Starting A Business In Mumbai

Mumbai is one of the fastest-growing cities in India. There are many big opportunities for you in Mumbai. Here is a complete guide by king stubb & Kassiva for starting a business in Mumbai : –

Maharashtra is a state that provides us with a wide range of business options. Maharashtra’s government has made several steps to support startups, including the introduction of the Maharashtra State Innovative Startup Policy 2018, the Fintech Policy, and the creation of the Maharashtra State Innovation Society. Numerous other cities, including Aurangabad, Nagpur, Sholapur, Nashik, and Pune, have emerged as new regional startup centres as a result of the state’s progressive policy and regulatory framework.

While setting up the business, business entities need corporate law firms to advise on the corporate transactions in which they are involved, including company acquisitions, significant intercompany agreements, investments by foreign clients in India, financing of significant projects undertaken by clients, and so forth.

The Detailed Process: Registering A Business In Mumbai 

Here are some legal steps to bear in mind for starting a business in mumbai if you are ready to get into business for yourself. Some of the procedures include:  

i. Registration: Make sure to register your firm first before starting a business in mumbai. Depending on the sort of business you plan to launch — for example, employment, limited, or partnership—the registration procedure will change. The four steps include: 

• Obtaining your certificate of digital signature (DSC) 
• Purchasing a Director Identification Number (DIN) 
• Creating an account at mca.gov.in (New User Registration) on the MCA site. 
• Making sure to submit a registration application for the business. 

ii. Documents required: This is one of the most crucial elements in the documentation process. When registering the business, the proprietor must have the necessary legal documentation on hand. The list of paperwork you must have on hand to register your startup is as follows: 

• DS-Certificate for Digital Signature 
• Form-1 (for incorporation of a new firm or start-up) 
• Form-18 (for position or address of the company) (for situation or address of the company) 
• Form-32 (for directors, managers, and secretary) (for directors, managers, and the secretary) 
• Letter from ROC concerning (original copy) availability of the company’s name  
• Direct ID number of your company’s directors.  

iii. Importance of insurance: As business owners, we must consider the company’s welfare and immediately obtain insurance. Since this is an investment, you will make for the benefit of the firm as a whole, you shouldn’t strive to save money here. 

iv. Compliance with data laws: One must take required security procedures for data, regardless the size of the firm. The business must make sure that all employees are informed and aware of potential uses for their data in the sector.  

v. Health and safety compliances: Talk to your colleagues about all the safety measures in place at the office. Have a rule in place to keep the workplace safe. To keep your staff safe, carry out a risk assessment to identify any possible threats and determine how to eliminate or manage them. Any organisation must train its employees to operate safely and have an updated policy for doing so. Additionally, preventing disputes during an accident can be ensured by putting a reasonable plan in place for keeping employees safe. 

COST OF SETTING A BUSINESS IN MUMBAI

An indicative table on cost of setting up business in Maharashtra

Note: US$ 1 = INR 47;
     Source: MIDC, MSEB, PwC research

Conclusion

Every industry, including engineering, automobiles, chemicals, pharmaceuticals, textiles, information technology, and biotechnology, has developed strengths in Maharashtra. It continues to be in a beneficial position to draw in new investors and has developed into a manufacturing hotspot attributable to its supportive industrial policies and abundant skills. Maharashtra has a sizable consumer base and is ranked highly on the purchasing power index owing to its large population in India. Despite having some of the most recognisable brands in Indian business, its industrial policy favours the growth of Small and Medium Enterprises (SMEs)

Frequently Asked Questions