cost to register business name
Cost to Register a Business Name in India
Introduction:
Registering a business name is a crucial step in establishing a legal identity for your venture in India. It provides numerous benefits such as brand recognition, legal protection, and access to various government schemes and initiatives. However, before embarking on this journey, it is essential to understand the cost involved in registering a business name in India. In this article, we will delve into the fees, charges, and other relevant aspects to help Indian entrepreneurs navigate the registration process seamlessly.
Cost Components for Registering a Business Name:
1. Name Reservation Fee:
The first step in registering a business name in India is to reserve it with the Registrar of Companies (RoC). As of April 2021, the fee for filing a reservation application is INR 1,000 (US$13.69). This non-refundable fee allows you to reserve a unique business name for a period of 20 days.
2. Government Fees for Incorporation:
After reserving a name, the next phase is incorporating the business entity. The government fees for incorporation vary depending on the authorized capital of the company. For example, the fee for a company with an authorized capital of up to INR 1,00,000 (US$1369) is INR 2,000 (US$27.38), while for a company with an authorized capital between INR 1,00,000 to INR 4,00,000 (US$1369 to US$5476), the fee is INR 2,000 (US$27.38) plus INR 200 (US$2.74) per INR 10,000 (US$136.90) of authorized capital.
3. Stamp Duty Charges:
Upon incorporating a private limited company, entrepreneurs need to pay stamp duty charges. The amount varies from state to state in India. For instance, in Maharashtra, the stamp duty for a private limited company is calculated based on the authorized capital. As of April 2021, it ranges from INR 5,000 (US$68.45) to INR 50,000 (US$684.51). Consult the respective state’s official website to determine the applicable stamp duty charges.
4. Professional Fees:
Hiring a professional, such as a chartered accountant or company secretary, can simplify the process and ensure compliance with legal formalities. The professional fees depend on various factors like the complexity of the business structure and the services required. On average, these fees range from INR 10,000 (US$136.90) to INR 30,000 (US$410.70). It is advisable to obtain quotations from multiple professionals to compare and choose the most cost-effective option.
5. Additional Costs:
Apart from the above, there might be additional costs associated with the registration process. These may include fees for obtaining a Digital Signature Certificate (DSC) for the proposed directors or fees for Notary Public services to notarize certain documents.
Conclusion:
Registering a business name in India entails various costs, including reservation fees, government incorporation charges, stamp duty fees, professional fees, and other incidental expenses. However, it is important to note that these costs may vary over time and across different states in India. Consequently, it is wise to consult the latest official sources or seek professional advice to ascertain the precise registration costs for your specific business requirements.
In conclusion, while the cost of registering a business name in India involves several elements, it is vital for entrepreneurs to view it as an investment rather than an expense. By registering their business, individuals gain legal recognition, credibility, and the ability to protect their brand. Consequently, entrepreneurs should consider these costs as part of their overall business strategy and embark on the registration process with confidence and foresight.,
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cost to register business name
This article is only published for informational purposes. Please consult your Chartered Accountant or Financial Advisor before making any important financial decisions.
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