China is in the economic development spotlight, ahead of India. However, India has an advantage over China--its democratic government. Democracy facilitates economic growth better than other types of government. India has over a billion people and is rich in resources and industrial production. These make it a ripe location to invest in a small business that caters to India's growing middle class.
Instructions
1. Get a Director Identification Number (DIN) by completing Form DIN-1. Know that you can obtain this form from the Ministry of Corporate Affairs website. See the Resources section below for a link. Print, sign and submit the completed form to the ministry via courier. Use the following address: Ministry of Corporate Affairs; 'A' Wing, Shastri Bhawan; Rajendra Prasad Road; New Delhi 110 001. Contact these numbers for specific mailing instructions: 011 23384158, 23384660, 23384659.
2. Contact the Ministry of Corporate Affairs for information on private agencies with current authority to issue a digital signature certificate. Check the ministry's website if the desired business name is already taken. See the Resources section below for a link. Get your business or company papers stamped with the local Ministry of Corporate Affairs office, or at an approved bank. Present these stamped papers, along with the registration fee, to the Ministry of Corporate Affairs.
3. Get a tax deduction number from the tax department in the India city you want to start a small business in. Know that this is a 10-digit alphanumeric number your business' pay department uses to collect tax. Receive this number from an officer that the National Securities Depository Services appointed to issue this number.
4. Submit your business contact information as per the Bombay Shops and Establishments Act, 1948. Provide a shop inspector an inspector fee as well as documents containing the business owner's and manager's names. Obtain copies of the Maharashtra Shops and Establishment Rules of December 15, 2003 for fees you'll need to pay. See the Resources section below for a link.
5. Register for the applicable taxes. List your business with the Employees' Provident Fund Organization--India's version of Social Security. Apply for medical insurance for your employees by submitting Form 01, Employees' State Insurance (General).
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