HOW EASY TO START A COMPANY IN KERALA
Starting a business has always been an arduous task, whether it be in Kerala or anywhere else in India for that matter. All the hazy speculations of ill-informed individuals are the reason why many of us restrict ourselves from moving forward with our dream of starting a business. The process of company formation is not that hideous, by approaching each stage with a firm knowledge of what you are planning to start is the best way to tackle it. If you have ample information and a clear cut idea of what you are trying to execute, the registration process is just a piece of cake. Company registration in India is a straight and simple job if you can meet all the requirements that the law says. Kerala is no different, one of the advantages is that it has a high literacy rate of individuals compared to other states of India and this guarantees you a competent workforce and well-structured workflow. The state of Kerala has always encouraged startups, direct investments and free-market acquisitions. A decade ago Kerala was hyped up for being a breeding ground of structural industries like manufacturing, banking, public administration, finance and tourism. But the end of 2019 showed a tremendous hike in technology-related sector consisting mainly of crowdfunded startups and government-initiated programs.
Now the Ministry of Corporate Affairs http://www.mca.gov.in have introduced new spice form which includes Company Registration, GST registration, ESI/EPF, TAN, PAN and Bank Account. So it is the best time register new private limited company in kerala. Ease of doing business in kerala is supporting new entrepreneurs in state to achieve their goals and ambition.
Where to start?
The company formation process in Kerala begins by registering your company name online with the Registrar Of Companies (ROC). When it comes to company names make sure that you choose something distinct and the name should correlate with your company process, you are allowed to submit a maximum of two company names. The Registrar Of Companies will verify whether the business names submitted by you are available and also they will inspect whether it abides by the General Rules and Forms. You will be charged a small amount during this process.
Once you have registered the company name, the next step in company registration is to get your documents verified, you can do that by filing the documents to the Registrar Of Companies through spice form. The prominent documents that have to be submitted are Memorandum of Association and Articles of Association which has to be digitally signed by directors/shareholders of the company and CA/CS.To be precise, you will need to submit spice form to ROC. For company registration in Kerala, you will have to file spice form to ROC along with submit the name availability letter issued to you by the ROC. Next up, you will need to file form for Tax Deduction Account Number commonly known as TAN and PAN (Permanent Account Number ) allocated by the Income Tax Department is obligatory because without it TDS (Tax Deducted at Source) or TCS (Tax Collected at Source) returns are not accepted by TIN centers and even banks won’t accept challans for TDS/TCS payments if the Tax Deduction Account Number and Permanent Account Number of the company is not quoted. Once you have done with the above tasks, you can take GST registration for your company. There is a limit for turnover to take GST registration, limit to take GST registration is 20 lakhs for service based companies and 40 lakhs for manufacturing/ trading companies.This GST registration form is optional as per the company’s turnover. Next comes ESI/EPF form for the company can be filled if necessary .New Spice form has an option to take bank account also. Once all the above documents are filed without any flaws you will be issued with a certificate of incorporation within 2-3 days. After receiving the incorporation certificate, business commencement certificate form to be filled in MCA to start the business.
Once you have bestowed with all the certifications related to company registration, put your brain into the execution part. As mentioned at the beginning of this article, company registration is a transparent and clear cut process, don’t fall for faulty information and rumors.