To operate your business legally, you must have a Permanent Account Number (PAN) issued by the Income Tax Department. If you don’t already have one in your name, apply through the prescribed government process. If you already possess a valid PAN, you can skip this step and proceed to the next stage of business registration.
Select a business name that clearly reflects your brand identity and the nature of your operations. Ensure the name is distinctive, easy to remember, and not already registered or in use by another business to avoid legal or trademark issues.
Open a current account in the name of your business entity for all commercial transactions. Even if formal registration isn’t required for your business type, you should still apply for the necessary government licenses or registrations as per your sector’s legal obligations.
While optional, obtaining MSME (UDYAM) registration under the Micro, Small and Medium Enterprises Development Act, 2006, can help you access government benefits, subsidies, and schemes designed for small businesses. Additionally, apply for GST registration if your business turnover crosses the prescribed threshold in your state, ensuring compliance with tax regulations.