5 Vital Steps to Follow to Start a Business in Maharashtra

If you are thinking of starting a business in Maharashtra then you have to keep in mind a few things like business registration and license required to start a business in Maharashtra. It is very important to comply with the rules and regulation of the Maharashtra government because without compliances you may not be allowed to start your business in Maharashtra so you should keep in mind that you have to comply with the laws. This article talks about the incorporation of a business in Maharashtra so you will get an idea about this.

How to start a business in Maharashtra

You can incorporate your business in Maharashtra easily but you have to comply with the laws, rules, and regulation of the state and central government. First thing you have to do is, conducting market research, market research is a very important thing before starting a business in Maharashtra because after conducting market research you will know about many things like competition, competitor, service providers, prices and many things which help your business. After conducting market research, you have to make a business plan for your business and then you can set up your business but you have to comply with the following registration –

Business registration –

Business registration is an important document for all businesses because this document shows that your business is legally established. Business registration will give you legal recognition and after business registration, it is easy to get a loan. Without business registration, you may have to face many problems in the future. You can establish your business as an LLP/private limited company/partnership firm/one person company/sole proprietorship firm. You have to apply for the concerned department for business registration like if you are thinking of starting a private limited company or an LLP then you have to apply for business registration under Ministry of corporate affairs.

Udyog Aadhar registration –

Udyog Aadhaar registration is very important registration for every Micro, small and medium enterprises because it is important to register your small and medium business under Ministry of MSME. Udyog Aadhar has replaced the MSME registration and now Udyog Aadhar becomes important to document because it will give you many benefits like you will get the loan on low-interest rates, you will get a subsidy from various government schemes, and other benefits. Udyog Aadhar is 12 digits unique number which is allotted by the Ministry of MSME and you can apply for it through the online procedure for which you have to visit the official website of Udyog Aadhar. After obtaining an Udyog Aadhar for your business, it will get legal recognition. So you should obtain an Udyog Aadhar for your business.

Professional tax registration –

Professional tax registration is an important registration for your business because the professional tax is a type of indirect tax and it is levied by the state government so you have to get done your professional tax registration. Maharashtra is a state where professional tax registration is compulsory and it is important for those who engaged in trade, profession employments or any other prescribed business. It is your duty to collect your employee’s professional tax or you can cut their salary for professional tax.

Gumasta license –

Gumasta license is an important registration for conducting commercial activity in Maharashtra. It is also important for those businesses in which they have 10 or more employees. It is allotted by the Municipal Corporation and it is like a shop act license. You can obtain this license from Municipal Corporation and you have to file a form for obtaining this. You can file an application form through the online procedure for which you have to visit the official website of Municipal corporation and it is important to license, without obtaining this license you may not be allowed to carry commercial acidity in Maharashtra.

GST registration –

Nowadays Good and service tax registration is very important to comply with taxation laws. According to laws, it is compulsory for those whose turnover in more than 20 lakh rupees or in some state it is 10 lakh rupees. It is a compulsory registration and it is very important to obtain a GST identification number because you have to print that number on your invoice and then you have to collect the indirect tax from the customer. If you don’t register under GST then you may have to pay a huge fine or you may get punishment of imprisonment. So you should register your business under GST.

Conclusion

As you can see in the above-given article that it is very important to comply with the rules and regulation of the state and central government because without compliance, you may not be allowed to start your business so you should register your business under above-given registrations.

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Nirmalya Ghosh

Nirmalya has done his post graduate in business administration and now working as digital marketing executive in a US based firm. He loves to share the trending news and incidents with his readers. Follow him in Facebook or Twitter.

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