Business formation is not a matter of purchasing goods and starting selling or providing services. Getting a stable business requires various legal services.
The first step towards business formation is getting all-in-one tax-related details under the regime of PAN Card. It is essential to register your business and conduct other financial transactions.
Next, the business requires a GST number. Because in India, it is mandatory to have a GST number for conducting any business and offering any kind of service.
However, establishing a business requires a lot more than this. For that, My Tax Advisor offers services like EPF (Employees Provident Fund Scheme), ESIC (Employees State Insurance Corporation), MSME, Shop & Establishment, Digital Signature Registration, PTEC and PTRC, and TradeMark.
The services of My tax Advisor are not limited here. We offer the Import-Export Code Registration service too. Our aim to get your business to commendable value by registering a company and sound formation of a business.
Goods and Service taxIn order to supply goods and products in India, it is mandatory to do GST registration. Once you have registered under this regime, you will receive a unique GSTIN (Goods and Service Tax Identification Number). The Central Government issues a state-wise, 15-digit number to you once you complete registration. There are many advantages of GST registration including the fact that you will get a legal identity as a supplier. You can also avail input tax credit and collect GST from recipients of goods and services.
Sole Proprietorship / Individual
Partnership / LLP
Pvt Ltd Co / Public Ltd Co / OPC
Aadhaar card, PAN card, and a photograph of the sole proprietor
Aadhaar card, PAN card, photograph of all partners.
Company’s PAN card
Details of Bank account- Bank statement or a cancelled cheque
Details of Bank such as a copy of cancelled cheque or bank statement
Certificate of Registration
Office address proof:
Proof of address of Principal place of business and additional place of business:
MOA (Memorandum of Association) /AOA (Articles of Association)
In case of LLP – Registration Certificate of the LLP:
Aadhar card, PAN card, a photograph of all Directors
Details of Bank – Bank statement or a cancelled cheque
Proof of Address of Principal place of business and additional place of business:
Appointment Proof of authorized signatory – letter of authorization
Permanent Account NumberPAN is an electronic system through which, all tax related information for a person/company is recorded against a single PAN number. This acts as the primary key for storage of information and is shared across the country. Hence no two tax paying entities can have the same PAN.
Digital Signature Certificates (DSC)Digital Signature Certificates or DSC or Digital Signature are being adopted by various government agencies and now is a statutory requirement in various applications.
Professional Tax MaharashtraAny person who is engaged in any profession, Trade, callings and employment in the State of Maharashtra is liable to pay Profession Tax. A person includes Hindu undivided family, firm, company, corporation or other corporate body, any society, club or association.
Shop and Establishment LicenseThe Shop and Establishment Act is regulated by the Department of Labor and regulates premises wherein any trade, business or profession is carried out. This act regulates areas such as working hours, rest interval for employees, opening and closing hours, closed days, national and religious holidays, overtime work, rules for employment of children, annual leave, maternity leave, sick and casual leave, etc. According to the Maharashtra Shops and Establishment Act 1948, the shop establishment certificate is known as Gumasta License.
Information that needs to be furnished for Shop and Establishment License Registration
The documents Required for Shop and Commercial Establishment Registration
Name of firm
Aadhar Card / Voter Id / Driving License / PAN
Address of Firm
Photo of Owner
Name of Manager, if any
Photo of Shop along with Owner ( you can Click with Mobile Phone as well )
Nature of Establishment
Rent Agreement, if Rented
Number of Employees in the Establishment
Ministry of Micro, Small and Medium Enterprises (MSME)Recently Government of India has introduced various schemes, subsidies and incentives to promote MSME (Micro, Small and Medium Enterprises) through MSMED act. Not only the government but banks are also providing loans to these MSMEs at very concessional rates to set their first brick of the business. However, to get these benefits from the central and the state government or the banking sector, you would have to apply for MSME Registration. Udyog Aadhaar used to be referred to as MSME registration earlier. The Government of India has made it compulsory to have an Aadhar Number for Registration under the MSME act.
What Are The Different Types of MSMEs?
Micro-enterprises are the smallest entities of course. The investment under Micro manufacturing enterprises should be less than ₹25 lakhs in plant and machinery, whereas, the micro service enterprises should not exceed ₹10 lakhs investment.
In small manufacturing enterprises, the investment should be in between ₹25 lakh and ₹50 crores in plant and machinery, while in small service enterprises this investment limits between ₹10 lakh and ₹2 crores
And if we’ll talk about the Medium manufacturing enterprises. then the investment should be in between ₹5 crore and ₹10 crores in plant andmachinery, and for small service enterprises. It should be in between ₹2 crore and ₹5 crores
Import & Export CodeImport Export (IE) Code is a registration required for persons importing or exporting goods and services from India. IE Code is issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India.
Trade MarkA trademark can be a phrase, logo, design and combination of colours or shapes etc. and that denotes the uniqueness of a brand or the product and differentiates from competitors. It may be in the form of a number, a word, a symbol, etc. It is an intangible asset used to protect the company’s investment in the brand or symbol. Proposed trademarks that are similar or identical to an existing registered trademark cannot be registered. A trademark can be registered only if it is distinctive for the goods and services you provide. Any person or legal entity can file a trademark application in India.
Employee Provident Fund SchemeEmployees’ Provident Fund & Miscellaneous Provisions Act, 1952 is social security legislation for the future benefit of employees & their dependents; in case of unfortunate incidents occurring in the future. Every establishment which is a factory engaged in any industry in which 20 or more persons are employed. The total strength of employee Includes contractors or temporary employees like housekeeping staff, daily wage worker, security or other temporary workers in the business. Even if a company has an employee strength of less than 20 then the company can voluntarily apply for EIN (Employer Identification Number). Company has to obtain EPF registration certificate within 30 days from the date of employment of 20 employees.
Both the employee and employer contribute 12% of the salary. The employer’s part consists of 12% of basic wages + dearness allowance + retaining allowance.12% of the basic salary that is deposited in provident fund account is contributed by the employers, whereas out of employee contribution of 12%; 3.67% is contributed to provident fund and 8.33% is submitted in Pension scheme.
Employee State InsuranceEmployee’s State Insurance Corporation (ESI) is a self-financing social security and health insurance scheme for Indian workers. The scheme provides Employees monetary and medical benefits in case of sickness, maternity and employment injury and to make provisions for related matters. The ESIC Act also provides reasonably good medical care to the workers and their immediate dependents. Online ESIC registration is compulsory for entities employing, employees earning Rs. 15,000 per month or less as wages or salary.