They say that where there’s a will, there’s a way. Today’s generation stands a testimony to the adage, choosing entrepreneurship
over 9 to 5 jobs. If you think you are the only one looking to start an online business in India, you’re not alone. With more than 4750 technology startups, India is currently the third largest startup base of the world*.
However, the excitement surrounding starting your own business can hit an obstacle if you fail to get your shop and establishment registration done correctly. Here’s a quick guide on what to do to register your shop:Choose the registration that suits you best:
Before you can start selling your services/products, it is mandatory for you to legally register your business. You may choose to register your brand under any of the following categories.Sole proprietorship
- This is probably the easiest registration type that suits most startups. The owner and the brand in sole proprietorship are considered as the same entity, making the registration and taxation processes simpler and faster. Partnership firm
- This type is similar to sole proprietorship except the fact that the ownership rights and responsibilities are divided among the declared partners. A proper partnership deed is required to complete the registration process.Limited liability partnership
- The main difference between a limited liability partnership and a normal partnership firm is that in the former case, the brand is legally considered a separate entity. Private limited company
- This type of registration requires detailed paperwork and has a longer procedure to follow than the above-mentioned registrations. A brand registered as a private limited company needs to have a board of directors, PAN card, GST number, and service tax details.Why do you need to register your brand on popular online marketplaces?
As a new seller, you may not be ready to handle production and marketing at the same time. This is where, Amazon makes life easier for you. By getting yourself registered on Amazon
, you immediately get to enjoy market outreach, expert advice on brand promotion, courtesy backing of a renowned brand.How to complete the registration?
Getting your brand registered on Amazon is simple and easy. You will need to provide the following information to complete the procedure:
- Brand name
- Basic information about your business
- Your details such as email and phone number
- GST number
- Once you are registered as a seller, you will need to list your offerings. You may choose to use Amazon’s user-friendly, web-based interface to list your products individually or excel-based inventory files to list items in bulk.On an ending note:
Starting an online business in India can prove to be difficult when it comes to getting the company legally registered. Indian law allows you to register your brand under multiple categories such as sole proprietorship, private limited company, and more. You need to identify the type that best suits your business. Once your legal registrations are taken care of, you are all set to start living your entrepreneurial dream. You may also want to register your brand on popular marketplaces such as Amazon, for immediate market visibility and impact. So, join the bandwagon and become an entrepreneur today.
*Source: Indiaweb2.com: India now third largest startup ecosystem in the world