Professional Documents
Culture Documents
Handout: 1. Context
Handout: 1. Context
Handout: 1. Context
1. CONTEXT
Depending on the nature and type of business, all businesses are required to obtain different licenses and
registrations. Here’s a list of the major requirements for business entities, their issuing authority, and the
time within which a legal entity is required to complete the registration process.
2. REQUIRED REGISTRATIONS
Foundational Course in Entrepreneurship
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Handout
List of Required Registrations
Country: India
Note:
Some guidelines that will help you along the long journey of entrepreneurship are:
1. Be honest and meet timelines for completing the relevant paper work for your legal entity. For
example, obtaining PAN card, filing and paying GST on time.
2. Be detail-oriented and read through all the paper work before you sign on the dotted line.
3. Be patient with authorities and do not be afraid.
4. Be curious, don’t give up, and ask questions.
5. Refer to experts for advice and for a final go-ahead.
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3. PAN REGISTRATION
PAN is a 10 digit alphanumeric number, issued in the form of a card, by the Income Tax Department. PAN
acts as an identifier and enables the department to link all transactions to a taxable entity.
Procedure:
1. Online application form 49A is to be filed by the entity which wishes to apply for PAN.
2. On confirmation, unique acknowledgement number is displayed.
3. Send the acknowledgement duly signed, along with a demand draft (if any), proof of identity, and
proof of address to:
Income Tax PAN Services
NSDL e-Governance Infrastructure Limited
5th Floor, Mantri Sterling
Plot No 341, Survey No 997/8
Model Colony,
Pune – 411016
*These should reach NSDL within 15 days from the date of online application.
4. The PAN application acknowledgement is signed by the following authorized signatory:
a. Director in case of company
b. Partner in case of partnership firm/LLP
5. If Aadhar number is entered, submit proof of Aadhar along with supporting documents to NSDL e-
gov.
6. Payment for processing PAN application is through any one of the following:
a. Demand draft
b. Net banking
c. Credit/debit card
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Handout
List of Required Registrations
Country: India
4. GST REGISTRATION
The Goods and Services Tax (GST) is a value-added tax levied on most goods and services sold for domestic
consumption.
Procedure
1. Take Provisional ID and password from the concerned dept.
2. Visit www.gst.gov.in
3. Click the NEW USER LOGIN tab.
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All shops and establishments operating within each state are covered by the respective State’s Shops &
Establishments Act. Each state has its own independent form and site for registration. In some states, a
physical registration form will need to be submitted.
Procedure:
1. An application has to be submitted within 30 days of starting operations, along with the
prescribed fees and following information:
a. Name of employer/manager on premises
b. Postal address of the establishment
c. Name of the establishment
d. Other details as deemed necessary
2. On receiving information, the accuracy and correctness is verified and the registration is
completed.
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Handout
List of Required Registrations
Country: India
6. TRADE LICENSE
Trade license is a document that gives permission to carry on the particular business against which it is
issued. Each business entity is required to have a trade license. It is a means to ensure that the business is
carried out according to relevant rules, norms, and standards.
Procedure:
1. An application in the prescribed form has to be submitted to the respective State authorities.
2. The application has to be accompanied by:
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7. PROFESSIONAL TAX
Professional tax is levied by the State government. It is levied on the income earned by anyone employed
and is paid by the employer.
Procedure:
1. Application form has to be sent to the respective license departments of the Corporation
within 30 days of employing staff for the business.
2. After submitting the form, a registration number is generated.
3. Mention the registration number in the challan for depositing Professional Tax.
8. MSME REGISTRATION
Consider the scale of the business operations, consider if it is beneficial for the start-up to get registered
under the MSME Development Act, 2006 as an MSME.
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Handout
List of Required Registrations
Country: India
Opening a current account in a bank is crucial for obtaining licenses and registrations, and for the
day-to-day operations in a bank.
The procedure for a couple of banks is mentioned below. Note that the procedure does not vary greatly
from one bank to another. Feel free to go through the details provided in the web site of the bank of your
choice.
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https://www.icicibank.com/business-banking/current-account/documentation.page
https://www.hdfcbank.com/assets/pdf/Valid_list_of_documents_for_Sole_Proprietors.pdf
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