 35, it is being seen as the most popular destination for business houses for expansion. But starting a business in India requires accomplishment of various licenses and regulations.
Before starting a business, the owner must check whether the company is a sole proprietorship, partnership or a corporate firm. On the basis of categorisation, the entrepreneur needs to submit documents and necessary business filings. The owner needs to maintain annual staff, company structure and agent list. The business is liable for certain taxes in accordance with the particular category under which it falls. The entrepreneur also has to enrol for the tax identification number. For employment, an entrepreneur has to follow rules and regulations regarding the Labour Act and has to give the minimum wage. He must practice the fair employment practices.
Various permits like for water, electricity, and environment need to be taken into consideration before running an office. One needs to file the necessary registrations along with fee and taxation. The various business obligation one must follow are:
- One need to apply for PAN, TAN number from the income tax department.
- Register for the service tax, VAT, sales tax, excise duty, and customs duty.
- Permission from the government at the construction stage.
- Need to open an employee’s provident fund.
Looking at the scenario, starting a business is a little cumbersome process and it is best to take the business set up services in Delhi. These entities are engaged in providing the best services at cost-effective rates. These professionals assist the entrepreneurs with every kind of registration and approval from different authorities and help in the incorporation so that the business can be started in the shortest possible time. The entrepreneurs can concentrate on other important aspects of business and can leave all the formalities to be fulfilled by the service provider.
Thus, it can be concluded that demand for business set up services in India are scaling.