Apart from conceptualizing and finding clients for your business, you will have to consider what form of registration you will adopt and the regulatory compliance needs of the business. You could register a company and get a legal entity which will be capable of conducting business and doing transactions, entering into contracts and opening a business account.
If you are a startup that operates in Delhi NCR, you could think of incorporating a company depending upon the business nature, business model and the plans of the founders. Lexntax helps the businesses with incorporation, tax compliances and accounting needs. Some of the areas that Lexntax offers help include Company Registration in Delhi NCR, GST Return Filing in Delhi NCR, Tax Audit in Delhi NCR, and LLP Registration in Delhi NCR.
It does not mean that a startup must be registered as an informal entity. The founders can choose a suitable entity based on their business nature and the objectives of the startup.
When a company structure is chosen by the entrepreneurs, the company registration process is done via the Ministry of Corporate Affairs (MCA). The MCA SPICe+ portal provides integrated services such as company registration, DIN related services, PAN/TAN allocation and GSTIN application if necessary.
Another alternative to be considered is an LLP when the founders plan a partnership business entity but they do not want to take unlimited liability.
A business should not start the incorporation procedure without first organising its basic information. Having the required information in place may help the process become more systematic.
These include:
In addition to that, the proposed name needs special consideration. The advice of MCA suggests that any proposed company name can have problems if it is same or similar to the name of any existing company/LLP.
Company registration does not consist only of completing one form. The company registration form consists of various types of data regarding the prospective company.
The SPICe+ method makes the name reservation possible via Part A and incorporation along with other services via Part B. MCA documents describe various types of services like CIN/company registration, DIN allotment, PAN/TAN allotment, and also an optional GSTIN application.
It implies that founders should ensure consistency of data on forms and related documents.
Startup Requirement | What the Founder Should Consider |
Business structure | Company or LLP based on the business model |
Name | Availability and suitability of the proposed name |
Directors/partners | Correct personal and identification details |
Registered office | Valid address and supporting documents |
Business activity | Appropriate description of the proposed operations |
Capital and ownership | Shareholding and contribution structure |
Tax registration | GST requirement based on the business and applicable rules |
Ongoing compliance | Filing, accounting and tax responsibilities after setup |
Incorporation of a company brings structure to a startup, but there are also additional obligations that need to be considered by startup founders.
Depending on the type of company formation and its operations, there could be various accounting and tax requirements along with corporate obligations. These requirements must not be considered an issue to be dealt with only at the time of the first filings' deadlines.
So, for instance, a company that is becoming liable for GST, will have to get GST Registration in Delhi NCR and take care of its future GST compliance and returns. In accordance with the nature of the business and tax provisions applicable to it, will depend the exact requirements.
Businesses in situations where an audit applies, will have to know the audit and reporting requirements rather than considering registration as the end of the compliance process.
Lexntax provides solutions for both business registration and taxation issues, thus making incorporation and other compliance issues easier with the help of professionals.
For those who need Company Registration in Delhi NCR, it will be important to shift their attention to the requirements which will arise after incorporation of a company.
Among other services provided by the firm, there are GST Registration in Delhi NCR, Tax Audit in Delhi NCR and LLP Registration in Delhi NCR. Such wide range of services can be helpful for entrepreneurs whose compliance requirements may evolve along with the development of a business.
So, for example, one may start with incorporation, and then will need help with GST compliance or tax services. Consideration of these issues in one place could bring more order to the compliance procedures.
However, the fact that one service charges the least amount for incorporating does not make it the only consideration for a founder to make. The following points should be kept in mind:
Understanding of the business: The service provider should have knowledge of the type of business structure and be able to help out in fulfilling the requirements.
Getting help from Lexntax will allow you to have help from professionals with regards to different compliance requirements in business rather than just focusing on incorporation as a stand-alone process.
Company incorporation help: Help in Company Registration in Delhi NCR.
Help in LLP: Help for entrepreneurs in LLP Registration in Delhi NCR.
Help with GST: Help in GST Registration in Delhi NCR.
Tax compliance help: Tax Audit in Delhi NCR.
Business oriented help: Registration and tax requirements can be looked at depending on the nature of business.
Can a startup get company registration in Delhi NCR?
Yes. A startup can register itself by incorporating the company through the relevant company structure process.
Is there an alternative when it comes to the company registration, like LLP registration?
Yes. Founders of startups can take the LLP structure into consideration depending on the requirements of ownership and operations.
What is SPICe+?
SPICe+ is the MCA web-based process which combines company incorporation and many other services.
Do startups have some compliance obligations after incorporation?
Yes. The incorporation does not end the compliance obligations of the company. In accordance with the structure and business activities of the company, there can be some corporate, financial and tax compliance duties of the company.
Why do startups need to think about their tax requirements at an early stage?
The planning of tax requirements will make founders aware of the registration, documentation and other requirements that will become applicable as the company starts earning money.
Startups can incorporate themselves in Delhi NCR following the relevant MCA incorporation process and providing the necessary business, director, ownership, address and constitutional information. The more critical point to be made by the founders is to determine a company structure that suits their operations and growth.
Lexntax provides companies with Company Registration services in Delhi NCR and other related services such as GST registration, tax audit and LLP registration. The proper handling of all these processes can save founders' time for focusing on their business.
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