Abhishek wasn’t just the topper in school, he also had a knack for teaching others. Those last minute lectures before the exam, slowly morphed into tuition classes. He would teach a batch every day, giving each student his complete attention, and channeling his stereotypical “strict yet sweet English teacher” whenever needed.
They say “those who can, do, those who can’t, teach”. But Abhishek proved it wrong by opening his own coaching business, and since he had been in the business long enough, gathering the students wasn’t the problem. It was registering the business. How does one do that?
Someone needs to teach him how to register a business in India, time to hit up Pete, the policy expert.
Abhishek: Pete, you gotta help me out. I got students waiting, classrooms set up, and parents ready to bully me. How do I register my business?
Pete: First things first, your business is your baby, and the baby needs a name. But it needs to be unique. Take some inspiration from the celebrities, pick something different, and check if it’s available on the Ministry of Corporate Affairs website.
Oh and, get ready to become besties with MCA portal, you’re going to be hanging out a lot.
Abhishek: Ok, I’ve got some names up my sleeve. What’s next?
Pete: Throwing some technical stuff at you, catch ’em’ while you can.
Next, you need a Digital Signature Certificate (DSC) and a Director Identification Number (DIN).
DSC is to prove you’re a real, authentic person, or as the kids say, NO CAP, and it acts like a digital signature.
And the DIN is for all the major shot-callers or directors in your company, people who are running it, basically. You and your business partner would both need it.
Abhishek: Oh yeah, I have my brother onboarding as a co-founder. Keeping it in the family, y’know! What’s next, Pete?
Pete: Next, comes the plan. Just as you ask your students, “What do you want to be when you grow up”? The MCA wants to know what your baby business is up to or will be up to.
These plans are known as Memorandum of Associate (MOA), Articles of association (AOA), the blueprints of your business, how you’re gonna do it, and what the rules are.
Abhishek: That’s a lotta documents, Pete.
Pete: You need exams to evaluate your students, your business bestie, the MCA, needs all the fancy legal documents.
Abhishek: Ok, I’ll get these. Is there more?
Pete: Now that you’ve taken the exam, you have to get a gold star from the principal, ie, a Notary Public or an Advocate. Get the MOA and AOA signed and approved by them.
Abhishek: ok, that’s easy, no problemo.
Pete: Finally, you’d need to file an application for incorporation of the company with the Registrar of Companies (ROC) in the state where your company is located.
This is serious stuff, almost like the birth certificate of your baby business.
Abhishek: And I thought filing taxes was complicated.
Pete: And with that, Abhishek, you’re done…almost.
Exam is over, hand the papers over to the invigilator for evaluation.
I mean, submit all these details on the MCA portal, and once approved, your business will be a legitimate one! It can all be done online, so at least you have that going for you.
But psst, let me tell you a shortcut, you can get a lawyer to do this for you for a little fee. Or just sign up for Razorpay Rize. It’s not like cheating, it’s just an easier option.
Abhishek: whaaat..why didn’t you start with that?
