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The business ecosystem is growing all over the country with the EODB(Ease Of Doing Business) Index getting stronger and stronger every day. The legalities to start a business have become easier today. Here we have tried to list essential licenses and registrations every person who aspires to start a venture in Jammu should know about.
PAN or Permanent Identification Number
Every person carrying out a business is required to have a Permanent Identification Number or PAN allotted for such business, irrespective of the state, type or bandwidth of the business he is carrying on. Getting a PAN is simple and doable by oneself, and would cost no more than 200 INR. The applicant can file for a PAN application in any local NSDL Certified Center or apply online by clicking here. Following would be the documents required to apply for PAN:
- Passport Sized photo
- Voter Id/Aadhar Card/Passport
- 10th Certificate/ Birth Certificate
- Mobile Number (For tracking the Application)
- Email ID for receiving the ePAN Online.
Any person holding a valid Aadhar Card can apply for such license. Registering your business under MSME or Udyog Aadhar basically makes your business eligible for various benefits under the MSMED Act such as discounted Govt Fees for Trademark, Discounted Interest rates for Bank Loans etc. Getting registration under MEME is also a quite simple process and can be completed in few hours, you can click here to know more about How you can benefit under the MSME program.
Shops and Establishment Act
Getting your business registered under Shops and Establishment act would basically make your business Labour laws compliant as per the act. It is applicable to any type of business irrespective of the number of people working under your roof. You can find the details of Government fees to register your business under the Shops and Establishment Act for the state of Jammu & Kashmir. Since Shops & Establishment Act registration is not yet taken online for Jammu & Kashmir one has to directly approach the department and submit all the necessary documents along with the form to get the registration done on their end.
Goods & Services Tax Registration
Implementation of GST Act has unified the indirect tax laws for the state with that of the country for once. Registration under Goods and Services Tax is a must if you want to reap the benefits of taking the tax credit from your eligible purchases. You can always apply for voluntary registration even if you are not crossing the threshold limit of turnover. Getting a GST License has become hassle-free and can be applied online by submitting the required information and documents on the central GST portal.
If you are running a business as a sole proprietorship then you can start by just getting a PAN and a Shops and Establishment License, but if you want to involve multiple people into your venture you can always opt for a Partnership Registration. A partnership registration is the simplest form of registration you can start with and is very cost efficient to start as well but it does comes with a bunch of cons, unlimited liability being the biggest concern among those which can be tackled by registering a Limited Liability Partnership which is way better as a form or organization securing the partners interests as a whole. The entrepreneur can always opt for a Private Limited Company if they want to start something big and sole member can similarly opt for One Person Company which is registered under the Companies Act 2013 making it the best option if your future vision is to expand beyond Jammu Kashmir. Registering a Private Limited would take around fifteen days to complete and the documentation would be quite straightforward and simple.
This article has been submitted by Tradeviser, Your Online Business Adviser.