What documents are required for opening a construction firm in India?
Establishing a new business of any sort is not easy. It requires a lot of planning and hard work. Before actually getting into the process of setting up a construction firm in India, there are a few things that you already be aware of so that you can make an informed decision.
- Get your business plan ready.
It should include everything in detail like the goals you wish to achieve with your firm. It should be a brief of every step involved in building the firm, including the time frame and the money used. The plan should make it clear that the firm will be a profitable one as this is what you will have to show to the financial institutions while borrowing funds.
- Be on the right side of the law.
If you want your business to flourish as a professional, organized and trusted construction firm, make sure that you are compliant with every law regarding a construction firm. Get all the necessary certification, licenses, registrations and permits.
- Know all about your tax deductions.
- Be prepared for your insurance responsibilities.
Talk to insurance agents to make sure you are covered, financially and security-wise. There is more risk of injuries and damaged property in the construction business. This requires you to be completely covered to avoid significant future losses.
- Create a strong network
It is very beneficial in this business to have a strong network with suppliers, business associates and other contractors. This might help you when you would need help if you are unable to finish a project due to lack of equipment or time.
- Remember to make time and arrangement for advertising your company.
Advertising is important. You want to go big or small depends on your budget. It could be as simple as signage for your job sites or using platforms like radio, tv. Create a website and a logo for your company.
Documents required to start a construction firm-
- Business Plan
- Identity Proof of applicant
- Passport-sized photographs
- Applicant’s Aadhar card
- Electricity and Water bills
- Business PAN card
- Company’s establishment certificate
- Last 12 months’ bank statement
- Copy of GST Registration
- Rent agreement
All this pressure of assuring so many things might actually distract you from concentrating on more important things in your business. This is why we, at DBPL, help you open your firm in India from scratch. Reach out to us for a smooth and convenient experience.