Planning to start a business in Bangalore or expanding the existing business?
Bangalore, the Silicon Valley has emerged as the technology, digitalisation and innovation hub of the world. Bangalore is a great fusion of hi-quality talent, cheaper real estate, better access to capital with a high density of investors and mentorship support, a conducive government that announced initiatives like building one of the Asia's biggest startup warehouse, an Internet of Things Lab, etc., that attract companies from cities like Delhi and Mumbai and certainly across India. This city is constantly adapting and leveraging technology and innovation to come on top. 1/4th of the startups are concentrated in Bangalore. Largely focused on eCommerce, Hyperlocal eCommerce, Consumer Services & Analytics.
While the city is home to the nation's largest IT companies, with Infosys, Wipro, Mphasis and Mindtree all headquartered there, it has also been the breeding ground for a number of startups including Flipkart, Ola, InMobi, Quikr and Mu Sigma. The city also has some of the largest technology parks in India – Electronic City with around 200 IT and ITES companies, Bagmane Tech Park, International Tech Park (ITPL) and Embassy Golf Links. And, on the side successful start-ups like FreeCharge, Ola, Quikr and InMobi had shifted their base to Bangalore in search for good talent and low real estate cost. A cosmopolitan culture also adds on to the ease of doing business in the city.
For the purpose of ease of doing business, Bangalore is providing all possible facilities to entrepreneurs. Therefore, CAONWEB would like to enlighten you, how to start your business in Bangalore. We, CAONWEB is also providing the online support for One Person Company Registration, Proprietorship Registration, Partnership Firm Registration, Limited liability Partnership Registration, Private Limited Company Registration in Bangalore on minimal Company Registration Fee in Bangalore through our expert professional team of CA's, CS's and Lawyer's as ONE-STOP solution for all pre & post incorporation compliances & licensing requirements for company registration office in Bangalore. Just in span of last two years, our expert team of said professionals & executives who are highly skilled in the company incorporation process, has registered more than 500 companies. Promisingly, we are one of the best company Registration Consultant in Bangalore. The following are the significant things which are required to keep in mind to make the decision:-
CHOOSE A BUSINESS STRUCTURE:
Your business can be a sole proprietorship, a partnership, a limited liability Partnership firm (LLP) or a company. The business entity you choose will impact many factors from your business name, to your liability, to how you file your taxes.
You may choose an initial business structure, and then re-evaluate and change your structure as your business grows and needs change.
TYPE OF BUSINESS STRUCTURE:
Sole proprietorship: In a proprietorship firm structure, there is no difference between owner and the business. Owner controls everything directly in the business and has the unlimited responsibility for all losses and debt.
It is less complicated way to start a business. There is no such registration with Government in proprietorship structure. There is separate PAN card required in the name of business. The income tax return and the payment of taxes is done by proprietor only. A proprietor can have a separate trade name for the business.
Partnership: This structure is most popular for those business started by more than one person, a small or unorganized business. There is not much compliance or high cost involved in partnership which is also a reason why it is the most preferable structure to start business anywhere in India. The owners is partnership firm are equally and personally liable for the debt of business. There is a written agreement made which is then stamped registered after which it becomes partnership deed. The only documents required under this are identity and address proof of the partners.
Limited Liability Partnership (LLP): Limited Liability Partnership arrangement is company used by professional organizations. It is a legal structure of business, introduced in the year 2009; It's basic feature is that it is like a partnership firm but also has the limited liability concept. Minimum partners required to form LLP is 2.
In partnership firm, Firm and partners are not regarded as separate legal entities. Partners are personally liable for an unlimited amount of partnership liabilities. In LLP structure, partners are not personally liable as the liability is limited to the capital contribution of partner. LLP has perpetual existence until dissolved by promoters.
Company: For the purpose of doing business, the following type of companies can be register in India:
- One Person Company (OPC)
One Person Company (OPC) Registration. The concept of One Person Company in India was introduced through the Companies Act, 2013 to support entrepreneurs who on their own are capable of starting a venture by allowing them to create a single person economic entity along with the elimination of disadvantages of sole-proprietorship. The process of starting up an OPC is same as that of a general private limited company. It is a hybrid structure that infuses the benefits of a sole proprietorship business with a company form of business. It has only one person as a member who will act in the capacity of a director as well as a shareholder.
- Private Limited Company
Private limited company is the best way to have a legal identification for your business. Private limited company is governed by company laws in India. Private limited company can have minimum 2 members and maximum 50 members. It is the easiest and most popular way to incorporate a company in India. Having a private limited company makes funding from bank or financial institutions easy.
Private limited company is easy to register and manage and it becomes easier if you want to restructure or wind up the business. It helps your business grow and expand. Private limited company can be incorporated online through CAONWEB.
- Public Limited Company
Public Limited Company should have atleast three directors. A public limited company can start its operations only after obtaining a Certificate of Commencement from the Registrar in addition to Certificate of Incorporation.
- Non-profit Organizations (Sec.8 Companies)
A Non-profit organizations can be registered in India as a Society, under the Registrar of Societies or as a Trust, by making a Trust deed, or as a Section 8 Company, under the Companies Act, 2013.Whether a trust, society or Section 8 company, the Income Tax Act, 1961 gives all categories equal treatment, in terms of exempting their income and granting 80G certificates, whereby donors to non-profit organizations may claim a rebate against donations made. Foreign contributions to non-profits are governed by FC(R)A regulations and the Home Ministry.
LICENSING: It is required in accordance of business requirement to fulfill the government guidelines:
- APEDA Registration
- FSSAI Registration
- Trademark Registration
- MSME Registration
- IEC - Import Export Code
- GST Registration
Advantages of incorporating a company in India
- Liability of the subscribers (the directors and shareholders) is limited to the amount of money they have paid for shares, thus Stakeholders are not typically liable for corporate debts and liabilities.
- Extra capital can be raised by selling shares either privately or in the market. Members can leave or join without any restriction.
- The death, bankruptcy or withdrawal of capital by one member does not affect the company's ability to trade.
- The disposal of the whole or part of the business is easily arranged.
- Enjoys high credibility as the books of accounts and other documents are available for public vigilance.
- ESOPs sweat equity and other incentives can be issued, which help attract and attain best of talents.
- Overall transparency at various levels.
- Separate Legal Entity from its owners. A company can sue or be sued on its own name.
- Broader capital base than proprietorship firms. Usually attracts venture capitalists, angels and merchant bankers.
QUESTION IN MIND?
Our expert team of professionals is always here to help you, Visit our website, Call us or email us you will definitely get the answer. We have served over 500 companies /LLP/ Partnership firms/ Proprietorship in starting their business across various sectors, as well as developing the same. We are the best company registration consultant in Bangalore.
So, finally decide which business structure suits your business. Selecting the right business structure will impact many factors from your business name, to your liability, to how you file your taxes. The operational and financial success of the company also depend on the business structure. Once you are done with deciding the business structure, rest leave on us. We CAONWEB are here to guide you on the right structure for your business as well as our dedicated team of expert professionals will help you to start your business.
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