Re: Registering a company in India I would like to know the procedure of starting a small business, wherein a single person is contributing all the capital, conducting business and bearing all the risk. It would be based out of owner's home premises, focused on online selling through the business website / ebay etc - with a possibility of setting up of shop in the future, according to demand. The main focus of business would be selling of goods.
From researching online on quite a few sites, I have come to understand that Sole Proprietorship is the fastest and easiest way to start up the business - and starting a current account in the business name is the starting point.
I have many doubts regarding this:
1. Can the name of a sole proprietorship be registered with the authorities similar to how companies are registered with ROC
2. What is the min. amount of turnover the business must have for compulsory VAT registration and obtaining TIN no. - can we register for VAT even if we don't exceed the stipulated turnover amount?
If the business does not meet the min. turnover for compulsory VAT, then should it charge VAT/CST on the invoice raised?
3. If the business renders services (service rendered by proprietor) , is service tax registration required?
4. Are there any advantages to start it as an LLC? Single person will be contributing funds and carrying on business but can he form partnership with a dormant partner for sake of registration as an LLC?
5. sometimes, the shop will be sourcing its merchandise from suppliers who are abroad - will this require Import Export Licence - and can the shop use a Foreign Currency account for transactions relating to procurement of materials?
6. For starting website under the business name, what is the procedure for registering domain? Can domain be applied for only after name of the business is registered?
Any help regarding the above matter would be greatly appreciated.
Last edited by Games Goblin : 11th September 2013 at 14:01.
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