According to Forbes, Bangalore is one of “The Next Decade’s Fastest-Growing Cities”, which means the faster it grows the faster small businesses will grow. Bangalore is the hub for information technology and Bangalore is the third largest hub for high net worth individuals. If you are thinking of starting a business in Bangalore then you can generate good profit from it but before starting your business in Bangalore you should comply with required compliance and you have to register your business under required laws.
How to start a business in Bangalore
- You have to conduct a market a market research first before starting your business in Bangalore because after conducting a market research you will know many things about the market and competitors. Market research is very important to get all the information about any business before you start it. Starting a business in Bangalore is not an easy job you have to prepare yourself and you have to conduct a research. You have to research about the required compliances under local laws.
- Registration of business is also required for your business and it is most important thing because it will give you legal recognition. After conducting a market research you will get to know about many things like how much you need to invest in your business, you will know about local competition and prices, and you will get to know many other things. After conducting a market research you can make a good business plan for your new business. Before starting your business you have to make a proper plan for your business then you have to execute the plan.
- Business registration is very important for every business because business registration will give you security under the laws and your business will be protected under the laws. If you are thinking of starting a company or an LLP then business registration is compulsory for you. If you are thinking of starting a sole proprietorship firm or partnership firm then registration is not compulsory but it is very important to get benefit from government schemes. Shot act registration is also important for you because without shop act license you cannot carry a business in Bangalore. Basically shop act license is required for opening a shop in Bangalore and it will be issued by the Municipal Board.
- If you are thinking of starting a company in Bangalore, then you can submit your incorporation form to the Ministry of corporate affairs office or you can submit your form through online mode. The online process is simple and easy. You can visit the official website of the Ministry of Corporate Affairs and register your company. You can fill your company registration form online and upload the entire document on the same website.
- A few days after the form is submitted you will get the registration number. After incorporation of your company you will have to take care of your accounts and financial statements and you will have to follow the rules and regulations of the MCA, as it is mandatory to register your financial and annual details to the registrar of companies.
- If you are thinking of starting a Limited Liability Partnership Firm then Limited Liability Partnership Firm registration is compulsory. LLP also holds the same rights as the company and two or more people are required to start a LLP Firm. To begin this, you also have to go to the MCA website and fill the registration form and enclose the necessary documents with it, after which you will get the registration number.
- After the incorporation of Limited Liability Partnership Firm you have to comply with the rules and regulation of ministry of corporate affairs and you have to maintain the account of LLP and financial statement of LLP and have to file your annual compliances within prescribed period.
As you can see in above article that Bangalore is growing city and if you are thinking of starting a business in Bangalore then you have to follow the rules and regulation of Municipal board of Bangalore and you have to get a license of shop act before starting your business. Before starting your business you should conduct a market research so you will get an idea about the market of Bangalore and competition in Bangalore so it will help you. Business registration is also important for you and if you are thinking of starting a company or Limited Liability partnership firm then you have to done your company registration in Bangalore or Limited Liability Partnership firm registration. As you can see in above article that registration can be done through online mode for which you have to visit the official website of Ministry of corporate affairs. So if you are thinking of starting a business in Bangalore then you should consider the above given points.