Retail is one of India's fastest-growing economic sectors because the working population is increasing as is the buying power of the people. Starting a retail business requires a lot of initial research and hard work.
Director Identification Number
Print out the DIN1 form from www.mca.gov.in and submit it to the Ministry of Corporate Affairs to get your director identification number. The DIN serves as proof of residence and identity. An application fee is levied, and you can track the status of the process online.
Register the Company's Name
Reserve the company's name with the Registrar of Companies. You will have to provide the documents with a registration fee to get the certificate of incorporation that legally approves the name of your business.
Hire a Chartered Accountant
The role of a chartered accountant is critical in the start-up process. They have the knowledge required to navigate the government's red tape and move the process along faster. If you are planning to handle the paperwork yourself, it could take up to 90 days or more to get started with the business.
Tax Account Number
Obtain a tax account number from an authorized agent approved by the National Securities Depository. The tax account number is required of anyone responsible for collecting tax. The application form is available at www.incometaxindia.gov.in and www.tin-nsdl.com.
Permanent Account Number
Apply for a permanent account number if you do not have one from an authorized franchise approved by the National Securities Depository or the Unit Trust of India Investors Services. This is essential for tax purposes and is required by the banks when you open a business account or apply for a loan.