BUSINESS REGISTRATION IN CHENNAI
Business Name Registration in Chennai
There is 4 major Step are involved for Business Registration in Chennai. According to the survey conducted by Guidant Financial, ‘Small Business Trends Alliance: 2020’, 77% of people who decided to start their small business are happy.
It’s really motivating information that more than 3/4 of the people who boldly quit their job and went into their own business are happy and successful.
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How to Register a business Name in chennai?
business registration in chennai
Every business organization is in a regulated environment by which they are required to comply with the provisions of Government law, what we call Government licenses or Government Registrations, whether from Central, State, or local agencies.
These records vary depending on the nature of the business, the intent of the owner, the volume of the business, and various other factors.
The most important mandatory step to register a business name in Chennai
BUSINESS REGISTRATION IN CHENNAI
Registration heads
We are business registration consultants in Chennai.
These business registrations or business licenses or register a business name in Chennai are classified under various headings, under which many mandatory and recommended licenses and registrations are listed.
Business Registration
Intellectual Property
Tax Regulations
Mandatory Government Licenses
- Business registration in India: Choose your business Structure to register a business name in chennaB
business registration in chennai or register a business in chennai
A. Proprietorship
register a business in chennai
This is a business structure where it is owned and invested by a single person who is named as the sole proprietor.
This entity’s business name registration in Chennai is the simplest form of business organization.
The owner remains personally responsible for all losses and liabilities owed against his business.
In addition, Owner reports business profits and losses on Owner’s personal tax return.
This type of entity is suitable only for a very small type of business.
B. Partnership
register a business in chennai
A partnership is a formal agreement between two or more parties to conduct business in the mutual interest of making a profit.
Partners remain personally liable for claims filed against the business.
Each partner contributes money, property, work or skill; each participates in the profits and losses of the business, and each has unlimited personal liability for business debts.
The partnership business arises as soon as the partners mutually agree and sign the partnership agreement or partnership deed.
C. Limited Liability Partnership
register a business name in chennai
A normal traditional partnership type of business entity suffers from the problem of unlimited liability.
The partners of these traditional partnership firms have unlimited liability for their collective debts and legal consequences.
To overcome this carrier, the Central Government had introduced the Limited Liability Partnership by introducing the LLP Act of 2008.
This type of corporate legal entity has become a preferable form of organization among businessmen as it incorporates.
Tthe benefits of Partnership and the business as a single form of organization called Limited liability which is a key benefit of LLP.
D. Private Limited business
register a business name in chennai
A Private Limited business is a separate legal entity that is privately owned for small businesses.
This type of entity grants a corporate status to your small business.
This is the most preferable form of entity among businessmen in India. The Private Liability business can be formed with a minimum of two members and a maximum of 200 members.
Private Limited must also have a minimum of 2 directors and a maximum of 15 directors.
This protects the personal assets of the shareholders from any debt.
There are many more advantages to Private Liability Business compared to other types of businesses.
To learn more about the Register of Private Limited business, watch this video
E. One Person business:
register a business name in chennai
When your proprietorship form of business starts to grow, you will need to convert it into a business,
in which case the most suitable entity form is a One Person business Private Limited shortly called as OPC,
which is also a form of private limited business but it can be incorporated with a single shareholder,
and the same owner can act as a director as well as a shareholder.
In a One Person business, there may be more than one director,
but may not exceed more than one shareholder.
F. Public Limited business:
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A Public Limited Business is a separate legal business entity which offers its shares to be traded on the stock exchange for the general public.
This is suitable for large scale business.
These Public Limited Companies can either be listed or even unlisted.
- Protection of your Intellectual Property
business name registration in chennai
A. Trademark Registration
business name registration in chennai
Trademark registration is a tool to protect your business name and the brand name from being copied or duplicated by any third party.
In general, a trademark is used to signify a business name, brand name, logo or trade symbol or name or label or colour combination which identifies a specific business.
It gives the owner of the mark an exclusive right to use the same and also grants a right to stop any unauthorized use of the same.
B. Copyright Registration
business name registration in chennai
Copyright is also called a creator’s right.
Copyright Registration protects creativity such as your content, your promotional ads, videos, books and more of your creative work from being copied by others.
It gives Arthur/owner a right to reproduce, translate and distribute the work in any form.
- Taxation
business registration in chennai
A. GST Registration
business registration in chennai
GST Registration: GST Stands for Goods and service tax. Which was introduced in India on 1st July, 2017.
It is an indirect tax which has replaced many indirect taxes in India such as the excise duty, VAT, services tax and many other indirect taxes.
All the businesses supplying goods whose turnover exceeds Rs 40 lakh in a financial year are required to register as a normal taxable person.
B. GST Returns
business registration in chennai
Every GST holder must submit the GST returns every month,
the necessary forms for registering the GST is Form GSTR 1, GSTR 3B.
Further GST holders must also submit annual returns which is GSTR 9.
C. Corporate Tax
register a business in chennai
A corporate tax is a form of income tax which has to be paid out of profits of a business.
This type of taxes would be calculated based on the Business’s taxable income,
which includes revenue of the business minus the cost of the goods/service sold, minus administrative expenses. 25% of profit would be paid words corporate tax.
- Apply for Licenses and Permits
register a business in chennai
A. FSSAI Registration
register a business name in chennai
FSSAI license, which is also called Food License, is one of the compulsory licenses for all food business operators in India.
The license is governed by the FSSAI (Food Safety and Standards Authority of India) Registry.
There are three types of food licenses in India which are FSSAI Basic Registration, FSSAI State License and FSSAI Central License.
The Food Licensing Registration Authority is an administration to ensure that food undergoes certain quality checks,
helping to reduce food adulteration and serving standard items to customers.
B. ESI and PF Registration
register a business name in chennai
For any business employing 20 or more employees, To register a business in Chennai, it is compulsory to provident funds and the ESIC scheme.
Employees State Insurance (ESI) is a self-funded social security and health insurance scheme for Indian workers.
This ESIC scheme applies to employees who earn Rs 21,000 or less as salary per month.
The contribution to the scheme will be distributed between the employer and the workers in the form of 4.75 percent as employer contribution and the worker contributes 1.75 percent, total participation 6.5 percent.
The ESI PF registry is governed and managed by the rules and regulations granted by the ESIC Law of 1948.
C. IE Code
register a business name in chennai
The importer and exporter code is briefly called the IEC, which is a compulsory license for all importers and exporters in India.
The IE code is issued by the Director General of Foreign Trade, shortly called DGFT.
IEC will help the person or business to take the products or services beyond the borders.
There are huge advantages and benefits for exporters and importers available in the customs department.
D. Drug Licence
register a business name in chennai
If any person wishes to start a business that is engaged in the business of manufacturing, selling or distributing medicines or cosmetics in India, he or she must obtain a medicine license from the relevant authority.
Companies dealing with drugs, biologicals, medical devices and in diagnostics must obtain a drug license.
The appropriate official for issuing drug licenses for our state is the Tamil Nadu State Licensing Authority.
The competent authority issues a drug license under the Drugs and Cosmetics Act of 1940 to carry on a business related to medicine.
E. Trade License
Trade License registration in chennai
A trade license or shop and establishment license is a form of compulsory license which is mandatory for a business to carry out its operations.
This license is normally issued by the local corporation of every city (In chennai, the Chennai municipal corporation is the appropriate authority to issue license).
This license is to regulate any business activity which is been operated under the jurisdiction of the local corporation.
F. MSME Registration
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MSME is the abbreviated form of Micro Small Medium Entrepreneur.
Any of the companies doing business in India or Tamil Nadu can register a business in Chennai with the Ministry of Micro, Small, and Medium Enterprises scheme.
MSMEs are the backbone of Indian economic growth.
Therefore, the Government of India and the respective state governments are endowing many schemes and funds for the benefit of MSMEs.
To make use of these benefits, it is mandatory to register business name registration in Chennai under the said scheme.
The MSME registry is called the Udyam Registry as per the latest government amendment.