1. Some register their business as a Small Medium Enterprise (“SME”)
This registration is done under the MSME Act, for which an online application is to be filed. It is particularly beneficial in the fact that one can access loans under government schemes at a concessional interest rate.
2. Obtaining a license under the Shop and Establishment Act
Depending on the local laws, one may require this license from the municipal corporation. It is issued on the basis of the number of employees.
3.Registering for Goods and Services Tax (“GST”)
If the business’s annual turnover is over 20 lakh rupees, the registration under GST is possible which can be done via the GST portal and it usually takes 3-4 days to get the GST number.