Why Do Entrepreneurs Start a Business?
Starting a business provides you with the opportunity to do something you're passionate about. Many individuals prefer to start a business since it gives them a sense of purpose. By carving out a path in an underserved niche, you can align yourself with new clients and partners and articulate your vision, purpose, marketing, material, attitude, and resources.
Entrepreneurship liberates you from the monotonous paycheck that you'll earn at a job. As an entrepreneur, you'll have the freedom to express yourself by starting a business, and you'll be able to establish a no-limit profit cap.
It gives you pride and a sense of achievement. Many people start a business with the dream of financial stability. One of the biggest reasons to start your business is you can make it as lucrative as you want with determination and hard work. There is no reason why you can't achieve your goal of building wealth. There are several financial benefits of starting your own business compared to working for a salary.
Why start a Business in Arunachal Pradesh?
With an area of about 8.4 million hectares, Arunachal Pradesh is the largest of the seven North-Eastern states of India and shares international borders with China, Bhutan, and Myanmar. Due to its geographic location, the state has ample opportunities for international trade with countries in South Asia. Agribusiness, weaving, art and crafts, cane and bamboo, horticulture, power, and mineral-related industries make up the state's primary industries.
In India, Arunachal Pradesh has one of the highest potentials for generating hydropower. There are five river valleys with extensive hydropower potential totalling 50,328 MW, or 22 per cent of India's current electricity capacity. There are over 82% of evergreen forests in the state. The state boasts 601 species of orchids, over 500 types of medicinal plants, and rich flora and fauna.
Agriculture makes up the bulk of the state's economy, which is dominated by terraced farming of rice and crops such as maize, millet, wheat, pulses, sugarcane, ginger, oilseeds, cereals, and potato.
Friendly Business Climate:
By fostering entrepreneurship and innovation culture, the Department of Promotion of Industry & Internal Trade, Startup India, the Government of Arunachal Pradesh, and the Department of Industries are nourishing a world-class start-up ecosystem.
The state and the central government have provided several significant fiscal and policy incentives to develop thrust sectors in the state. Several such policies include the Public-Private Partnership Policy 2011, the State Industrial Policy 2008, and the Hydro Power Policy 2008.
As per the Department for Promotion of Industry and Internal Trade (DPIIT), US$ 142 million worth of foreign investment has flowed into the northeast states between April 2000 and March 2021. Over the period October 2019 to March 2021, FDI worth $5.55 million was attracted to the state.
Construction of 598 km of roads at an estimated cost of Rs 1,100 crore has been approved by the Union Government.
An allocation of Rs. 10 crores has been made for the Arunachal Pradesh Industrial Policy 2020, which provides financial, technical, and training assistance to youths interested in opening businesses. Because of the above and many other initiatives and policies, Arunachal Pradesh is considered one of the best places to start a business.
Ease of Doing Business in Arunachal Pradesh;
Because of its efforts to build an investor-friendly environment in the north-eastern state, the Arunachal Pradesh government ranked 29 in the national State Business Reform Action Plan 2018-19 - the 'Ease of Doing Business' annual rankings released by the government. Arunachal Pradesh moved up five spots from 2017-18 rankings, where it ranked 34th. The state is in the list of top 10 states that improved their Ease of Doing Business rating since 2015.
Steps to Starting your Business in Arunachal Pradesh
Private Limited Company Registration in Arunachal Pradesh:
In Arunachal Pradesh, company registration is a highly recommended way to start a business. Registration of companies provides limited liability to shareholders and a few restrictions on ownership. A Private Limited Company may have different directors from its shareholders. The Private Limited Company is recognized as an independent legal entity.
For the registration of a company in Arunachal Pradesh, the following documents are needed:
· For registering a Private Limited Company, the proposed directors' PAN card will be required.
· A proof of address that has the name of the Director should also be submitted, as well as the current address of the Director, which should be mentioned in the PAN.
· You will need to furnish a registered document of title to the property in the name of the Company or a notarized copy of the lease/rent agreement in the name of the Company, as well as a receipt for the rent paid that is less than a month old.
What is the procedure for registering an LLP in Arunachal Pradesh?
· You need to follow these steps to register an LLP in Arunachal Pradesh:
· You can submit documents online by visiting the website or using the mobile app.
· Now, the process for obtaining the DSC begins. As soon as the DSC is received, one must verify the OTP.
· Submit a request to reserve the name of the LLP simultaneously.
· You will also need to upload a scanned and signed copy of your incorporation documents.
· The signed documents and the application are then sent to the Ministry of Corporate Affairs for approval, which takes between 2-5 days.
· A Bank account should be opened in the name of the LLP. Draft the deed of partnership for the LLP. Within 25 days of incorporation, the partners must sign this deed on stamp paper and upload it to the IndiaFilings platform.
· Upon incorporation, the engagement manager verifies the signed deed, which is then uploaded via the MCA Portal within 30 days.